Before you invest in new lighting solutions, give your proposed provider a quick financial health check.

For any SME, finding the right lighting supplier in a crowded marketplace can be baffling at best. You might find yourself bombarded with energy saving promises, vastly varying quotes and the tempting offer of up to 20-year warranties. Amidst all these moving parts, one fundamental thing can all too easily be overlooked – the financial health of your supplier.

The last thing you want to be saddled with is a worthless warranty and unanticipated costs if your supplier goes bust. So, before you sign on the dotted line, give your proposed provider an MOT, to see how financially robust they are. Here, we suggest some simple checks you can do to stress test your supplier, as well as some warning signs to watch out for.

• Always check your supplier’s payment terms. Requests for early or immediate payment of invoices suggest that a business may be cash-strapped.
• Resist the temptation to go with the cheapest quote and longest warranty. If it seems too good to be true, the chances are, it is. Wildly undercutting competitors can be a sign that a company is in trouble.
• Carry out some financial due diligence, by looking at a supplier’s accounts at Companies House.
• Keep an eye on your provider’s financial health by reviewing their business credit report at Dun and Bradstreet.
• How long has the business been running? Of course companies of any age can run into trouble, but it’s often new ventures that are hit hardest. Figures suggest more than half of new businesses fail in the first five years.
• Before taking advantage of a funding scheme, ensure it conforms to industry standard. The Carbon Trust’s Green Business Fund is available for SMEs up to 250 employees, through accredited suppliers like Greenlite Group.
• Finally, look for suppliers that provide lighting specs up front and can give detailed answers to any questions. Settle for nothing less than transparent, excellent customer service. Greenlite Group provides all this, along with a proven track record and excellent reputation.

For more information on how Greenlite Group can help you, call 0844 880 2116.