How to Grow Your Small Business


The Presentation inside:

Slide 0

#BizSmallTalk How to Grow Your Small Business


Slide 1

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


Slide 2

#BizSmallTalk What should entrepreneurs know before starting a business?


Slide 3

Start managing and building a strong business credit profile to help you obtain necessary funding. Brian D. Ward @Brian_D_Ward #BizSmallTalk


Slide 4

Get financial help from day one. Investing in a bookkeeper or accountant will be one of the best decisions you make. Meredith Wood @Mere_Wood #BizSmallTalk


Slide 5

Act like a business. Open business bank accounts in your legal business name. Brian D. Ward @Brian_D_Ward #BizSmallTalk


Slide 6

#BizSmallTalk How can a small business owner establish a business credit score?


Slide 7

You must get credit or accounts with companies that report to business credit agencies. Gerri Detweiler @gerridetweiler #BizSmallTalk


Slide 8

Open commercial accounts with lenders and suppliers that report to Experian. Brian D. Ward @Brian_D_Ward #BizSmallTalk


Slide 9

#BizSmallTalk “It’s an ideal situation when you get to do work that you are passionate about.” -Brian Ward Experian SMB @experiansmb


Slide 10

Make sure you are being responsible with those trade lines. Always pay on time - even better if early. Meredith Wood @Mere_Wood #BizSmallTalk


Slide 11

#BizSmallTalk What steps should a small business owner take before applying for a business loan?


Slide 12

Owners should check their credit reports (both commercial and consumer) and understand what they mean. Brian D. Ward @Brian_D_Ward #BizSmallTalk


Slide 13

#BizSmallTalk “There are a number of factors that contribute to your business credit score, so the earlier you start, the better.” Experian SMB @experiansmb - Brian Ward


Slide 14

Leverage tools such as Experian’s Business Score Planner to become aware of what can impact a positive score change. Brian D. Ward @Brian_D_Ward #BizSmallTalk


Slide 15

Know your personal and business credit scores. Both may be checked. Gerri Detweiler @gerridetweiler #BizSmallTalk


Slide 16

#BizSmallTalk Why is it important to maintain a positive business credit profile?


Slide 17

A positive business credit profile can help save your business money. Brian D. Ward @Brian_D_Ward #BizSmallTalk


Slide 18

#BizSmallTalk “The more prepared you are, the easier it will be to get business funding.” - Ebong Eka Experian SMB @experiansmb


Slide 19

#BizSmallTalk “It’s important for business owners to understand what they need and how they will use money before taking a loan.” Experian SMB @experiansmb - Gerri Detweiler


Slide 20

#BizSmallTalk With online marketplace lenders out there, what are some of the positives of working with them?


Slide 21

#BizSmallTalk “There are so many different places for businesses to access capital.” - Brian Ward Experian SMB @experiansmb


Slide 22

Speed. Some online funding can close in hour, not weeks. Gerri Detweiler @gerridetweiler #BizSmallTalk


Slide 23

Online lenders can be more willing to lend to small businesses, helping build business credit if they pay back on time. Nav @navSMB #BizSmallTalk


Slide 24

#BizSmallTalk What are some of the positives of applying for a loan at a bank or another traditional lender?


Slide 25

#BizSmallTalk “Take a look at the cost of acquiring funds = interest rates, Experian SMB @experiansmb etc., before securing a loan.” - Ebong Eka


Slide 26

Online loans will always be more expensive and in some cases, even way more expensive. Meredith Wood @Mere_Wood #BizSmallTalk


Slide 27

Bank and credit union loans may have lower rates, good terms, and offer larger loans. Gerri Detweiler @gerridetweiler #BizSmallTalk


Slide 28

#BizSmallTalk “Be careful to understand who you are working with.” - Gerri Detweiler Experian SMB @experiansmb


Slide 29

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


Slide 30

#BizSmallTalk “If you are not in a rush, for funds, you could look into micro Experian SMB @experiansmb lending or crowdfunding.” - Gerri Detweiler


Slide 31

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


Slide 32

Separating the two can help your business develop credibility with banks, suppliers, and other creditors. Brian D. Ward @Brian_D_Ward #BizSmallTalk


Slide 33

Keeping them separate limits your personal liability and protects your sanity! Mortgages Dot Com @WeAreMortgages #BizSmallTalk


Slide 34

A business can access 10 - 100 times more credit than a consumer. Nav @navSMB #BizSmallTalk


Slide 35

A profile that contains accounts in your company name shows that your business pays its creditors in a timely manner. Brian D. Ward @Brian_D_Ward #BizSmallTalk


Slide 36

#BizSmallTalk “Top three tips: Act like a business, pay your bills on time, and monitor Experian SMB @experiansmb your business credit.” - Brian Ward


Slide 37

From a financing perspective, it’s one of the two main mistakes that business owners make. Tom Gazaway @tomgazaway #BizSmallTalk


Slide 38

#BizSmallTalk How can you improve your small business credit profile ?


Slide 39

Driving factors of a business score are payment history, collections information, public records, size, years in business, etc. Brian D. Ward @Brian_D_Ward #BizSmallTalk


Slide 40

Reduce utilization or pay down balances on commercial accounts as much as possible. Brian D. Ward @Brian_D_Ward #BizSmallTalk


Slide 41

Pay your bills on time and monitor your credit (personal and business) somewhere like Nav. Tom Gazaway @tomgazaway #BizSmallTalk


Slide 42

#BizSmallTalk Why should small business owners monitor their business credit report ?


Slide 43

If there’s a mistake, you’re the one likely to catch it. Gerri Detweiler @gerridetweiler #BizSmallTalk


Slide 44

#BizSmallTalk “Monitor your business for fraud.” - Brian Ward Experian SMB @experiansmb


Slide 45

Small businesses are targets of identity theft too - sometimes more so! Gerri Detweiler @gerridetweiler #BizSmallTalk


Slide 46

#BizSmallTalk “Businesses should check their credit at least once a month.” - Brian Ward Experian SMB @experiansmb


Slide 47

You first want to know what’s there. Second, you want to fix any errors. Tom Gazaway @tomgazaway #BizSmallTalk


Slide 48

#BizSmallTalk Why is it wise to keep good business records?


Slide 49

It helps you separate personal from business expenses and build a solid business credit profile. Brian D. Ward @Brian_D_Ward #BizSmallTalk


Slide 50

#BizSmallTalk “Understand that business growth is a journey; be prepared for that journey.” - Brian Ward Experian SMB @experiansmb


Slide 51

#BizSmallTalk Any final thoughts on how small businesses can grow?


Slide 52

You’re not an island. Find trusted advisors and partners who can help you succeed! Gerri Detweiler @gerridetweiler #BizSmallTalk


Slide 53

#BizSmallTalk “Double down on sales by identifying what your customer wants.” - Ebong Eka Experian SMB @experiansmb


Slide 54

Planning means you’ll see some opportunities in the marketplace. Tom Gazaway @tomgazaway #BizSmallTalk


Slide 55

#BizSmallTalk Check out all the resources and tips shared: ex.pn/bizchat


Slide 56


×

HTML:





Ссылка: