Chances are, as a small business owner you have needed to become an expert in several areas. Managing the day-to-day operations of the company, handling at least part of the financial reporting responsibilities, and maybe even taking on a sales role. Whatever needs to be done, you do. Growing a business requires the wearing of multiple hats.
Too often, in large part because of multiple responsibilities, learning the idiosyncrasies of small business credit takes a back seat to other priorities. Unfortunately, overlooking this critical aspect of your small business can be costly.
Key Credit Areas
Understanding your credit score and how it is arrived at is the first step in ensuring your business credit rating is optimized. Dun & Bradstreet is among the three primary business credit reporting agencies, where you are able to review your report, ask questions of experts, and begin taking steps to maximize your rating.
Becoming an expert on small business credit, just as with any aspect of a business, requires constant monitoring review. As the reports and services available become familiar, you will quickly be able to determine areas for improvement.
The Benefits of Business Credit Expertise
Just as with personal credit, the higher your small business credit score the more financing options are available to you. Additionally, the rates and terms of credit lines will improve dramatically with every jump in your business credit rating.
Suppliers and vendors you are considering partnering with are likely to review your business credit, just as you will theirs. Maximizing your rating will position you to negotiate the most favorable terms, resulting in considerable savings for years to come.
The D&B Small Business website is one of many resources available. In addition to a number of small business credit services, various articles and the opportunity to ask questions of business credit specialists will get you well on your way to credit expertise.