Growth in new businesses can expose risk

5th October 2016

The ONS released UK business figures which revealed that there were 2.55 million businesses registered in the UK in March 2016 compared with 2.45 million in March 2015, a rise of around 105,000 (4.3%). 

 Tim Vine, Leader, Risk Products at Dun & Bradstreet said “These latest figures from ONS have demonstrated that the number of businesses in the UK is continuing to rise, with 2.55 million in March 2016. These new businesses represent a host of potential new customers; but that can also present difficult decisions for CFOs in terms of which companies to do business with, and how much credit to offer to them without exposing the organisation to risk. However, in this increasingly digital age we now live in, companies have a wealth of data that can help empower them to make business decisions, if only they knew how to utilise it. Data can unlock business opportunity, by quickly providing financial decision makers with the insights needed to identify levels of risk associated with new customers. This can speed up on-boarding and enable sales teams to focus on on-boarding new prospects. Data can also aid CFOs in spotting new areas for growth amongst existing customers and new prospects, enabling them to provide guidance for the sales team and ultimately act as growth generators.

 In short, data unlocks revenue. But only if it’s read correctly and used smartly. The business world waits for no-one – not even a financial decision makers  trying to analyse data and assess an opportunity or a risk. Through harnessing data, it can give businesses the tools and intelligence they need to make smart decisions and ensure business growth.”

The statistics for new businesses can be found here.