When it comes to financing your own business, finding the right funding begins with understanding what options are available to you.
Your business credit score is one of the most essential aspects of determining your company’s financial health.
Business credit scores are also relevant in other scenarios. For example, a good business credit score comes in handy when you are looking to secure a good insurance premium, negotiating terms with your suppliers or looking to get a lease on a commercial property. In short, it can help you make your business more sustainable and geared toward growth.
Here are a few things you can do increase opportunities for funding your business.
Keeping Tabs on Your Business’s Performance
By obtaining a forecast every quarter on how your business could potentially be doing from 3 months to one year down the line, keep a tab on how your business is performing. Be sure to get estimates from both, a profit as well as revenue standpoint, to get a good idea of your business’s performance. This way, you will be able to track where and when you need funding and how much of it you will need.
Check Your Business Credit Reports for Errors
Credit reports can often carry inaccurate information which may be the reason for a bad credit score. Always check each section of your credit report to verify that the information presented is accurate.
In case it is not, get in touch with a credit repair company and have the inaccuracies removed with the help of debt validation or dispute letters.
Adding Trade References To Your Files
Strong business credit scores are built with the help of trade references which help reflect your payment history with vendors and suppliers. Your credit score is built with an array of information which may include but is not limited to the number of times you have traded with your vendors and suppliers, outstanding balances and payments that have been made on time.
Try To Make Payments Early, Or On Time
Your payment habits can reflect positively or negatively on your credit score. If you are in the habit of making your payments early or on time, your business credit score will improve.
Borrowing From Lenders Who Report To Credit Bureaus
Being in the records for having good credit terms is an effective way to give a boost to your business credit. Check with your creditors if they report to credit bureaus. If they don’t, ask them if they can. Most of them will be happy to do so.
Find The Right Credit Repair Company for Help
Business credit building services can help you come a long way when it comes to improving your credit scores. With the help of an experienced credit building and repair company, like KeyPoint you can build your business credit scores to your favor.
KeyPoint is based in Fremont and has been in the industry for nearly a decade serving their clients with a team of financial gurus and legal experts to help them legally improve their business credit scores.
To learn more about their services, visit their website or get in touch with them at 1-800-745-7400.