Updated: Jan 26
We hold these truths to be self-evident, that all businesses are not created equal. In reality, even similar businesses right next door to each other will be vastly different. Characteristics such as your industry, legal structure, ownership, age, employee count, and credibility will set your business apart from others around it.
In the world of corporate credit, lenders and suppliers are looking for evidence of one specific trait – financial independence.
For your business to become financially independent, it must prove it can stand on its own merit and shoulder its own debt. Potential creditors will review the corporate credit report looking for proof of stability, strength, and growth. They want to see ownership that manages financial responsibilities on a consistent and conscientious basis, and leadership that steers the business toward the future.
Below are a few simple steps you can take to build financial independence for your small business.
1. Update Your Business Bank Account Maintain a separate and independent bank account for your business needs. The bank account must point to your actual busines