After a difficult start to 2020, the financial implications of the coronavirus for the fenestration sector are only just starting to show, according to Insight Data.
Managing directors are concerned that the entire supply chain may only be seeing the tip of a very large iceberg in terms of financial instability after Insight Data recently analysed the financial data of over 9,075 fabricators and installers.
According to those results: 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, Insight Data said.
Jade Greenhow, operations director of Insight Data, said: “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.”