Every week we help a couple dozen business owners get the working capital they need to grow and expand their business. From the evidence sited in earlier blogs, I’m convinced this is a great business environment and the only limiting factor for many business owners is your access to working capital.
You probably already realize that your access to business capital will be either a significant asset or major liability to you as you grow your company. Your access to capital will have a major impact on your future growth and your business credit (not personal) is your key to unlocking that capital.
There is a record amount of business capital available today, yet many business owners can’t access it because they are handcuffed by poor or non-existent business credit. For many, the only way to fund growth is to provide a personally guarantee for the funds they need. Any prudent businessperson will self impose limits on this type of “business funding” when they recognize it is nothing more that pouring your personal funds into your company.
We use several different funding sources to help clients get the business capital they need to fund future growth, and many of them do not require a personal guarantee or any collateral. With all these options, however, I constantly see business owners handcuffed by poor personal credit, the lack of any real business credit or other mistakes that could have been avoided with some minimal advance planning.
The solutions are relatively simple and yet the problems they cause most business owners are so expensive, we’ve decided to extend our expertise a bit further to provide some real solutions that you’ll see here over the next several months. For now, here is tip #1: Don’t waste $1 with online “credit repair” or “credit building”.
My unscientific study has proved to me that 95% of the credit products found on the Internet are pure crap. Many will charge $2,000, $2,500 or more to do little and then disappear with your money. Recognizing this and needing solutions that will allow us the opportunity to do better work for our clients, we are actively researching for a workable solution that provides real results at a fair price.
Our resolution for 2007 is to be an even more effective financial partner. As we continue to provide effective business funding, we also want to extend our expertise further down the line so the process of obtaining capital is easier, cheaper and quicker for our clients. The key to this will be strong business credit.
Stay tuned…
