Why You Need Good Business Credit
Many people wonder about the importance of business credit
. They think as long as it's not too bad, things will be ok. This is the wrong mentality to be in if you want to have a successful business.Good business credit can be very beneficial. Great business credit can give you a lot of power in the business community.
Consider your business credit as your first impression. It is one of the first, and often one of the only, things that another company or financial institution considering working with you will want to look at. And there are almost endless reasons you want to make a good impression.
To Secure a Line of Credit If the time is right for your business to grow, you need to know you can get the capital you need from a lending institution to make the growth successful.
To Bring in A Business Partner If you want someone to invest in your company, or even merge their company with yours, they are going to want to make sure you are running a viable company that has a positive history. A positive credit history will give them a peek into the likelihood that the company will have a positive future.
Selling Your Business If you have a business model that is doing well but you're ready to move onto another venture, the better your overall business profile is (i.e. your business credit), the more desirable your business will be to potential buyers.
Leasing An Office or Building Want to move into bigger digs? Maybe you would like to be able to try out putting your office in a better part of town or a more strategically intelligent location. When you go to talk to a broker about getting a new location, they are going to look at your business credit record to see if you are a smart risk.
To Lease Equipment Could you really kick up production at your business if you had the right equipment? But what if that equipment is too costly to buy? Many companies will lease equipment to companies, but they will take a look at your credit report first. They want to know that you are responsible, which can be proven by the fact that you have good business credit and pay your bills on time.
To Increase Inventory The key to making great retail sales is being able to get your items at a lower price than the next guy. That way the mark up doesn't need to be as high in order for you to make a good profit. The more money you have in a line of credit (which is available with a good business credit rating) the more you will be able to buy from your supplier at a better deal.
The positive aspects of good business credit just cant be denied. Without it, your company can be held back while your competition jumps ahead.
Pat Gage, The Opportunity Creator, has over 18 years experience in money and finance, business building, real estate investing and marketing. The Opportunity Creator is not only a sought-after business coach but he also is a national speaker, trainer, and life-long entrepreneur who himself has started several companies.
For more information, visit Gages site at http://www.10stepstomoney.com
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