My Best Job Candidate just Turned Down My Employment Offer – How can I Prevent that from Happening Again?

When you open a small business, you have the opportunity to build credit separate from your personal credit. The better your small business’ credit, the better terms you can get with supply vendors and lending institutions, like banks. This means being able to borrow at a better rate to finance expansion in the future. Why Building Good Business Credit is Important Like personal credit, business credit is monitored and reported by credit bureaus. “The major business credit bureaus that compile and provide copies of the reports are: Dun & Bradstreet, Experian Business, Equifax Business, and Business Credit USA,” according to one credit expert. By having a business credit history separate from your personal one, you can minimize the effect negative events on one might have on the other. For example, if you have some financial missteps that impact your personal credit history and score, they shouldn’t impact your small business credit if you have established a clear separation and vice versa. —Biz Filings.com Building business credit is essential to a company’s reputation and success. Establishing good business credit is done through a combination of practices. Your small business will have to observe these to build a solid commercial credit record. How Entrepreneurs can Establish Good Business Credit When you start a company, you’ll probably need corporate credit for a number of things. Keep in mind, though, these are ultimately your personal responsibility. So, make sure you understand the terms. Here’s how entrepreneurs can establish good business credit: Secure a debt instrument in the business’ name. A “debt instrument” is simply another term for “loan” or “line of credit”. It means you are borrowing money in advance or taking on debt to purchase necessities for your business, like fixtures, equipment and supplies. Apply for a business loan, line of credit, or vendor credit that does not check your personal credit score or history. You are attempting to obtain credit in the business’s name only. Commercial lenders may waive personal credit checks in lieu of providing collateral or a down payment. Another method for securing a debt instrument is to apply for a credit card in the name of your business. Terms and reporting procedures will vary by credit card companies, but in general, the monthly payments will reflect on your business’ credit profile. Build your credit history. Make credit line and business loan payments on time. Schedule automatic payments debited from your business checking account for business loans and lines of credit. Or make payments on recurring credit lines or loans at least three to five business days in advance of the due date. Get in the habit of making payments larger than the minimum due. Check your business’ credit files for errors. Request copies of your business credit report from each of the corporate credit monitoring bureaus, six to 12 months after securing a commercial loan or line of credit. Review each report for accuracy and dispute any errors directly with the agency reporting the erroneous items. If errors are disputed to no avail and are not legitimate, consider having your attorney contact the reporting agency to resolve the situation. Like personal credit reports, business credit reports may be adversely affected by incorrect trade lines being reported. How have you established business credit? What mistakes would you avoid? Please share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Effective daily habits can work wonders in many areas of life. These are particularly useful for entrepreneurs, but others will certainly benefit by incorporating such practices. In surveying a number of successful people, it’s easy to see they all have certain daily habits. Which of course, means, that these practices do a lot to help them get things done and done right. Why Daily Habits are So Important We all have our daily routines. But, the trouble with many routines is that we don’t question how they impact our day-to-day lives. In other words, there is little to no introspection or objective look at what does and doesn’t work. Think about your own daily routine for a moment. If you’re honest, you’ll discover at least one (maybe more) that’s not up to par, is outright ineffective, or just superfluous. Just ask any CEO, politician, professional athlete or inventor out there – they all start their day at the crack of dawn, gaining a leg up on the competition. Create a routine and stick with it. Studies prove that willpower is the strongest in the morning before exhaustion and other priorities get in your way. Adopt a morning ritual and you will start to see big results. —Forbes.com When you take time to identify what does and doesn’t work, you’ll probably discover other ways to improve your daily routine. At the very least, you’ll be able to eliminate things which aren’t necessary. So, it’s definitely a worthwhile exercise. And, it’s one that can easily be repeated periodically to alter or change-up from time to time as you go through life. Most Effective Daily Habits Successful People Practice If you want to really be successful, you simply need to practice the same effective daily habits of successful people. Here are some of the biggest habits you can adopt to help you achieve more: Not getting involved in personal problems of others. This isn’t to say they are uncaring or apathetic. But it does mean they don’t get involved in the drama of others. They know it’s an invitation to trouble. Working in an environment that’s conducive to productivity. Successful people identify what surroundings and tools they need to get things done. They use these to their advantage and you can do the same. Not harboring a fear of missing out. Successful people just don’t worry about FOMO or the fear of missing out. It’s not something they let get to them because they recognize there’s just no way to be involved or in-the-know about everything. The ability to say “No” more than “Yes.” There’s a reason you see this advice time and time again — it works. And, it works well. When you say “Yes” you are making a commitment that can quickly balloon out of control. You need to learn how to spot bad ideas and those which won’t deliver results. “No” gives you the power to be selective. A strong commitment to maintaining good character. Perhaps the most effective daily habit successful people practice is to maintain a strict adherence to good character. What other effective daily habits would you add to this list? Which ones do you practice and recommend? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

YOLO — You Only Live Once. It’s true and that’s precisely the reason to give that business idea you have a real go. Really. What you’re waiting for isn’t likely to happen. You have to make it happen. So, let’s get right to it. Why Most Business Start-Up Roadblocks are Imaginary Okay, you need money, right? Wrong. But, you need an extensive business plan. Nope. You need a retail store, an office, a professional space. Probably not. Whatever the reasons, you’re probably talking yourself out of it rather than being thoughtful and careful. There are no limits on who can become a great entrepreneur. You don’t necessarily need a college degree, a bunch of money in the bank or even business experience to start something that could become the next major success. However, what you do need is a strong plan and the drive to see it through. —Entrepreneur.com While thoughtful and careful are good qualities, you need a healthy dose of impulse. In fact, almost every “roadblock” is merely you making an excuse. It’s no more complicated than you making it more complicated. 4 Simple Steps to Start a Business In reality, there are very few steps to start a business. With all the technology at your disposal and a little can-do attitude, it’s entirely possible. All you need is to do the following: Do a bit of research (but not too much). Learn about the product or service and its industry. You don’t need to become an academic expert. Research enough to get acquainted and feel more confident. Although, there’s a point of diminishing returns. If you keep going, you’ll eventually become overwhelmed. In other words, don’t get stuck in the paralysis of analysis or you’ll never actually get started. Test it out in a few different ways first. Whatever it is, test it out and don’t expect to charge — at least in the very beginning. Instead, ask for feedback and listen carefully. Others will give you invaluable input and that’s more valuable than money when starting out. (Now, if someone is willing to pay, give them a nice discount.) Start spreading the word, far and wide. Use social media, your family, your circle of friends, and acquaintances to spread the word. But, don’t hard sell. Just let people know about it. Make changes as you go and learn along the way. More than likely, you won’t hit the ball out of the park at first. You’ll need to make changes as you go. Be flexible and you’ll enjoy the ride a whole lot more. What other advice would you give to people who want to start a business? What motivated you? Please share your experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.