Kirberts finance advice and news

WASHINGTON (AP) — Treasury Secretary Henry Paulson sought to reassure an anxious public Sunday that the banking system is sound, while also bracing people for more troubled times ahead….

ALBANY, N.Y. (AP) — Stethoscope? Check. Bandages and medications? Check. Money for fuel? Uh-oh….

BRUSSELS, Belgium (AP) — The man who would be King of Beers is a no-frills leader without a company car or even his own desk….

WASHINGTON - The United States economy needs months to recover from its slowdown, but the banking system remains sound despite a home mortgage crisis that could cause more problems, Treasury Secretary Henry Paulson has said.

HOUSTON (AP) — The national debate over opening more offshore areas to oil and gas exploration has begged the question: Just what are the companies doing with the tens of millions of acres they’re already leasing from the federal government?…

KINGSTON, Jamaica (AP) — A Jamaican official says far tougher fines are needed to battle thieves plundering metal from construction sites, power lines and houses….

NEW YORK (AP) — Wall Street surged higher last week, but that’s cold comfort to people whose stock portfolios are still down more than 10 percent this year….

Robert Bain

Business credit is crucial to your business. Some owner’s don’t realize this from the start and it leads them down the wrong path. A person that doesn’t effectively handle their personal credit may get caught up in the same patterns of behavior with their business credit as well. So identifying your strengths and weaknesses in such areas is very important.

This type of credit should only be utilized when absolutely necessary. It doesn’t matter if you are a small business charging a couple of hundred dollars on a credit card or a huge corporation taking out a $100,000 loan. What is important is that you are able to use business credit to your advantage. You need to have it in place for when you need it the most.

It is a common mistake of new business owners to put it on the back burner. They don’t actively seek a line of credit or a credit card for the business. Then they get into a bind where they need credit in a hurry and they don’t have anything. As a result their business could suffer. If you need emergency parts for your production what are you going to do if the money isn’t readily available in your account?

Not having business credit can also result in your business remaining the same size. One of your goals should be to continue growing at a nice pace. However, it often takes a financial investment to do so. You may need more staff, a larger building, or even money to invest in research for new projects.

Since there is no way to eliminate all of the risks of any type of business you need some type of security in place. Business credit can make the difference between you being able to stay afloat or sinking. Too many businesses fail because they aren’t financially prepared for roadblocks to crop up.

It can be hard to establish your business credit in the beginning. However, you need to be persistent. Even a small bit of this type of credit is going to help you. As long you as you continue to pay it back on time and keep your balances low you will build up credibility. Lenders will see you as a business that is responsible with its debts. As a result you will get more business credit extended to you down the road.

Even very profitable and successful businesses out there rely upon business credit. You need to make it a priority for your own business as well. Do your homework so you can find sources of such credit that are a good match for you. Applying with the right lenders is going to increase your chances of approval.

Make sure you pay very close attention to what is going on with your business credit. This is something you don’t want to ruin due to poor choices. You will need it to be something you can rely upon at various times. Knowing that you have it in place can help you make business decisions in a split second that can benefit you for years to come.

Robert Bain - veteran business owner shares his thoughts on building corporate credit, even if you have bad personal credit. Visit CorporateCreditPower.com to read more.