Business Credit – The Difference Between Success and Kissing Your Business Dreams Goodbye!

Business credit can provide you, the business owner, with the available funding to purchase a wide variety of supplies and services for your business. You can normally start out by setting up business accounts with the major suppliers of office supplies and use that credit business account to purchase small office supplies (pens, paper, envelopes, etc), as well as large ticket items such as office furniture (computers, chairs, etc) depending upon the depth of your credit account with that business.

Keep in mind that those ‘small’ purchases of standard office supplies can add up to more than you think, but more importantly, by purchasing them on a business credit account you are establishing and adding to the credit history of your business. You can see about setting up an account with more than just one business supply those particular items you need for your business.

For example if you can get a business credit account set up at Staples, See if you can get one set up with Office Depot as well! Other companies that have products or services you need for your business may be willing to set up a credit account for your business. This could include things like remodeling supplies, if you have a brick and mortar type business; things like paint, wallpaper, landscaping needs, etc. (Hey, a good first impression is important!)

With these important business accounts set up you can quickly begin to build a solid business credit history.

Now In Order To Do This Quickly And Properly Keep In Mind These Two Very Important Details Regarding Your Business Credit:

1. Pay On Time: Pay a little earlier if you can when you are making a payment on a business credit account. It is best to make it a habit to always pay a few days in advance if possible.

This will help you avoid simple mistakes like forgetting that a holiday is coming up that will delay processing of your payment or may delay delivery of your payment if you are sending a check by postal mail. Most companies have a period of a few ‘grace’ days before you are considered officially late and it goes on your business credit report, but don’t take the risk. Stay sharp and on top of your corporate credit, don’t get sloppy.

2. Speaking Of Your Business Credit Report: Make sure these companies that have extended your business payment history to you are reporting to the business reporting bureaus.

DO NOT hesitate to ask them!

Be very polite and tell them you are working on establishing credit for your business and want to make sure they are reporting to one or more of the major business bureaus. They will normally be glad to explain which ones they report to because you are now presenting yourself as someone who is serious about developing a very good business credit history which implies that you will be paying them on time and not become a problem for them.

You want to begin establishing credit for your business as soon as possible, even as soon as when you start your business.

In fact, building credit for your business should be an important part of your overall business plan.

If it’s not already in there, you need to add it in now!

Having available business credit can be the difference between being successful and profitable versus having to close up shop and kiss your business dream goodbye.