how to grow your small business

How to Grow Your Small Business

#BizSmallTalk

Experian_US hosted a #BizSmallTalk with influencers in the small business community.

They shared some great tips on growing your small business and positioning it for success.

ex.pn/bizchat

http://www.experian.com/blogs/news/about/financial-planning-millennials/

http://www.experian.com/blogs/news/about/bizsmalltalk/

http://www.experian.com/blogs/news/about/bizsmalltalk/

#BizSmallTalk

What should entrepreneurs knowbefore starting a business?

#BizSmallTalkBrian D. Ward@Brian_D_Ward

Start managing and building a strong business credit profile to help

you obtain necessary funding.

#BizSmallTalkMeredith Wood@Mere_Wood

Get financial help from day one. Investing in a bookkeeper or

accountant will be one of the best decisions you make.


Act like a business. Open business bank accounts in your legal business name.

#BizSmallTalk

How can a small business ownerestablish a business credit score?

#BizSmallTalk

You must get credit or accounts with companies that report to

business credit agencies.

Gerri Detweiler@gerridetweiler


Open commercial accounts with lenders and suppliers that report to

Experian.

“It’s an ideal situation when you get to

#BizSmallTalk

do work that you are passionate about.”

Experian SMB@experiansmb

-Brian Ward

#BizSmallTalk

Make sure you are being responsible with those trade lines. Always pay on

time - even better if early.

Meredith Wood@Mere_Wood

#BizSmallTalk

What steps should a small business ownertake before applying for a business loan?


Owners should check their credit reports (both commercial and

consumer) and understand what they mean.

“There are a number of factors that

#BizSmallTalk

contribute to your business credit score,


so the earlier you start, the better.”- Brian Ward


Leverage tools such as Experian’s Business Score Planner to become

aware of what can impact a positive score change.

#BizSmallTalk

Know your personal and business credit scores. Both may be checked.


#BizSmallTalk

Why is it important to maintain apositive business credit profile?

#BizSmallTalk

A positive business credit profile can help save

your business money.

Brian D. Ward@Brian_D_Ward

“The more prepared you are, the easier

#BizSmallTalk

it will be to get business funding.”


- Ebong Eka

“It’s important for business owners to

#BizSmallTalk

understand what they need and how they


will use money before taking a loan.”- Gerri Detweiler

#BizSmallTalk

With online marketplace lenders out there, what are some of the positives

of working with them?

“There are so many different places

#BizSmallTalk

for businesses to access capital.”


- Brian Ward

#BizSmallTalk

Speed. Some online funding can close in hour, not weeks.


#BizSmallTalk

Online lenders can be more willing to lend to small businesses, helping build business credit if they

pay back on time.

Nav@navSMB

#BizSmallTalk

What are some of the positives of applying for a loan at a bank or another

traditional lender?

#BizSmallTalk

acquiring funds = interest rates,


etc., before securing a loan.”- Ebong Eka

“Take a look at the cost of

#BizSmallTalk

Online loans will always be more expensive and in some cases, even

way more expensive.

Meredith Wood@Mere_Wood

#BizSmallTalk

Bank and credit union loans may have lower rates, good terms, and

offer larger loans.


“Be careful to understand who

#BizSmallTalk

you are working with.”


- Gerri Detweiler

#BizSmallTalk

Going to a bank or credit union means you may get personal service

or a loan to meet your needs.

Mortgages Dot Com@WeAreMortgages

#BizSmallTalk

funds, you could look into micro


lending or crowdfunding.”- Gerri Detweiler

“If you are not in a rush, for

#BizSmallTalk

How does keeping personal and business credit seperate help a small business owner?

#BizSmallTalk

Separating the two can help your business develop credibility with

banks, suppliers, and other creditors.


#BizSmallTalk

Keeping them separate limits your personal liability and protects

your sanity!

Mortgages Dot Com@WeAreMortgages

#BizSmallTalk

A business can access 10 - 100 times more credit than a consumer.

Nav@navSMB

#BizSmallTalk

A profile that contains accounts in your company name shows that your business pays its creditors in a

timely manner.


#BizSmallTalk

pay your bills on time, and monitor


your business credit.”- Brian Ward

“Top three tips: Act like a business,

#BizSmallTalk

From a financing perspective, it’s one of the two main mistakes that

business owners make.

Tom Gazaway@tomgazaway

#BizSmallTalk

How can you improve your small business credit profile ?

#BizSmallTalk

Driving factors of a business score are payment

history, collections information, public records, size, years in business, etc.


#BizSmallTalk

Reduce utilization or pay down balances on

commercial accounts as much as possible.


#BizSmallTalk

Pay your bills on time and monitor your credit (personal and business)

somewhere like Nav.


#BizSmallTalk

Why should small business owners monitor their business credit report ?

#BizSmallTalkGerri Detweiler@gerridetweiler

If there’s a mistake, you’re the one likely to catch it.

#BizSmallTalk

- Brian Ward


“Monitor your business for fraud.”

#BizSmallTalkGerri Detweiler@gerridetweiler

Small businesses are targets of identity theft too - sometimes more so!

#BizSmallTalk

credit at least once a month.”


- Brian Ward

“Businesses should check their

#BizSmallTalk

You first want to know what’s there. Second, you want to fix any errors.


#BizSmallTalk

Why is it wise to keep good business records?

#BizSmallTalk

It helps you separate personal from business

expenses and build a solid business credit profile.


#BizSmallTalk

journey; be prepared for that journey.”


- Brian Ward

“Understand that business growth is a

#BizSmallTalk

Any final thoughts on how small businesses can grow?

#BizSmallTalk

You’re not an island. Find trusted advisors and partners

who can help you succeed!


#BizSmallTalk

what your customer wants.”


- Ebong Eka

“Double down on sales by identifying

#BizSmallTalk

Planning means you’ll see some opportunities in the

marketplace.


#BizSmallTalk

Check out all the resources and tips shared:

ex.pn/bizchat

http://www.experian.com/blogs/news/about/financially-ready-college/

how to grow your small business

Small Business & Entrepreneurship