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Have you ever heard the term business credit coach? Have you ever wondered what it was all about? Is it worth it? For most, the answer is yes! Honestly, pretty much any business that does not already have strong, established business credit can benefit from business credit coaching.
Many business owners, particularly new business owners, don’t have the best business credit score. In fact, they may even have no business credit score at all. That’s because, unlike consumer credit, business credit does not build passively. You have to be intentional.
This part can be tricky. Sadly, there are a lot of details that can block you from approval that many do not understand. Furthermore, the process that helps you build credit for your business in the most effective and efficient way seems tedious to many. Worse yet, it is almost impossible to hack on your own. You could try forever and never get anywhere. This is where a coach can be well worth the cost.
First, you’ll sit down with a business credit coaching professional. Then, they will examine how your business is set up and talk about your current financial situation. This means your business finances, your consumer credit score, and your cash flow. Also, any accounts your business has, your expenses, debt, and cash on hand may be examined.
Next, you’ll talk about any success you’ve had with the business credit building process. The business credit coach will look at your business credit cards. He or she will want to determine if they are really building business credit for you. In contrast, they may be reporting on your personal credit.
Remember, personal credit does affect business credit. A good business credit coach will explain how this works. First, most business lenders will perform a personal credit check. That means if you have bad personal credit you are out of luck. However, it also means your personal credit score could take a hit, because inquiries have a negative impact.
Still, with the right guidance related to business credit, it’s possible to get business owners access to funding without a personal credit check. This is usually in the form of vendor credit, and sometimes business credit cards. By using these types of accounts to build strong business credit, you can reduce the reliance of lenders on your personal credit when determining creditworthiness.
Remember, without good personal credit, you will not be able to get lending that requires a personal guarantee. Your coach can help you understand what a personal guarantee is, and how it relates to personal liability. Then, together you can decide if putting your personal credit on the line is a good idea, particularly if your business is new.
FoundationTruthfully, not every business credit coaching program will call this the same thing, but all good ones will agree it’s the essential start of building business credit. It has to do with how your business is set up. Your coach will examine the details of your business’s foundation and determine if anything is keeping you from credit approval.
Of course it seems picky, but all of these seemingly little details really do make a big difference. Obviously, cooperation on this point is vital. Often a business fails to get cash credit, basically a loan from a bank, or any other kind of credit, due to issues with one or more of these details.
This is another thing your coach will look at. You need to have all necessary licenses to operate. In addition, there may be other legal requirements. For example, if you operate out of a virtual office, your state may require you to have a registered agent.
Getting and keeping your business in compliance with various legal requirements will be a part of the process. As a bonus, you’ll find out it gives clients more confidence in your services.
Once your business is properly set up to build business credit, it’s time to get accounts reporting. It is not like building good credit as a consumer. You’ll have to intentionally seek out accounts that will extend credit without a credit check and report payment to the business credit reporting agencies. These are often referred to as starter vendors.
The truth is, there are very few companies that do both of these things. Most want clients to have already established business credit before they will approve credit, and of those that do not, very few report on-time payments. This can make it virtually impossible to build a positive payment history.
However, the right credit coach will know how to save you a lot of time finding these vendors. Applying to random vendors just to see if you get approved, and then waiting to see whether or not they report, is a huge waste of time. Since time is money, it is an incredible waste of money as well. A credit coach can easily earn the cost of his or her services with this step right here.
Using a business credit coach to walk you through this process will pay off in the long term. It will create a base for you to access loans in the name of your business. Even those lenders that want to see your personal credit may offer better terms and interest rates if you also have good business credit.
With strong company credit, you’ll be able to get access to working capital more easily, as well as company financing for anything else you may need. Company credit is one of many tools a business can use to grow and thrive. Business coaches can help their clients acquire this tool, so that the businesses they work with can get the financing they need, when they need it.
Credit Suite works with businesses daily helping them with establishing business credit, continuing to build it, and helping them find the funding they need right now. We have relationships with lenders that approve those with excellent business credit, and those that are still working on it. We have financing options, including credit lines, with competitive interest rates. Businesses have funding choices whether or not they already have company credit.
Honestly, it is almost impossible to run a business without at least some debt. We have the ability to help companies find the lenders and types of funding they need, whether that be loans, financing based on investments, or some other option. We work with banks and other credit providers to get you the dollars you need for success. Better yet, our proven system is sure to help you build strong credit for your company in the most effective and efficient way possible.
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Fox News contributor Newt Gingrich said Democrats’ strategy to invoke fear of former President Donald Trump is not going to work because Americans are terrified of high inflation and gas prices on “The Ingraham Angle” Monday.
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One year ago, I bet Secretary of State Anthony Blinken never thought he’d be speaking in Berlin, doing damage control for President Joe Biden with more than 100,000 Russian troops surrounding Ukraine.“If Moscow chooses the path of further aggression, we will impose swift and massive costs,” Blinken said in Berlin on Thursday.
The ‘Ingraham Angle’ host cast doubt on the effectiveness of federal remote work in her opening monologue Tuesday night
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Are you looking for government contracts for small business? The federal government can be a terrific place to get clients. But there are many details to learn! The Small Business Administration has got you covered.
The government is a huge consumer of goods and services. So any US business should be trying to get a supply contract with them. Unlike other customers, the government will be a consumer for as long as the United States exists. The SBA Contracting Guide helps small businesses navigate the details.
The SBA has a role in government contracting. They work with federal agencies and offer what are essentially SBA contracting assistance programs. The idea is to award 23% of prime government contract dollars to eligible small businesses. It also offers counseling and help to small business contractors.
Government contracts are a tremendous financial opportunity for small businesses. Per the SBA Contracting Guide, the US government buys all types of products and services. And the law requires it to consider buying from small businesses.
The government wants to buy from small businesses for several reasons, including:
At times, set-aside contracts might make up certain types of tasks on larger contracts. In others, entire contracts may be reserved for small businesses. When a contract is set aside for one specific small business, it’s called a sole-source contract.
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Start with market research. To bid on and win government contracts, you must sell products or services the government buys. And you must do so at a competitive price. Check to see if there’s a market for your product or service. The SBA can help you to determine how big the market is, and find potential buyers.
Move onto the Federal Procurement Data System. This system is the repository of all federal contracting data for contracts over $25,000. With this system, you can see which agencies have contracts and with whom. Find out what agencies buy, and learn which contractors have contracts.
Take a look at USASpending.gov. USASpending.gov tracks government spending through the contracts it awards. This searchable database contains information for each federal contract. Use this information to help identify government purchasing trends.
Federal agency procurement forecasts can be very helpful. Each government agency releases a procurement forecast. It includes contracting opportunities for small businesses. Review Agency Recurring Procurement Forecasts. Find out if there are agencies that are buying what you sell.
Procurement forecasts can get granular. You can look up procurement for (for example) the Department of Veterans Affairs. And then break it down by location. And then see budgeted amounts for everything from asbestos abatement to buying stretchers.
The government prefers to work with established, reliable businesses. This means it’s likely that startups need not apply. Do you have a track record of delivering quality goods and services on time and within budget? Is your reputation within your industry strong?
It take a long time to win your first government contract. And it can also take a significant amount of money. Some businesses spend between $80,000 and $130,000 to earn their first contract! Also, it could take up to two years to start making a return on your investment. So you must have enough cash flow to sustain your business. 
Keep a diverse list of private-sector clients. This can help offset any potential initial losses. Being e-commerce savvy is also very important in government contracting. For example, to work with the Department of Defense, you must be able to invoice and receive payments electronically.
One form of this help comes from a government contracts website called Procurement Center Representatives. Procurement Center Representatives (PCRs) help small businesses win federal contracts. PCRs view many federal acquisition and procurement strategies before they’re announced. This way, they can influence opportunities that should be set aside for small businesses. PCRs also conduct market research and help small businesses with payment issues. They also provide counseling on the contracting process.
You can also check out the SBA Learning Center. The SBA offers free online courses. These are to help small businesses understand government contracting. These are in the form of video classes.
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Or work with Procurement Technical Assistance Centers. PTACs help small businesses interested in government contracting. PTACs can help you determine if your business is ready for government contracting. They can help you register in the proper databases. And they can help you to find and bid on contracts.
Another option is working with SCORE. SCORE is a nonprofit association. It has thousands of volunteer business counselors around the country. These counselors educate small business owners. SCORE provides free in-person and online counseling. They also provide educational workshops.
Or try the SBA’s Small Business Development Centers. Small Business Development Centers (SBDCs) offer free, one-on-one counseling and low-cost training services. Business owners can go to SBDCs for help with procurement and contracting. SBDCs will also help with market research. And they will provide 8(a) program support for minority-owned businesses
Or you can turn to the SBA’s small business offices. Many federal agencies have an Office of Small and Disadvantaged Business Utilization (OSDBU). Or they may have an Office of Small Business Programs (OSBP). These offices work to identify opportunities to contract with small businesses.
An OSDBU promotes using certain kinds of small businesses. These include disadvantaged, 8(a), women-owned, veteran-owned, service-disabled veteran-owned, and HUBZone small businesses. This is within the US Department of Commerce’s (DOC) acquisition process.
OSBPs advocate to include small businesses in the cleared industrial base. They do so through education and collaboration. They also maximize opportunity for small businesses in DCSA acquisitions. DCSA stands for Defense Counterintelligence and Security Agency.
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Before a business can engage in federal contracting, they must meet certain basic minimum requirements. Your business must have a D-U-N-S number. It also needs an NAICS code.
You must also meet size standards. Most manufacturing companies must have 500 employees or fewer. Most non-manufacturing businesses with average annual receipts under $7.5 million will qualify. You’ll need to register with SAM (the System for Award Management). SAM is a database that government agencies search to find contractors. And you must maintain compliance. The federal government’s purchasing process comes under the Federal Acquisition Regulation.
Note: Federal Acquisition Regulations allow for some deviance from the norm. Regulations covering government contracting programs for small businesses are in 13 CFR 125. This rule defines when a business can say one or more service-disabled veterans own it. It also includes the government definition of subcontracting.
You want to find contracts – use databases like the Dynamic Small Business Search. And you must market to the government. Some great places to find out what agencies or prime contractors need are:
You also want to address any objections that may arise. A federal contracting officer may reject a business due to questions about ability to fulfill the contract. Then the SBA offers the small business a chance to apply for a Certificate of Competency. Here, you can prove your business is up to the challenge. But note: a COC is only good for one contract. So you may need to reapply in the future if you bid for another government contract in the future.
The government limits competition for certain contracts to small businesses. Those contracts are called small business set-asides. Set-asides can be competitive or sole-source. These can be some of the easiest government contracts to win.
If 2+ small businesses could do the work or provide the products, the government sets aside the contract just for small businesses. Much of the time, this is automatic for government contracts under $150,000. Also, some set-asides are open only to small businesses in SBA contracting assistance programs.
The government issues some contracts without a competitive bidding process. This often happens when only one business can fulfill the requirements of a contract. For consideration, register your business with the System for Award Management. And take part in any contracting program you may qualify for. Such as 8(a) Business Development or Women-Owned Small Business.
The US government is a huge consumer of goods and services. They are a client likely to be able to pay your business on time, and unlikely to go out of business in your lifetime. The SBA gives extensive guidance for getting government contracts for small business. Also, check if you or your business qualify for special programs to help you win government contracts.
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