You know how important your personal credit score is to your financial life. Your personal credit score can affect everything from loans to insurance rates to employment opportunities. What you may not realize is that your business credit score is JUST as IMPORTANT to your business. The business credit score, and more importantly, the rating, can affect everything from loans, interest rates, vendor credit amounts, vendor approvals, even partnership opportunities (one of Wal-Mart’s first steps to qualify to be a vendor is to check out the business credit score and rating for your business).
Securing funding to grow your business whether at the start or at any stage in business is a must to stay in the game. Once you understand the component of the funding blue print you are able to win the funding game!
The trends are clear – the IRS is targeting more small businesses for audits and they’re denying deductions left and right. Sole proprietorships are especially at risk. I have confirmed with my CPA networks that there is a huge risk to continue to operate as a sole proprietorship. Our CPA contacts are also recommending that you should get off schedule C in 2014 ASAP.
Have you updated your goals for 2014? If the outcomes you’re looking forward to this year include making more money, gaining more clients, boosting your profits, cutting your taxes or attracting lucrative joint venture partnerships…