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Firms told to know their customers

Date Added: 31/08/2010  

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Firms needing company debt advice can improve their finances by learning more about their customers, according to the National Federation of Enterprise Agencies.

The organisation's chief executive George Derbyshire stated that this is one way in which companies can improve their bank balances.

Speaking to BBC News, he explained that bosses should ask questions such as who their customers are and where they live.

"Too many business people I talk to have a very hazy idea of who are their potential customers. Instead, you should be able to paint me a picture of them," he said.

Mr Derbyshire added that marketing strategies and pricing are also key factors in helping a company to battle against the after-effects of the recession and become successful.

According to the Forum of Private Business, many organisations are being denied the credit they need to keep going by banks.

Thomas Parry, research manager at the body, explained that there is currently a lot of attention and debate surrounding lending to businesses. 

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