With terms like "credit crunch" and "economic turmoil" being used in the everyday vocabulary of most Americans, it's no wonder both the consumer and the business owner are in panic mode. Consumers are afraid to spend for lack of job security, while business owners have no cash flow coming in due to the lack of spending. It is a vicious cycle. There is no doubt about it; these are tough times we are living in.
There is an upside though. We are being forced to change. Change is hard; however, sometimes the force to change is the best thing for you and your business. It all boils down to your drive. Do you want to live or do you want to die?
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As a small business owner myself, I choose to live! In order for my business to not fall into the overwhelming statistic of failure which leads to adding to the unemployment percentage, I have decided to change my entire business strategy. I look at it this way; it's not about how much money I can make this year... it's about survival!
I have done my due diligence and found that the new small business stimulus plan Obama announced is where all entrepreneurs and small business owners need to look for guidance. What the plan proposes is to make credit more accessible to the small business owner, if your company is creditworthy that is. What that means to you is if your company is not compliant you will not have access to these stimulus funds. That's it, point blank. Meaning, the President has issued a warning to all small businesses. Get your businesses creditworthy! Every single lender out there has specific guidelines they follow to be sure the loans they are granting are not just in good faith; but that they are cheap loans to qualified applicants who are able to repay.
Now, more than ever, you have got to separate your business credit from your personal credit. The co-mingling of funds MUST be a thing of the past.
We, as small business owners, are the heart and soul of the US economy! We must come to the realization that there is no-band aid to apply here; a shallow recovery for a deep recession is not going to help matters at all. Understanding the market is imperative right now. While Wall Street seems to be leveling off, the unemployment rates keep rising; and this is a prime result of so many small businesses closing their doors.
The snowball effect of what is happening in the US can definitely be turned around if, and only if, small businesses are able to survive this economic plunge.
Do not be a statistic! Get your business creditworthy!
The easiest and most effective way to do this is to do your due diligence, seek out the professionals in the credit building industry. After all, if you knew how to get your company credit worthy, wouldn't you have already done it? Not to mention, the step-by-step process is quite structured. If you were to skip a step or even follow the steps out of order, your business would be red-flagged by vendors and lenders alike; you will never access the capital needed to not only grow your business, but you may not even be able to stay afloat the next few months.
It took me more than 5 years, well over $50k and a very undesirable personal credit score to learn I was 100% attached to my company. My personal credit score was dwindling; not because I had failed to pay my bills, but because I was personally guaranteeing every business credit line I had applied for! Who knew that giving my social security number to an office supply store gave them free reign to run my credit report as many times as they deemed necessary? You would venture to think that my attorneys and accountants would... but they never gave me a heads up ("it wasn't their job"). So as my credit score plummeted, the word "deny" became more and more prevalent, which led to a tremendous amount of frustration. When I finally learned about business credit, I must admit, I felt quite foolish. But however foolish I felt, it definitely didn't stop me from taking action immediately. Today, a year and a half later, had I not separated my personal credit from my business credit I am certain I would have had to close up shop while still owing a large amount of money on the bills my company had accrued.
Change is good, if you recognize the silver lining.
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