Corporate Credit Edition

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1 Edition BNR Consulting Network 11/17/2007

2 2 What is business credit? Many business owners are unaware of corporate credit and how to obtain it. BNR Consulting Network is proud to be one of very few companies dedicated to educating business owners about corporate credit and its benefits. Your business credit record is the primary way that companies evaluate whether to do business with you and on what terms. Companies rely on your business creditworthiness to make critical decisions, including whether: To sell to you To lend you money You are viable as a partner To lease the equipment you need to grow your business To increase your line of credit To help you carry more inventory at competitive prices To give you favorable financing rates and terms You stack up favorably against other companies competing in your market space Business credit includes a variety of data points about your business, such as the date it started, the skills and experience of your top leaders, number of employees and annual sales. This type of information is listed in your business credit profile, along with scores and ratings that are derived from your business past behavior to predict its future behavior. For example, your ability and willingness to pay your bills on time in the past is factored into your ability and likelihood of paying your bills in the future.

3 3 Can't I just use my personal credit? BNR Consulting Network s main goal is to relieve financial burden from the business owner and provide alternative financing methods without risking the business owner s personal credit. If you ve ever used a credit card, opened a bank account, or financed a car, you have a consumer credit file. Your consumer credit information is intended to help you find the money you need to run your household. However, not every business has a business credit profile, which is one reason why some creditors seek to check the consumer credit information of a small business owner. But if you want to limit your personal liability while running your company, it s best to establish your business credit and use it to run your business. Using your consumer credit to get money for your business may cause some problems: You may seem overextended. Because businesses require more cash to operate than consumers do, your personal credit will not be portrayed accurately if you are using it to run your business. To prevent people from becoming overextended, consumer credit keeps track of how many credit or loan applications you make, most of which count against your consumer credit score. On the other hand, business credit does not count numerous applications for financing against you, since businesses usually seek financing on a regular basis as a way to run and grow the business. Unless you are using the right credit information for the right purpose, you may be putting yourself into a situation where you will be unable to get financing for your business or yourself when you need it.

4 4 Why would you need business credit? Building your business credit with BNR Consulting Network offers benefits: many save time and money for your business meet current lending needs prepare for future lending needs obtain available cash in your business when it's needed extend your cash flow lower your interest rates build credibility for your business The biggest advantage of having a good business credit profile is saving money. By obtaining a more favorable credit score, you will lower your interest rate on loans and leases. For example: EXAMPLE 10 year payback Good Credit Score Average or No Credit Score Loan Amount $100,000 $100,000 Length of Loan 10 years 10 years Interest Rate 7.5% 10.5% Payment $1, $1, Total Interest Paid $42, $61, Total Savings for Having Good Credit $19,480 EXAMPLE 5 year payback Good Credit Score Average or No Credit Score Loan Amount $100,000 $100,000 Length of Loan 5 years 5 years Interest Rate 7.5% 10.5% Payment $2, $2, Total Interest Paid $20, $28, Total Savings for Having Good Credit $8,685.60

5 5 What is in my business credit profile? Information that goes into creating a business's credit profile comes from a variety of primary and secondary sources, such as: Payment and banking data from company suppliers Suits, liens and judgments, UCC's, business registrations, incorporations and bankruptcy filings from state and county courthouses Corporate financial reports Contracts, grants, loans, and debarments from the federal government Web mining News and media Yellow Pages and other print directories Direct investigations and interviews D&B Rating: an overall assessment of your business s creditworthiness and viability PAYDEX Score: a predictive indictor that measures the likelihood of your business paying within an agreed-upon timeframe Credit Limit Recommendation: D&B's guideline as to how much credit should be extended to your business Financial Stress Score: a measurement of the likelihood that your business will experience financial stress in the next 12 months

6 6 What is a corporate credit profile? BNR Consulting Network helps companies obtain one of the best assets-corporate credit! Your business credit profile is like your business resume; and is extremely vital to reaching your potential growth. It contains critical information that other businesses use when deciding if they want to do business with you and under what circumstances. Similar to your personal resume you use to obtain employment, your corporate profile needs to be accurate, complete and timely. No one knows your business better than you. Although you may have a budding and profitable business, others don t know that. Therefore, they heavily rely on your corporate credit report. BNR Consulting Network assists you in building relationships that will result in positive credit reporting from other companies. This reporting offers the best outlook on your business and reduces the appearance of risk factors. You should think about your business credit profile in terms of: What is in your credit profile? What is it telling other companies about you? How do your current business credit scores affect the interest you pay on your existing loans? Did you get the best terms? Have your scores improved enough to consider refinancing, or extending your credit lines? Do new suppliers extend you favorable credit terms or ask you to pay Cash on Delivery (COD)? Are your competitors getting better terms for the same items? Have you lost a deal because your competitor had better credit? If your answer to any of the above questions is I don t know, your business credit profile may need a reevaluation. BNR Consulting Network can help!

7 7 Why is business credit important to my business? BNR Consulting Network has opened the eyes of many business owners. Education, regardless of the industry, is the key to success. After learning about business credit and its importance, you will realize the benefits of have a credit profile. Good credit is the lifeline of your business. It enables you to obtain funding for things like expansion, capital expenditures, research and development, and staffing. It is the principal contributing factor to your business s future growth, not to mention the cash necessary for survival. Good business credit also allows you to keep the cash you have to cover your cost of doing business; such liquidity lets you respond quickly to time-sensitive requirements, without halting or compromising operations. It's not just about getting access to financing; business credit has increasingly become the primary vehicle for setting terms on business loans, determining insurance premiums, even setting lease payments. Good business credit can earn you lower rates, strengthening your cash flow. Myth vs. the Reality BNR Consulting Network works closely with D&B and provides up-to-date information to our clients. Take a minute to review some of the common myths reported by D&B. Myth #1: I don t deal with big banks or suppliers. I m a small business, and I prefer to deal with other small businesses. They don t care what s in my business credit profile. The Reality: Just because you may deal with a small lender doesn t mean there isn t a big bank behind the credit the small lender extends to you. From large corporations to the family grocer, business deals decided on a trusted smile and a handshake are few and far between. After you submit your application to a small lender, behind the scenes your credit factors may be assigned numerical scores that allow your application to be processed automatically, without the direct involvement of your credit manager.

8 8 Given the relative size of small business loans, many financial institutions processing large numbers of applications, typically use automated decision-making processes. Some of the most popular decisionengines in use today use cut-off scores to accept or decline the lion s share of applications, relying on manual evaluation only in those cases that are inconclusive.therefore, even though your neighborhood bank officer thinks you are creditworthy, he may be influential in the decision to extend you credit. Myth #2: I don't need to monitor changes in my business credit profile, things don t change that often. The Reality: Every business decision you make and every transaction you undertake can impact what information is provided to your suppliers, service providers, customers, and business partners. D&B makes over 1.5M updates to our database on a daily basis. It could be major transactions like paying vendors or making lease or mortgage payments, but it could also be seemingly smaller transactions like equipment leasing, advertising, shipping packages or underwriting insurance. Every business transaction you make your public corporate credit profile. These small or large, changes can affect the terms you get from your creditors or your bank; they can affect the prices you pay for insurance, all having an impact on the growth of your business, cash flow and your reputation. In today s world it is critical to keep on top of your record, it s a resume on your business and it impacts your credit score, your attractiveness to vendors / service providers and your brand image. Myth #3: I m too small and new; I don t really need to monitor my own file. The Reality: Over 85% of D&B s database represents companies with less than 50 employees. Being small and new is all the more reason to monitor your profile. As you begin to foster relationships with suppliers, service providers, banks and retailers, putting your best foot forward is beneficial. As of a result, these companies report your good standing to D&B, which boosts your credibility. Myth #4: My business credit profile doesn't affect my cash flow. The Reality: Consistently updating your business profile enables you to control your business partners view of your company. The terms, credit limits and rates you receive from vendors, service providers, banks and insurance companies greatly affect your cash flow. By monitoring your profile and maintaining a strong credit score you can get the most favorable terms and rates that enable you to save money and improve your cash flow.

9 9 Avoiding the common pitfalls BNR Consulting Network increases the chances of success for our clients by providing tips to avoiding common mistakes. Insufficient Funds- Most new businesses need capital, for startup and reserve. It is important that there is money available to sustain the business owner until the business begins to flourish. A cushion should be there for setbacks. Lease instead of buying- Retailers offer great leasing options. Take advantage of them. If you prefer to make the purchase, don t be afraid to buy older models. Get approved- Make sure you can finance your commitments before you agree to accommodate clients. Staffing- Hire quality people and pay them for their skills. You get what you pay for. Your staff will definitely make or break you, if you don t hire the right person for the task. Be Realistic with Yourself- Can you do it all? Do you have the multiple skills needed to successfully operate? If not, find someone who has the skills you lack. Partners- Are you sure they have the same long-term vision and goal in mind? Investigate any possible partners to make sure everyone involved is on one accord. Protect Yourself- It is extremely beneficial to have an attorney and accountant for your business. You will need these experts to help organize your business and protect it if necessary. Plan for Success- Research your industry and your competition in depth, and prepare a written business plan covering several years. Write a short mission statement for your company, identify your target market, and state your business plans as specifically as possible.

10 10 What are the 4 C s that companies look for? BNR Consulting Network trains our clients to maximize the 4 C s of Credit -- character, capacity, capital and conditions, which is often found in a company s credit profile. Character includes factors such as: size, location, number of years in business, business structure, number of employees, history of principals, appetite for sharing information about itself, media coverage, liens, judgments or pending law suits, stock performance, and comments from references. Capacity assesses the ability of the business to pay its bills, i.e., its cash flow. It also includes the structure of the company s debt whether secured or unsecured and the existence of an unused lines of credit. Any defaults must also be identified. Capital assesses whether a company has the financial resources (obtained from financial records) to repay their creditors. In general, this portion of the credit report is the one most closely reviewed by the credit analyst. Heavy weighting is given to such balance sheet items as working capital, net worth and cash flow. Conditions consider the external factors surrounding the business under consideration - influences such as market fluctuations, industry growth rate, political/ legislative factors, and currency rates. A credit manager or loan officer will answer these questions by locating and reviewing: Requests for credit information Customer supplied information Bank information Trade information Today, companies are using upgraded technology, which means they input scores and ratings that summarize the 4 Cs into a financial model to determine the risk of doing business with you. You can no longer rely on your personal relationships; you have to have a legitimate credit profile.

11 11 Start up businesses can acquire corporate credit from day one! Have a startup business? Need extra capital? BNR Consulting Network loves startup businesses. BNR Consulting Network realizes that the initial startup phase is so critical to a company s overall development. In many instances, we can acquire up to 10 active lines of corporate credit, within 60 days, without dependency on your personal credit or SSN#. BNR Consulting Network Inc. has partnered with an efficient group of lenders that will extend credit to small business. These partnerships allow small business to quickly acquire corporate credit and gain access to other means of financing. BNR Consulting Network assists you in structuring your business so that you are able to optimize business credit to the fullest degree. BNR Consulting Network will build your corporate credit score to an 80 Paydex and assist you in obtaining a business loan strictly in your company's name. Once again, we strive to complete these transactions without your personal guarantee. BNR Consulting Network monitors the success of our clients for 12 months. During this process the client receives one-on-one consultation from BNR Consulting Network and will have full access to all of our corporate seminars, newsletters, web conferences, and podcast announcements. BNR Consulting Network educates and guides our business owners through the processes of business credit management. The progress of acquiring and maintaining corporate credit is very intricate and detailed; BNR Consulting Network ensures that you navigate the compliance landscape to put your business in a position of strength. Another essential tool is a great business plan. Business plans are essential for small businesses, especially those seeking financing solutions to fund their operations. There are several angel investors that have partnered with BNR Consulting Network. However, they all require a detail business plan in order to extend financing to a small business. BNR Consulting Network will work with you hand-in-hand to assist with the writing and completion of your business plan. Any plan just won t do; but the right plan will open many doors of opportunity for your business.

12 12 Most business owners have a very difficult time securing outside funding. This is especially true if they are a start-up business. Our solid partnerships with several, private, investment firms allows BNR Consulting Network to offer invaluable tools, products and services to our clients. BNR Consulting Network is the one-stop shop with turn-key solutions for business owners who are seeking to gain access to capital to start, operate and grow their businesses. BNR Consulting Network places small business owners in a position to receive a fair evaluation of their company. When it comes to securing small business funding, BNR Consulting Network is most proud of its level of professionalism and success. We are confident and have proven success with helping businesses prosper and grow.

13 13 Questions to ask 1. What is the corporate structure of your business? Is it an LLC, S-Corp, C-Corp, or Sole Proprietorship? 2. Do you currently have an up-to-date business plan? 3. Are you personally financing all of your business needs with your SSN# 4. Do you currently have any business loans? If not, would you like information on obtaining a business loan? 5. Do you currently have a marketing plan and budget in place? 6. Are you in need of office space or need help in purchasing a building for your business? 7. How many employees do you currently have? 8. Do you currently have a solid bookkeeping and accounting system in place? 9. Do you currently have any human resource or legal advisory staff on board? 10. Do you have a website for your business? 11. Do you currently have a landline phone system in place? 12. Do you have key employee insurance? 13. Do you know what is in your business credit profile? 14. What is your BIGGEST CONCERN RIGHT NOW? Ms. Business Owner, what time and day is convenient for a business coach to assist you in changing the direction of your business? Thank you for your valuable time and we look forward to changing the direction of your business

14 14 About BNR Consulting Network We provide business owners with a legitimate infrastructure for long-term success in an ever-changing, competitive business world. BNR Consulting Network specializes in customized service plans, specifically the business credit builder program, designed to provide a unique growth trend for each client. BNR Consulting Network offers in-depth, one-on-one business coaches throughout the entire process to assist in the navigation of the business development. Equipped with partnerships with several strong, viable, and credible corporations, BNR Consulting Network provides unparallel services and products to the business owner. More information is available at

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