Small Businesses Face the Possibility of Another Credit Hit
As a small business owner you need to come to grips with the challenges you are being faced with.
Just like any problem you encounter in life, you must recognize the source of the problem and address it. It is easy to make excuses for yourself and your business, especially with the economy in such turmoil, but what good is that going to do, blaming the economy? You CAN achieve success even in a recession!
With the threat of a potential credit card crisis at hand, most business owners are running scared; and without having the knowledge of how to avoid this next wave of dismay in the economy, much less be able to even face yet another hit, I can hardly blame anyone for being afraid of what the future holds for consumer and business owners alike.
Times like these call for IMMEDIATE ACTION.
When CNN Radio posed the question "How can the consumer avoid the speculated credit card crunch" I was able to answer without hesitation. (Don't forget, business owners ARE consumers as well.)
"Build a strong foundation. Do not make credit card purchases unless you can facilitate the means to pay your monthly bill. Small business owners and entrepreneurs need to realize how critical it is to build a business profile that is completely separate from their personal credit profile. It is imperative to take action NOW before this wave of interest rate raising actually hits."
Developing your business credit can be difficult and in some cases take time. However you need to keep in mind that what you are doing is building a solid foundation for your business. By maintaining a proper compliance standard with the I.R.S., credit bureaus, government agencies and lending market you will increase your likelihood of success in your business.
Keep in mind the following as the necessary steps to take when building your business credit profile.
Education - Continue to learn about the process and what credit granters are looking for. The market changes quickly and you need to keep abreast of the most recent requirements.
Compliance - Get your business in compliance with the Federal, State, county, city and any other local agencies. Stay in compliance and be sure to file all necessary documents. Almost all of the information is accessible by public record and credit granters only want to do business with those that are paying to keep their companies up to date.
Trade Credit - Build credit references by working with businesses that will issue you credit and ask the questions necessary to determine if they are the type of vendor you want to do business with.
Registration - Register you business with the major business credit bureaus. Only working with one bureau will limit your choices of credit granters in the future.
Financial s and Business Plan - In many cases you will be required to provide a business plan and financial statements of your business when applying for a loan. Keep these up to date and readily accessible.
Money Management - After building your positive business credit profile, continue to develop the score and maintain the good credit history by managing your credit. Keep only credit that you can afford to pay back.
Your business will succeed even in times of recession with the right attitude, capital and education. Maintain the positive attitude and don't let others drag your spirits down. Work at developing additional sources for capital by building your business credit. Most importantly continue to be a student of business and entrepreneurship.
Receive the booklet How to Build Business Credit by David Gass - President and Founder of Business Credit Services. It will share with you how more than 10,000 businesses across the nation have achieved over $175 million in combined financing in their business name only, all using his patent-pending system to build corporate credit separate from your personal credit.
You will also learn the first steps required to getting a business loan, lease, and other lines of credit without the use of a personal credit check or guarantee.
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These tough times are uncharted territory for many small business owners. Creating a recession contingency plan will help you navigate this bleak economic period—and still be around to enjoy a sunnier tomorrow. by Ed Hess
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Small businesses in New York have started to receive loans from various financial organizations. The loans help them to survive the crunch and damages inflicted either by a recession or by a natural disaster.
If you run a small business, chances are high that the sudden reduction in demand for goods and services will have hit your finances very hard. In such a scenario, you should adopt a multiple approach to overcome your problem.
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