The Small Business Banker: Your Blueprint for Building Business Credit and Taking Your Company Over the Tipping Point by Marco Salinas & Brian Tracy

Author:Marco Salinas & Brian Tracy [Salinas, Marco]
Language: eng
Format: epub
Published: 2014-02-23T18:30:00+00:00

Module 5: Business Credibility Building Process

GREG: Welcome back to the second module on building your business and finding the financial assistance you need in order to have your business break through and serve more people.

Here in this second module we’re going to be talking about how you as a business owner can raise your credit profile of the business.

As we begin, Marco, let’s talk about what business credibility is and why it’s so important for those looking to get funding for their business.

MARCO: Business credibility is an absolutely essential step in obtaining business credit and business funding and financing. A potential creditor, a potential lender or a potential vendor will look at your business’ ability to build strong business as their criteria for deciding if they want to lend you money or not.

The perception they receive from your business plays a huge role in that process.

We’ve all heard the phrase “perception is reality.” That really does hold true with the business credit building process. Thanks to the technology available to us today there are a lot of amazing available resources out there to help a small business look and feel a lot larger than what it really is.

It can actually give them some of those competitive components if you will that some of their larger counter parts have, such as the 1-800 numbers of the fancy phone prompts when you call into the business and things like that.

Those things are available now and are much easier for the small business whereas maybe ten years ago it pretty much didn’t even exist. This is truly to the benefit of the small business owner now, especially in this business credit building process.

That’s what we’re going to be talking about. We’re going to outline those business credibility-building steps that are essentially vital to having in place.

Again, before applying for business credit the business needs to ensure it at least meets if not exceeds all of the lender credibility standards. There are quite a few of them.

We’re going to touch of those key component ones. They break down to about thirteen of them. That’s what we’re going to go ahead and be touching here in this module.

GREG: What we’re going to do now is put a little bit of the focus on to the lender and the thirteen key points or factors we’re going to be looking at in just a minute.

Why is it so important from the lender side that they look at these different points?

MARCO: Again, this is the perception that the lender has of your business. This is the way it looks on that side looking over towards you.

It needs to look very credible. It needs to look legitimate. It needs to look like something that is stable and strong. If these potential lenders are going to give anyone funding, obviously they want to make sure they’re giving it to an organization, company or business where they’re going to get their return and their money back with their interest.

Obviously there’s always a risk for them.

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