Recently published financials show that the coronavirus crisis is continuing to disrupt the glazing industry, and the financial implications for the fenestration sector are only just starting to show, says Insight Data.
Managing directors are said to be concerned that the entire supply chain may only be seeing the tip of a very large iceberg in terms of financial instability.
Insight Data adds that it recently analysed the financial data of over 9,075 fabricators and installers and found that 1,038 companies had poor or very poor credit ratings, 12% of profiled fabricators were deemed as ‘high risk’ and 12% of profiled installers were shown to have poor credit ratings.
Although many businesses in the fenestration sector are now looking for new ways to target the most relevant and high yielding leads, avoiding credit risk prospects should be a priority, continues Insight Data.
Jade Greenhow, operations director of Insight Data, highlights the importance of working with financially secure companies: “Businesses in the industry are now looking for financially ‘safe’ leads. Doing business with companies that seem keen but have been hit hard by coronavirus may be a risky strategy. If that prospect is ‘in the red’ they may not be able to pay for services or orders they have made.
“With our comprehensive data, sales and marketing platform, Salestracker, you can check the financial health of potential customers before you start working with them, using up-to-date information from a leading credit rating agency,” she concluded.