Updated: Feb 3
Years ago, my brother relayed a story about one of his customers. "Maria" he said, "makes the best tortillas you have ever tasted. No one else has her recipe or knows what makes her tortillas so special, but people come from miles around to buy them. Even so, that doesn't mean Maria will be able to run a successful business."
My favorite definition of an entrepreneur is someone who will work 80 hours a week doing what he/she loves to avoid working 40 hours a week doing anything else... With that kind of perseverance and passion, how can success be far off? Right?
Problem is, one doesn't necessarily lead to the other...
Fact is, there is more to a successful business than just having a successful product. You have to be able to manage money, people, inventory, operations, and time. You need to master promoting yourself and your business, but also hone your ability to tackle the tasks at hand and deliver for your customer. Getting the job done is on your shoulders. Whether your business is a success or failure is going to land squarely on you. Small business ownership isn't easy. It means you've traded one boss for 20 bosses, or 100, or however many customers you now have, and you've traded a "guaranteed" paycheck for a day-to-day gamble that your business can stay relevant. It means that prescribed set of circumstances have been replaced by an unknown path and your own goals, and there are going to be times you're flying by the seat of your pants to reach them. It means that you'll likely wake up before the chickens and work past the last flicker of a candle burning from both ends. Having a successful business calls for an investment of time away from the other things you love, money that could've been saved for a rainy day, and energy that is boosted by adrenaline and determination (and sometimes caffeine or chocolate...) But even if you and Maria have all it takes, there is still a possibility your business won't be a success, because in the business world, nothing is guaranteed. The best you can hope for is for mistakes to be few, rewards to be plenty, and that the advice and mentoring you receive along the way will be sound. I talk to business owners every single day. Some have been wildly successful. Others are moving along a step at a time. And still others are just getting their feet wet. But most of us, myself included, have failed at least once on our journey to where we are now. The one thing we all have in common, though, is that we know the best way to grow our business is to grow our business credit. For those who don't know my story, I was a successful graphic designer who mistakenly assumed good corporate credit would follow me on my 2600 mile move across the United States. It wasn't until I was forced to shutter my beloved business and go to work for someone else that I realized how something as simple as neglecting to update my business address could carry such dire consequences. Fortunately, the company I went to work for was Dun & Bradstreet... That's when I found out that a business credit file doesn't just impact your ability to achieve credit. It also helps to validate your business data, secures high-dollar customers and contracts, gets access to the products your business needs, lowers interest rates, removes business debt from your personal credit report, frees up necessary capital, and gets funding to cover expenses during the lean times.
Over the years, as owner of Starpoint Credit Solutions, I have been able to bring my knowledge and successful strategies to business owners so they, too, can see what a huge difference a few small changes can bring to your business. If it seems like your business is still struggling against an overwhelming tide, take these few steps to insure you're reaping all the unseen benefits a solid business credit file can bring.
Go to D&B's website
Use the search box to view your business information
Register for the free DUNS Manager to view and update your data
You can also get a free CreditSignal so you'll receive alerts
You should make yourself available to talk to D&B if they call to verify the information you've provided. These are two FREE services so, if a D&B sales rep does call you, don't get pressured into paying for a service you may not want or need just to get your updates completed. I truly enjoy providing free information, consultations and assessments to help business owners just like you every day. It doesn't matter whether your company is brand new or has been beating a path to success for 20 years, you should take every opportunity to get your business the credit it deserves. If you have questions, feel free to call me at 800-918-7505 to get the answers you need, or click here to schedule a free, no obligation appointment online.