How Are You Using Your Business Credit?
March 30, 2009 by Kim Beasley
Filed under Business
Business credit has become a very important part of how business owners manage their business finances in the current state of the economy. As business owners look for creative ways to fund their business, many have turned to the option of using credit.
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One thing that a business owner need to keep in mind is that business credit must be treated just like personal credit. It should be guarded and used wisely when managing finances. According to Dun and Brandstreet the following are ways that establishing your business credit can help your business:
- Obtaining better interest rates and credit terms from banks and lenders
- Increasing the likelihood of buying on credit from other businesses
- Lowering your workers’ compensation premiums from insurance companies
- Making it easy for potential business partners to completely assess the risk of doing business with you
With all of this said, I want to know how you are managing your business credit. Have you established a good credit record for you business? Or do you owe money to vendors or contractors for products or services that have been provided to you by others.
Please share ways that you can use business credit wisely.
