On this episode of The Small Business Radio Show…
We first talk about business credit and business credit scores. Most small business owners don’t realize that their personal credit score and business credit score are different, and you actually have more control over the latter. While personal credit scores are filled with all the mystery and dark magic of a cold case, business scores are actually fairly transparent and controllable. We show you what factors into your business credit score and what you can be doing to keep it in the upper range.
Then, I have often said over the years that business plans are really just a bunch of lies. As one angel investor always said, “they all say the same thing: in year 5 we all get rich”. However, I also talk about the importance of going through the process of writing a business plan and how critical of a process this is for your company. We discuss the most important sections in a business plan and what you can do to make them as strong as possible to impress investors, but also to give yourself a roadmap.
Finally, despite nationalist governments all over the world telling you otherwise, diversity in the workplace will continue to grow and evolve. Thanks to the advancement of technology, it is now becoming commonplace to deal with clients, customers and employees from all over the world. We discuss how to deal with the cultural and racial conflicts that may arise within companies as a result.
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Listen to “#528 Are You Building Your Business Credit Score… or Hurting It?” on Spreaker.
Segment 1: Steve Ely is the CEO of eCredable, a credit bureau that is changing the way you establish business credit. Steve was formerly the President of Equifax Personal Information Solutions, which provides credit-related products to consumers that help them manage their credit health and protect themselves against identity theft.
1:30 – How is business credit different than personal credit?
4:30 – What you absolutely need to know about business credit as a small business owner.
5:45 – Where does a small business owner start in building business credit?
8:15 – You actually have more control over your business credit score than your personal credit score. How? How do you ensure you have a high business credit score?
10:15 – How does eCredable help business owners build their credit score more quickly and more easily?
12:00 – What is the scale for the business credit score? How do you ensure you’re at the top of the scale?
14:15 – How does a creditor view a bad personal credit score, but a good business score?
Segment 2: Garrett Sutton is a corporate attorney, asset protection expert and bestselling author who has sold more than 900,000 books to guide entrepreneurs and investors. For more than 30 years, Garrett has run his practice assisting entrepreneurs and real estate investors in protecting their assets and maximizing their financial goals through sound management and asset protection strategies. The companies he founded, Corporate Direct and Sutton Law Center, have helped more than 10,000 clients protect their assets and incorporate their businesses.
19:45 – What is a true business plan and why isn’t it found in an online template somewhere?
21:15 – What kind of research should you be doing on your competition for your business plan?
23:45 – The marketing section of your business plan is what a lot of investors are going to read first. What do you include?
25:15 – Why is the team section of a business plan so important? Here’s what you need to consider.
26:30 – How do you handle the financials section of a business plan?
30:45 – How to handle different wants and needs in determining the exit strategy for your business.
32:30 – The language you should use in your business plan to ensure you aren’t legally liable, plus how often you should update your business.
34:00 – Important business documents you should be updating at least once a year.
Segment 3: Jesmane Boggenpoel is an experienced business executive and former Head of Business Engagement for Africa at the World Economic Forum. She has served on the boards of various South African and international organizations. She is a Chartered Accountant and holds a Master’s degree from Harvard University’s JFK School of Government. She is the author of the book “My Blood Divides and Unites”.
39:45 – A lot of nationalist governments all over the world are trying to fight diversity, but it is here to stay. Here’s why.
40:30 – Jesmane’s story as a part of a marginalized group in Africa, a group’s experience that is not well known.
42:45 – What is the best way for small businesses to bridge the divide between cultures and embrace diversity?
45:45 – What role does leadership in business have in supporting a diverse and tolerant society?
49:30 – The only way innovation is going to happen in your company.
