Business Credit Expert Discusses Responsible Business Practices at 2-Day Workshop

Jan. 13, 2009 - PRLog -- Detroit, MI – Susan Carter, author of “Basics of Business Credit,” got together with Mark Maupin, college instructor at Wayne County Community College’s Business Department.  She spoke with him at his 2-day Internet Workshop for new business owners.  

Susan explained to him that if a business owner is in a stressful financial situation, no-one is going to lend them money.  The old saying “if you need money, you can’t get money” holds true today.  The ideal situation is to get business lines of credit and vendor credit cards when you don’t “need” them.  A line of credit can be just as useful as having the cash in a bank account, and it won’t drain your emergency funds.  

Susan shared several reasons for establishing a dependable source of money NOW, rather than waiting for that emergency to hit home.

1. Timing is critical.  Get a dependable source of cash before you need it. If a great opportunity comes up, a business owner should have the funds available to act immediately. If an emergency comes up, the business owner doesn’t have time to start looking for funds – they usually need it right now.  Remember, opportunities – and emergencies - don’t wait.

2. Decide from a position of strength. It is empowering to make a business decision knowing you have a definite source of money to access. It brings a degree of clarity that wishing, hoping and guessing can’t match.

3. Staying in control.  Almost nothing can put a business into a tailspin like a significant financial drain.  If an owner has to make payroll, buy more product to complete a project, or pay an unexpected expense, there is nothing worse than having to scramble to find the money needed at the last minute.  An owner will feel more in control if they have a pre-approved line of credit that they can tap if and when an emergency occurs.

4. Changing market conditions. In recent months, lenders have closed their doors or severely cut back programs for business owners.  With the current housing and mortgage environment, pressure is being created on business in general. Unsecured credit is almost impossible to find. If you can find a line of credit today, take advantage of it immediately.

5. Convenience.  What could be more convenient than having a pre-approved line of credit available that your business can use with the ease of writing a check?  For most business owners, the ease of use and minimal hassles of a line of credit are well worth the investment of time it takes to set it up – before it’s needed. After all, how valuable is your time and peace of mind?

6. Protect your personal assets.  Many business owners fall into the habit of using their own money and personal credit to build their business. This can have a devastating impact for the business owner if their company runs into financial trouble.  A business owner’s personal assets and credit can be quickly damaged if he or she acts as the bank.  Personal credit can also be damaged if debt-to-income ratios start to increase.  Obtaining a business line of credit keeps the risk inside the business and avoids the risk to personal credit.  

Susan Carter, author of “Basics of Business Credit,” has created an e-Book that provides instructions on how to set up a business entity correctly from the start.  She has the knowledge to help anyone avoid the trap of having to use personal funds and assets to get their business started.  

Her book is clear, concise, and packed full of information that is invaluable for anyone who needs money to run their business.  Her book informs the reader about the difference between personal and business credit bureaus and how they each work.  

For more information, visit Susan’s website:  http:/www.SusansBooks.com.  

Contact:  
Start with the Basics, LLC
Phone:  248-399-7808
Fax:       248-399-7808
Email:  Susan@SusansBooks.com


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