If so, vet them first with business profile reporting.
Business profile reporting helps ensure that the vendors and companies you do business with–or plan to do business with–are financially viable and will pose little risk to you and your network in various critical areas. This reporting helps your organization answer important questions about companies and vendors you might choose to do business with, such as:
- Does this company typically pay its bills in full and on time?
- Is this company overextended?
- Are there any derogatory items (such as liens, collections, bankruptcy, UCC filings, or judgments) affecting this company?
- How long has this company been in business?
- Who owns the company- and are they owned by a parent company?
- What industry is the company in & how many employees do they have?
- Have there been any lawsuits filed against this company?
- Ultimately, how risky is it for my company to do business with this company?
Thorough business profile reporting provides information such as detailed supplier & financial payment histories, scores, analytics, firmographics, Google Maps link to the address, corporate record, corporate linkage, collections, tax liens, lawsuits, judgments, UCCs, bankruptcy, and OFAC checks. More extensive business profile reporting can also combine the two largest business bureaus, with detailed trade payment data from Experian and D&B’s Paydex- which is perfect for large credit lines- and feature data from Experian, D&B and Ansonia.
While some industries, such as banking, require business profiles for every entity to ensure integrity and compliance with regulation, your company might identify a smaller segment of concern–such as companies you are considering onboarding who will be handling high-value product, or vendors providing critical services. If so, business profile reporting should be built into your company’s risk mitigation strategy to assist you in these areas. Once you identify which areas are of special concern to your business, make it a policy to carefully and consistently vet the companies who operate in those areas through a thorough and accurate process.
Even the best in-house HR teams would have a tough time performing effective business research on their own- and chances are, the information gathered online may be incomplete, inaccurate, and would take valuable time to obtain. It is less risky–and more cost-effective–to order a professional business profile report, which can be ordered as needed and typically provided within 1-2 business days of the order. You may even find that the best place to start is ordering a single business profile report for your own company.
Business profile reports are a great tool to aid your business in making informed decisions about potential partners, saving you time and money, helping build credibility & trust within your network- and giving you an overall competitive advantage.
To learn more about PlusOne Screening Solutions Business Verification services, or to view a sample report, CLICK HERE. To request a quote, call us today at: (833) 447-5871.
We also offer great solutions for screening company Owners and Principals as well. It’s our pleasure to assist you!
