If you’re a trader who wants to take their business off the ground, you might have heard of DUNS numbers mentioned while signing a contract or funding. It is a unique number used to identify a business uniquely. This number has become the universal standard for tracking organisations and their credit standing. Dun & Bradstreet is the authority that validates your business and provides commercial data, analytics, and insights for companies. This blog discusses the benefits and uses of the DUNS number, plus how you can obtain this number for your firm. So, keep reading to find out about DUNS numbers in detail.
Uses of DUNS Number
Obtaining DUNS numbers and registering your business under this universal system have many benefits. Some of the uses of this number are mentioned below to help you understand its need for your business.
- Establish Creditworthiness: Whenever partnering with new stakeholders, suppliers, vendors, or any other business peers, they often want to know your company and its credit history to evaluate financial risk. With the DUNS number, it is easier to keep track and account for all company’s financial activities. It helps your business portray a clear picture of your firm at various levels.
- To work with the Government: Whenever signing a contract with the local, state, or national government, having a DUNS number is a prerequisite, without which you won’t be able to do business with them. Also, your application is fast-tracked whenever you apply for partnership or federal grants with a DUNS number.
- Expand Globally: DUNS number is a universal system used in most countries, such as the US, Australia, the European Union, Ireland, the UK and many more places. So, if you plan to take your firm on a global level and make a stand in the world market, having a DUNS number will ease and fasten the process.
How to Get the DUNS number for your Business?
You will need to register and apply on the official website of Dun & Bradstreet, where you will have to provide a reason why you need a DUNS number and your business address and contact number etc. Once you’ve applied, a D&B representative will call and assist you with the process ahead to get your D-U-N-S number. If the information provided is correct, your firm gets validated with a DUNS number within 30 days. Before registering, ensure that your business type is registered legally with the state.
Having a DUNS Number is compulsory for your business to operate. However, it is an important numerical with credit information identifying your company. The principal reason for having a DUNS Number is that it is required to build and improve your business creditworthiness.
When you are looking for lenders to finance and invest in your company or looking for a supplier for your business, these companies would likely review and evaluate your firm based on D&B Rating to learn about your business’s economic position and credit history.
Therefore, having a DUNS Number is a stepping stone toward establishing a stable and concrete credit file to access more forms of funding and partnership with more businesses in the coming time.