Company Credit: It's A Journey Not A Destination
What should you expect when building company credit
? How long should it take to obtain the financing your business needs?There's no cookie cutter answer to these questions because every company is different and has its own unique contributing factors. For example, a five year old company will have greater business credit opportunities than a company that just opened its doors a month ago.
In addition, the credit needs for every business will continue to change as the business expands and requires additional funding. There's not a point when a business owner says I've arrived because there's always room for growth, expansion and improvements.
I love using analogies so I thought this would be a great opportunity to share with you a personal experience of mine that can be compared to what many business owners face when establishing company credit.
August of last year I took a trip to visit my sister in New Mexico and I never would have imagined that it would be such a life changing experience. During my visit we decided to take on the La Luz trail which was a 10.5 mile hike up the Sandia Mountain which reaches over 10,300 feet.
I thought the hike would be no problem for me because I was in fairly good shape. But, what happened next was not at all what I expected.
After enduring the steep foothills and rough terrain during the first 2 miles I found myself utterly exhausted. My heart felt like it was going to pop out of my chest and my legs and feet were in agonizing pain.
I stopped and realized there was no way I could continue this hike so I turned around and walked back down the mountain. I felt defeated and mad at myself for not being physically capable of finishing what I started.
On the way down I made a promise to myself to make some serious lifestyle changes. I knew I would be coming back next year for a visit and would face the Sandia Mountain hike again.
When I got back from the trip I started going to the gym every day. I even took a before photo shot of my hefty 244pound body.
In just two months I lost 44 pounds, 4 inches off my waist and was working out six days a week. My energy levels soared and I was now in the best shape of my life.
Just last week I went back to New Mexico again to visit my sister and I was ready to take on the La Luz trail hike for the second time. This time I was 44 pounds lighter and also had my 14 year old son with me which was some extra motivation.
After 5 hours, 3,159 calories and 10.5 miles later I reached the top of the 10,357 foot Sandia Mountain! It was an amazing feeling to win and share that success with my family. The right training and preparation paid off and now I'm ready to take on the next big hike!
This personal story of mine is a lot like what business owners may experience when they decide to start establishing company credit.
They begin with positive expectations but lack the much needed preparation and training to complete all the steps required for building company credit. Without being prepared they face setbacks and even roadblocks that prevent them from progressing.
As a business owner you will need to first plan, prepare and then take action. Building company credit is nothing like hiking a big mountain but it sure can feel like an uphill battle without the right training, guidance and support.
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