When I ask business owners and CEOs what the number one risk to their business is, I hear a variety of answers.
- Sales and keeping the pipeline full.
- Attracting and retaining key employees.
- Security, intellectual property theft, and/or cyber crimes.
- The competition coming out with a better, less expensive alternative.
While these are obviously legitimate threats, they also all have one thing in common: they are all controllable risks. There are strategies and tactics to keep a pipeline full and deal flows running. There are many ways to attract and retain superb employees. You can implement security measures to control theft and hacking. And while you can’t control what the competition does, you can control your own company’s product and service innovation.
What would happen to your company if a key vendor suddenly went bankrupt? How quickly could you replace them? Would you be able to maintain your own customer relationships if you couldn’t ship a product for days, weeks, or even months?
What would happen to your business if one or two of your key customers stopped paying, or even stopped paying on time? Could you maintain your cash flow? Could you pay your employees? How about payroll taxes? Could you afford your rent?
So what is a business owner, CEO, and/or CFO to do?
Sure, you can run a credit check on any of your key business relationships. The challenge is, typical credit check companies can tell you if a company paid its bills three months ago. What you really need to know is, will a company pay its bills three months from now? There are also online resources like Manta, Buzzfile, and InsideView that provide insight into a company. Yet the financial data is often self-reported, or fairly inaccurate.
A new service, Argos Risk, is a predictive financial health tool that leverages big data to provide insight into a company’s financial health. Using more than 250 data points — from a company’s credit history to customer reviews; from current lawsuits to any executives who may be looking for a new job — Argos Risk puts you in control when it comes to monitoring your key business relationships.
Argos Risk is incredibly simple to set up, and the dashboard is very intuitive and user-friendly. Using a familiar red, yellow, green model, you can instantly see if a financial situation has changed with one of your relationships, and you can click-through and drill down to learn what happened and why. When a company you’re monitoring sees a significant change, Argos Risk will email you, so you can ask the right questions and act quickly.
As a fan of Know More! you can monitor up to three businesses for FREE. Just Click Here to learn more about Argos Risk and sign up for your three free reports. An Argos Risk representative will call you to get you started.
Take control of knowing the financial health of your key business relationships. Now that you Know More!