How to Grow Your Small Business

The Presentation inside:

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#BizSmallTalk How to Grow Your Small Business

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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.

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#BizSmallTalk What should entrepreneurs know before starting a business?

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

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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

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

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

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

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

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

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

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

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

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#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

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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

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

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

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

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

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#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

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

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

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

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

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

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

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

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

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

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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

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

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

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

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

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

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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

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

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

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

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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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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#BizSmallTalk Check out all the resources and tips shared:

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