This post is sponsored by Microsoft in honor of National Entrepreneurship Week February 20 to 24, 2017. On this episode, I cohost with Melanie Gass from Microsoft and our guest is Amber Colley at Dun and Bradstreet who talks about getting the money you need for your business.
One of the biggest problems small businesses face has is getting the money they need. Capital typically has three sources: customers, vendor credit and a bank. Amber explains that if a business does not build their credit profile from the start, they will not be able to get the vendor credit or bank capital they require to grow their company. She says that every small business has a credit report and it tells a story of how trustworthy you are to do business with over a period of time. Traditional loans are only given to the businesses that have the best credit report and vendor terms are only secured by companies that have a verifiable track record. This is why it is critical to be proactive on your credit track record instead of reactive.
Small businesses should also use credit reports to check out the reliability of their customers paying on time. A customer is not helpful in growing business unless they pay within terms; they are collections problem.
Amber Colley who is a Senior Vice President with Dun & Bradstreet who brings 20 years’ experience working with businesses of all sizes to help them grow and prosper. She has coached thousands of business owners on establishing a business credit profile that will get them the funding, cash flow and finance terms they need.
Melanie Gass, Sr. Business Development Manager for Microsoft and the brainchild behind National Entrepreneurship Week. She helps shape Microsoft Community Connections (MCC) to deliver strong value to customers and influencers.