Does your business have a business credit profile? Did you know that having a business credit profile is planning for the growth and success of your business? That’s right; business credit is a game-changer that even big companies like the Walmarts and the Amazons of the world are using to finance their business.
In this episode of Building Better Businesses with Catalyst Consulting, we have Stephen Wible, the Director of Business Development for Credit Suite, a recognized leader in teaching business owners how to “Build Business Credit” that is NOT tied to their social security number. Stephen explains the process of building your business credit profile and the value it offers your business.
Listen in to learn the five most critical items your business needs to have, for lenders or creditors to trust you with their money. You will also learn why you should detach your business from your personal credit to protect both the business and your family.
What You Will Learn:
- [0:45] Intro
- [1:17] Stephen Wible’s career background as a business owner and his role now as an employee.
- [3:25] Get to know the fun side of Stephen the hobby junkie.
- [5:04] How to build a business credit profile and the value of it in business development.
- [8:29] How the lack of business credit can hurt your business even when you’re performing great.
- [9:34] The five critical items to make it easy for your business to qualify for credit.
- [19:45] How credit comes looking for you when you build your business credit.
- [22:06] Why it doesn’t matter whether your creditor reports or not as long as they give you a high credit limit.
- [23:32] Why your personal credit doesn’t affect your business credit, plus how to lock your personal credit.
- [25:30] How Credit Suite helps business owners build their business credit score.
- [28:33] How big companies use credit and small companies to finance their business.
- [33:10] The importance of protecting your business and your family by building your business credit.
- [35:57] The importance of surrounding yourself with people smarter than you to learn from them.
- [38:14] Why you should develop a close relationship with a smaller bank.
Standout Quotes:
- “Even when you’re doing well, the lack of business credit can actually hurt you.”- Stephen Wible [9:27]
- “Nobody plans to fail but don’t fail to plan.”- Stephen Wible [34:24]
- “Surround yourself with people who know more than you do; don’t be afraid to be the dumbest one in the room.”- Stephen Wible [37:11]
