before you do business with them?
What is a Business Information Report?
The Business Information Report (BIR) helps you determine a company’s profitability, financial stability and payment performance. It is an industry standard for evaluating both new and existing credit relationships, especially medium-to-high risk accounts. Plus, it supports your company’s other efforts, like marketing and purchasing.
It contains information on the following (where available):
Why do you need it?
You want to make sure that they are creditworthy and would not pose a risk to your business profitability.
While it is true that you may obtain information from other sources, this however will require a lot of your time and effort. Furthermore, the results and data accuracy might not be up to your expectation.
How can you benefit from it?
The Business Information Report (BIR) helps you to manage credit risk by assessing the creditworthiness of a company, and to review and adjust credit terms on existing customers. It also helps you grow your business by negotiating better selling or buying terms on the prospect or supplier with better information and pre-call preparation.
Using BIRs will also help you limit your risk exposure, determine the stability of new or existing suppliers, find out about changes that can impact buying and credit relationships. You will be able to identify corporate relationships, potential conflicts of interest and provide business details for research needs