4 steps you can follow to build your business credit

As an experienced Canadian credit reporting professional and a business man himself, Pat Drummond knows the challenges that small businesses face, and has learned from experience how to avoid common mistakes, which may eat up valuable time and money. Small businesses especially ones that are generally family-owned or those that have been operating for less than 2 years need access to credit. Here are 4 steps you can follow to build your business credit:

1. Establish a Business Credit Report

Every business starts with no credit score, and no credit history. Similar to your personal credit report, a business good credit profile can help your company grow and prosper. As you make connections to your business clients, you can start to build your working relations and credit profile.  As the business expands and starts establishing it, approvals for loans will get easier.

2. Leverage Business Relationships

It is important to start building a good business foundation and working relationship with your suppliers. There may be a variety of vendors which your business relies upon to get the job done or to provide products and having a great working relationship can help to improve your business credit report. If you regularly shop at Home Depot for example, you can open up a contractor account and start to build your business credit in that way. Many companies will offer perks and special discounts for regular customers. This includes private businesses and contractors.

3. Justify the Loan

Having a sound business plan will go a long way into helping secure the credit and loans that your growing business needs. When requesting credit, lenders such as banks will want to know what you plan to do with the money. A solid plan will not only help you success on your plan, but will also calm the nerves of lenders and any investor who may want to support the business financially.

4. Separate Business from Personal Credit

This is a common mistake among small business owners. It is easy to fall into this situation because you want your business to succeed. However, keep in my that separating your personal finances and your business finances is a must. Your credit report will be in a much healthier position and you will reduce the risk of your business impacting your personal credit score. If the business were to ever close or go bankrupt the consequences can be significant and even worse when you are held personally liable for business debts.

Business Mistakes Even Smart People Make

As 2013 is making way for 2014, it is vitally important for you to learn from your travels.     I decided that I am going to tackle business fundamentals in order to enlighten those of you who are ready for 2014.  We are going to start today.  Yes, right now.

I have observed over this past year and made note of topics that people needed clarity in.  I want to share with you, the key elements that will not only allow you to grow and follow the natural positive flow of your business. Your brand will be just where you envisioned it. But only if you actually DO what you learn.

It all starts with YOU!!!  Life is about raising the bar and achieving new heights.  In order to get to your destination you have to put your car in drive.  Are you ready to change gears?  I know you are.

Authors don’t invest in themselves to reach one person and artists don’t make their mix tapes and spend long hours making their music to sit idle on reverb nation.  Small businesses owners don’t pour their heart out only to obtain a few clients, right? You don’t have to wait until you complete some mythical goal to get started with me. Frankly, if you could have reached that goal alone, you would have. Now you have help to reach that goal and now it the time.

Well, just what does it take, Dr. Wright?  I am so glad that you asked.  Before I answer, I want to ask you a question first.  This is about you.  What are you trying to accomplish?   That’s all the time I have for today but remember what I always say!  Ignoring one’s conscience is neither safe nor right!  ~ Dr. Letitia Wright

Revamping your email systems- part 1

Upgrade your email system- here is how…

Email can be controlled. If you want it to be. As a business owner, before you hire someone to deal with your email, you need a system they can follow. There are a lot of systems, I just want to share the simple one I use to clear my inbox every day that I work. I don’t clear it daily because I take days off. Even if I am behind in work or behind in my goals. That’s a post for another day.

There are 5 things that need to happen with email

Delete- just delete the stuff you dont care about and are not going to read. Remove yourself from an email list that you find you are not really reading what they send over a month. It saves you the visual garbage and its saves THEM money, not paying to email you when you no longer wish to get them or read them.

Delegate-  There are things that other people need to handle for you. Assistant, virtual assistant, whoever you delegate to, just send the email over to them. If you have prepared them well, they can handle it. Don’t micro manage, just ask them to handle it and unless they make a huge mistake, understand they will not handle it the way YOU would. They are not you, however, their solution can work and leave you free to do the things you can not delegate

Respond- answer the question, buy the thing, add it to your calendar, read the email and get the update…whatever the response is, do it and then archive the email

Defer- this is for things you do not have time to deal with. You must also have time on your calendar each week to go through what is Deferred or risk dropping the ball on business activities and thereby losing money.

Do- Some email mean taking an action, do it right then and there.

if an email has been handled, then delete or archive it.

You email box will be empty after practicing this for about a month. Teach it and delegate this to an assistant and stop sweating about your email. Be efficient, get rid of spam and live a normal live. Nothing is great about having a huge number of emails sitting around.

It used to be a sign of how busy you are, now, it’s a sign of how inefficient you are. If I want to work with you and hear you an a huge overflowing full email box— ALL THE TIME– Then I am going to think again. If you can’t handle your email, you might not be a good match to work with me. There is a point when you need to upgrade your systems.

If you practice this s

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