Polish entrepreneurs are always very hard-working people who deal practically with everything in their companies. Especially in the initial phase of development of their business, they want to have everything under control and care about the company like about their own child, which must be unscathed. Unfortunately, due to some strange reasons they pretty often forget about a proper dose of caution upon establishment of cooperation with new customers and issuance of invoices for them with a deferred payment term.
If the entrepreneur already has so many duties, it will not cause any harm if they play a role of an intelligence agent or an investigating detective. What for? In order to scan their future business partners which seem to be the sources of their profits and may become the reason for the failure of their company. It is not any pessimism – the statistics show clearly that the problems with maintenance of the liquidity of Polish companies result mainly from delayed invoices or invoices that have not been paid by customers. Every entrepreneur may in a basic way check the entity that they intend to commence cooperation with. But the majority of them never do it. In order not to regret the signed agreements, it is good to perform fast business intelligence even independently.
This action consists in checking of the entity operating in business and – what is equally important – of the persons connected therewith. The objective is to gather as much information as possible in relation to the checked company and the environment, in which it functions. A part of this data is generally accessible and may be acquired in an easy way. For example, we will check quickly the commercial law companies registered in the National Court Register (KRS) and legally obliged to publish information on their activity. Lack of current financial statements may indicate that the company intends to hide something. On the other hand, information relating to persons running business activity is currently registered in the Central Registration and Information on Business (CEIDG) – but it is usual basic. Nevertheless, the Internet is a chance for us. It is worth performing in-depth research of the company and its owners. We can check what the website looks like, whether the company is not found on debt exchanges or whether there are no announcements of the media on its unreliability, what the situation in the industry, in which it operates, is. Certainly, it will be very helpful to enquire about it among the current and former customers of the company or other entities from the same industry. Entrepreneurs are eager to share experience.
But if the entrepreneur ascertains that checking of the business partners is too much for them, they may always use the services of the companies that deal with it professionally. What is the most important is a pragmatic approach, thanks to which they will not neglect the potential threats that may result from signing of risky contracts.
Published on: 28 April 2014