Menu
Veda Advantage: SMEs need to get risk savvy

Veda Advantage: SMEs need to get risk savvy

The country’s small-to-medium (SMEs) size enterprises are being urged by credit bureau Veda Advantage to step up their risk assessment processes as they battle to stay in business.

Figures held by the company reveal that only five percent of SMEs conduct proper risk assessment which includes an assessment of creditors’ ability to pay.

The Managing Under Recession report, which surveyed 1539 SMEs from industries including IT, found many owners relied on personal savings to back up their balance sheets since the recession began.

Veda Advantage managing director John Roberts says that without risk assessment in place businesses will find it difficult to obtain credit from mainstream lenders.

“The days of relying on personal connections when it comes to advancing credit for products or services are well over - to stay in business companies need to know just how credit worthy their clients are and whether they can actually pay their bills,” Roberts says.

“Thanks to the recession banks have limited lines of credit so they want to know when they lend to a SME that the company has robust business practices in place – and that starts with risk assessment.”

Veda Advantage data shows a 29 percent increase in the number of defaults in July 2010 compared with the same month last year.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags veda

Featured

Slideshows

Meet the leading female front runners of the Kiwi channel

Meet the leading female front runners of the Kiwi channel

Reseller News honoured the leading female front runners of the New Zealand channel at the 2018 Women in ICT Awards (WIICTA) in Auckland. The awards honoured standout individuals across seven categories, spanning Entrepreneur; Innovation; Rising Star; Shining Star; Community; Technical and Achievement.

Meet the leading female front runners of the Kiwi channel
Meet the top performing customer-centric Microsoft channel partners

Meet the top performing customer-centric Microsoft channel partners

Microsoft honoured leading partners across the channel following a year of customer innovation and market growth in New Zealand. The 2018 Microsoft Partner Awards recognised excellence within the context of the end-user, spanning a host of emerging and established providers.

Meet the top performing customer-centric Microsoft channel partners
Reseller News launches new-look Awards at 2018 Judges’ Lunch

Reseller News launches new-look Awards at 2018 Judges’ Lunch

Introducing the Reseller News Innovation Awards, launched to the channel at the 2018 Judges’ Lunch in Auckland. With more than 70 judges now part of the voting panel, the new-look awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors.

Reseller News launches new-look Awards at 2018 Judges’ Lunch
Show Comments