{"id":12551,"date":"2015-06-04T12:18:18","date_gmt":"2015-06-04T02:18:18","guid":{"rendered":"http:\/\/chifleysecurities.com.au\/?p=12551"},"modified":"2015-06-04T12:18:18","modified_gmt":"2015-06-04T02:18:18","slug":"steps-to-building-commercial-credit-for-your-small-to-medium-business","status":"publish","type":"post","link":"https:\/\/chifleysecurities.com.au\/steps-to-building-commercial-credit-for-your-small-to-medium-business\/","title":{"rendered":"Steps to Building Commercial Credit for Your Small to Medium Business"},"content":{"rendered":"<p>If you are the owner of a new business, one of the most vital steps you can take towards\u00a0building a successful business is building your company\u2019s credit. There are a number of\u00a0ways you may build credit for your business. One thing you can do is legitimizing your\u00a0business.<\/p>\n<p>Legitimizing your business is to run something that is actually making you money with a\u00a0group of customers. This has to be something more than just a hobby or pastime. Building your credit takes hard work; this means you must plan to use it. It can even aid in\u00a0benefiting from tax strategies as well.<\/p>\n<p>Another thing you can do is form a corporate entity. In the United States you might form an\u00a0S corp or a limited liability corporation that can become an S corp. In Australia you can\u00a0form a Pty Ltd as one form of body corporate. A formal entity will help you in creating a\u00a0plan for a long run business which will allow for success in building credit.<\/p>\n<p>Once you have worked on building a credit history and have developed a credit score, you\u00a0can apply for business credit cards. When the time is right, try applying for business Visa,\u00a0MasterCard, or American Express cards. You can even get a D&amp;B number. This number\u00a0will become the basis for your paydex score. Much like your personal FICO score, a paydex\u00a0score is rating system for your business credit. In Australia both businesses and private\u00a0individuals can obtain a copy of their Veda credit report.<\/p>\n<p>To begin this process you will need to register your company and its employee\u00a0identification number. Once you have done this you can track your credit score and make\u00a0sure that creditors are reporting to D&amp;B regularly. Lastly, you can practice good habits. Be\u00a0sure to always make your payments on time and do not max out your credit cards.<\/p>\n<p>Part of running an efficient business is managing it under a set budget. Your paydex score\u00a0is what reflects upon the stability of your business so it is pertinent to pay the bills on time.<\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"color: #ff0000;\"><strong>About the Author: Dominic Lambrinos<\/strong><\/span><\/h2>\n<p>Dominic Lambrinos is a financial expert who provides professional business finance\u00a0solutions, commercial financial engineering, expert review of financial submissions,\u00a0negotiation, equity raising, business sales, and trade financing. Dominic is also a sought\u00a0after finance business trainer, and accomplished public speaker.\u00a0Under Dominic\u2019s guidance, his team can also prepare professional financial submissions,\u00a0review financial statements, provide financial accounting, business administration,\u00a0development of information systems, marketing and sales skills, computer and Internet\u00a0sales skills.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are the owner of a new business, one of the most vital steps you can take towards building [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9,12,14,17,18,19,20,26],"tags":[8,21,10,11,13,15,22,16,23,24,25],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Steps to Building Commercial Credit for Your Small to...<\/title>\n<meta name=\"description\" content=\"If you are the owner of a new business, one of the most vital steps you can take towards building a successful business is building your company\u2019s credit...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chifleysecurities.com.au\/steps-to-building-commercial-credit-for-your-small-to-medium-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steps to Building Commercial Credit for Your Small to Medium Business\" \/>\n<meta property=\"og:description\" content=\"If you are the owner of a new business, one of the most vital steps you can take towards building a successful business is building your company\u2019s credit. 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