Today’s globalised world means that more and more small businesses are dealing not only with local companies, but with international companies, too. However, small businesses are frequently at a disadvantage when competing in the global arena. This is because bigger companies typically have better risk profiles, more money behind them, and greater leverage. However, one simple way for a small business owner to level the playing field is to apply for a DUNS number.

A DUNS number is a unique nine-digit number used for picking out your particular business from the millions of others worldwide. Having a DUNS number as a small business owner can be helpful in many ways. First, many businesses refuse to do business with a company that does not have a DUNS number. This is because such businesses are unknown entities, with risk profiles that cannot be determined. By obtaining a DUNS number, you’ll be providing potential customers and trading partners with information about your company and its credit profile, thus gaining their trust.

An additional benefit of having a DUNS number as a small business is that your DUNS number makes you more attractive to financial institutions. Whereas before your risk profile was unknown, a good credit rating according to your DUNS profile means that lenders will be more likely to look upon you positively, meaning that you’ll be able to take out that loan or negotiate more equitable fees and processes. For new and small businesses, this can be one of the key features of having a DUNS number.

Having a DUNS number as a small business owner will also help simplify a range of processes within and external to your business. You’ll be able to help streamline your communications within the various parts of your business, as well as between your business and other businesses. Having a DUNS number can also help improve the invoicing and payment process, helping you save both time and money on typically expensive administration fees.

One of the issues unique to the small business owner is the lack of time. Frequently a small business owner wears many hats, and doesn’t have the time to get to all of the things they should. One area that is commonly overlooked is assessing accurately the risk of dealing with a new trading partner. A DUNS number can be used to obtain information about a potential partner to estimate the degree of risk you’ll be facing. Small business owners have a lot to lose, but by keeping an eye on your partners’ profiles via their DUNS number, you’ll be able to better assess the risk of a partnership. D&B provides a host of valuable reporting information, meaning that you’ll be able to ensure that you’re embarking upon only low-risk, quality relationships.

Obtaining a DUNS number is free and easy to do, and given the benefits of a DUNS number for the small business owner, it’s essential to obtain a DUNS number as soon as possible.