Great Tips For Creating And Maintaining Good Business Credit

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Mashable makes it sound easy, so they’ll serve as our springboard to a larger discussion today.

Any small business that has run into issues with their credit knows how important it is to maintain a level of business credit that is at least decent. I would expect that to include most small businesses, so it’s likely I’m preaching to a very large choir right now.

Fortunately, Mashable is doing their part, providing six easy-to-digest tips that can help you build up your credit and keep it high. I won’t rehash all of them here, but I will certainly add my own advice for keeping that credit train humming along.

This post from our archives will steer you in the right direction, but let’s revisit the three important points from that article, shall we?

  1. Separation of business and home: Don’t get your personal finances tangled up in the business. Get a license, file separate tax returns for the business and get a separate phone number and business address. Do anything you can, in other words, to make it clear that the business you’re running is not a personal business, but a lean, professional operation.
  2. Get your house in order. You’ll have a lot less problems with your personal finances if you get them in order. Bad personal finance can limit the types of loans you have access to, so go out of your way to make payments in a timely fashion. This, paired with creating some distance between business and personal, should help you out immensely.
  3. Business-to-business finance. Hey, Intuit said it, so I feel totally justified to pointing you toward our financing programs. Because there’s a different scale at work here than for banks, you may have a better chance to get some financial help, and that’s what most of us are looking for.

The tips from Mashable and our own blog are a great crash course in how to get your financial house in order, which is a challenge for all of us. I hope they were helpful for you.

Photo credit to jeinny at http://www.sxc.hu/photo/701012

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