(Although this story is very real, the names of people and the companies have been changed to protect them).
Mike C. is the CEO of DXSolutions, Inc., a direct manufacturer of display cases, the ones you see in the aisles of retail chains and convenience stores. The cases from DXS have a thoughtful design that leads to very enticing product placement, and the retailers they’ve worked with have always been satisfied.
This has translated into great success for the company. They started in the 1960s as a small team in a competitive industry. Their growth was slow but steady, and as of 2011, they were at 50 employees and an average of $100 million in yearly sales.
Mike saw, though, how his company could be so much more. He felt DXS was right at the crux of moving from mid-size to industry-leader, and the key to that next step was to work with a major retailer. So he went to Wal-Mart.
Now, Wal-Mart is a notoriously difficult company to partner with. They have very strict guidelines for their suppliers, and they make few, if any, exceptions. Mike wasn’t intimidated. His company is one of the best at what they do.
Mike was diligent in his application. He went step-by-step in registering with Dun & Bradstreet, filling out the Wal-Mart proposal packet, applying to the National Supplier Program.
And he couldn’t get a call-back.
So he went to a business advisor, specifically one that specializes in major retail accounts and business credit repair. He told the adviser everything, and his disbelief at being unable to land a meeting with Wal-Mart. After this, he received some shocking advice as to what was holding him back: his business credit.
Like we said, DXSolutions had been in business over 40 years. They’ve never had an issue with payments. Stability was something Mike was most proud of, in terms of their credit. But there’s more to it that he was unaware of.
This was when we met with Mike. Our credit specialist team reviewed all three profiles from the major business credit bureaus, those being Dun & Bradstreet, Experian and Equifax. The issues were immediately apparent to us—inconsistencies, delinquencies, and errors—but understandably were overlooked by Mike and his team. He was shocked when we let him in on our report.
These were things that had been holding his business back, and he was completely unaware of them. DXSolutions’ business credit score wasn’t just being altered, it was dramatically affected.
We were happy that Mike chose us to go to work for him and DXSolutions. We had his indexes and scores ironed out within 60 days. Repairing Mike’s business credit was our top priority.
Thirty days later, Mike was in the room with Wal-Mart. Shortly thereafter, they became one of his largest accounts. Just from this acquisition, DXSolutions saw an immediate increase of 20% in their annual sales.
DXSolutions is still a client of ours. It’s been a happy and healthy six years with them. Wal-Mart is still one of their largest accounts, accounting for millions of their annual sales revenue.
As Mike said:
“Amanda, you have done a phenomenal job here. I would expect this will also affect the other business credit ratings as well. Great Work! By the way, this all started with an issue getting an appointment at Wal-Mart. We are now back on their calendar to see them this month.” -MC
North Shore Advisory Inc.’s business credit team has monitored and maintained all three business credit profiles for DXS, as well as many other businesses, on a daily basis. Whereas companies like DXS can have delinquencies that linger for years, we are able to discover and rectify these immediately.
What we have provided DXS, best of all, is peace of mind. We make sure their contract with Wal-Mart holds true, which allows DXS to do what they do best – create quality products.