Redmon’s Rules: providing weekly rules and tips on leadership, management, business growth and strategy.
27th Rule: Business Credit Score
Entrepreneurs prepare to launch their businesses by solidifying their service or product offering, writing a business plan, and some seek financial backing – all of which are critical components to starting a business. However, when it comes to finances, some entrepreneurs aren’t aware of their business credit score. For example, this score – ranges from 0-100, with a high score being most favorable – can be developed from business credit card purchases and trade credits, and it affects loan terms extended by the bank.
I challenge entrepreneurs, new and seasoned, to research their scores and place yourselves in a position to win. Isn’t that the ultimate goal anyway?!
Do you know your business credit score?