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Build Your Business Credit: 5 Key Reasons to Get Started

Blogged By: 
SBA Blog
Created on December 19, 2014
 

Business CreditBuilding business credit is just as important as building and taking good care of one’s personal credit. In the business world, a company does not have a consumer FICO® Score. Instead, it has business credit scores, ratings maintained and calculated by business credit reporting agencies.

“Just as your personal credit has a big impact on your financial health, your business credit can help you get competitive business loan rates and terms from potential suppliers,” says Marc Kirshbaum, president of Experian's Business Information Solutions group.

Unfortunately, many small business owners don't even know there is such a thing as a credit score for a business and therefore lose opportunities to improve their own, says Jeff Stibel, CEO of Dun & Bradstreet Credibility Corp.

Many times, small business owners make the mistake of assuming that positive personal credit scores will be enough to obtain good business credit ratings. While lenders and suppliers may initially consider personal credit history, once a business pays its first invoice, it will begin building its own credit history.

Prepare Your Business for a Winter Storm

Blogged By: 
MBDA
Created on December 19, 2014
 

America’s PrepareAthon! Campaign Offers Specific Actions to Prepare your Business for a Winter Storm

Be Smart. Take Part. PrepareWhen a winter storm hits, it can significantly interrupt if not suspend your business operations. Winter storms can bring freezing rain, ice, snow, high winds, or a combination of these conditions. They can cause power outages that last for days, make roads and walkways very dangerous, and affect community services. Preparing ahead of time can help you manage the impact a winter storm has on your business and the safety of your employees.

Knowing what to do when a winter storm and other disasters hit is the message of America’s PrepareAthon!, a nationwide grassroots campaign for action to increase community preparedness and resilience through hazard-specific drills, group discussions, and exercises. The campaign offers easy-to-implement preparedness guides, checklists, and resources to help individuals, business owners, organizations and whole communities practice the simple, specific actions they can take to prepare for disasters.

Happy Holidays from Albert Shen

Blogged By: 
Albert Shen, MBDA National Deputy Director

Albert K. Shen In the short amount of time that I’ve had the privilege of working with MBDA, I’ve been thoroughly impressed with all of your hard work and dedication. I’m inspired by all the great achievements that we’ve accomplished this year and the continued diligence and commitment I see on future endeavors.

This year was a very successful year for job creation, economic growth and entrepreneurship within the minority communities, and I’m proud to say that all of you played a vital role in this upward trend. Despite facing many challenges, you continue to step up to the plate and face these challenges head on.  As a small MBE owner before my arrival at MBDA, I have personally dealt with the difficult barriers that MBEs face in order to survive and hope that my experiences will make MBDA a better resource.

Big Data Benefits U.S. Businesses

Blogged By: 
MBDA
Created on December 17, 2014
 

Big DataThe landmark joint partnership between the Harvard Business School and the U.S. government, created to give businesses access to new tools to compete in an increasingly competitive global economy.

How does it work? In short, the project uses over 50 million open data records to identify “clusters” of related industries that can be hubs of innovation, jobs, and private investment.

How does it benefit businesses and communities? The cluster mapping tool helps "promote America's clusters and provide businesses and organizations with the data and strategies they need to capitalize on their region's assets," says U.S. Secretary of Commerce Penny Pritzker.

Have You Written Your Business Plan Yet?

Blogged By: 
MBDA
Created on December 17, 2014
 

Business PlanToo many people try to start a business without first developing a clear roadmap for the journey ahead, making success that much harder. Don’t be one of them! This month is National Write a Business Plan Month and we’re here to help you get started with six steps to writing a solid business plan.

Looking for more help? Check out this step-by-step tool for writing a business plan.

Also, MBDA’s Business Plan Writer is a free and easy tool that lets you to create your business plan online. Our business plan writer gives you tips along the way, allows you to create multiple versions or different plans for different concepts, and saves your work! When you are ready to print, just print your plan from the software and you are ready for the next step!

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