10 Ways to increase your business credit
Maintaining a good credit score is important to strengthen your business and keep it growing.
ReadWrite contributor Susan Guillory has shared 10 strategies to increase your business credit score.
Guillory says, “Consider building your business credit like insurance. Take a few easy steps to increase it, and if one day you decide you do need financing, you’re in a good place to get it. Otherwise, you could end up paying far more in terms of interest rates because you didn’t take precautions to ensure that your credit was solid.
Now let’s look at some strategies to increase your business credit, no matter what it is right now.
1. Have a Strategy
Yes, you need a business and marketing plan when you launch your startup, but you also need a financial strategy. Beyond simply having a budget for startup costs and growth, you also need to see the bigger picture.
If your startup thrives the way you hope it will, how could you take it to the next level in a year? Three? Even if you’re seeing a nice profit margin at that point, you may want to get financing to expand operations, add another location, or invest in research and development for new products”.
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