Hey guys,
how is everything? I have decided to do what I did at the beginning of the blog. I have decided to build business credit from scratch and document it so that you guys can follow my lead once again. I have done this before but have decided to do it again because there has been some changes in the game.
- Some of the initial accounts require a prepayment now.
- There are one or two new vendors.
- DnB credit builder’s structure has changed. T
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Recently I wrote about how aged corporations can be a tool for building business credit. Unfortunately some companies are using them to promote high-priced “lending” services that are nothing more than a small business version of the classic advance fee loan scams.
Case in point: An entrepreneur recently shared his experience with a company he found online that promised him financing for his venture. Essentially he was told he would be acquiring an aged corporation that would immediately provide him with significant funding through an extensive network of private lenders and investors. He w
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Documents
- Manufacturing and Logistics 2010 National Report
Dubois County is a manufacturing powerhouse, a local economic developer says, but economic diversity is not its strong suit.
With a workforce of 28,000 people, a full 46 percent work in manufacturing.
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One of Brighton’s biggest security companies has gone into liquidation almost exactly a year after its previous incarnation did the same.
Sassco (Brighton) Ltd was set up following the liquidation of Sassco Ltd in June 2009, which collapsed owing the taxman more than £250,000.
At the time the chief executive of Sassco (Brighton) Ltd, Eastbourne businessman Clifford Hughes, said the original firmwas owed more than £300,000 and the creditors would be paid back every penny in the pound.
However, on May 28 professional services firm RSM Tenon, which is acting as liquidators for Sassco Ltd, issued a winding-up order against Sassco (Brighton) Ltd.
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It clearly takes cash flow to pay down your loan. There are five places for it to come from in a business:
- Cash flow from operations
- Cash flow from selling off assets
- Cash flow from borrowing money from someone else
- Cash flow from owner capital contributions
- Cash flow from running down cash balances
When the lender considers whether you can afford the loan you are requesting, they look to see if cash flow from operations will cover it. The other four are the back-up plan. If cash flow from operations in recent periods has been insufficient, the Statement of Cash Flows can show the lender where you are getting the money instead.
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In small business dealings, owners usually have a tendency to form relationships with their customers and clients. However, there will always be time when a nice client refuses to pay. Whether due to the economy or poor management of their cash, you’re stuck with an unpaid bill and a growing and aging accounts receivable list. What do you do when accounts are seriously past-due?
Have Written Procedures
First, you should have a written collection procedure for all stages of collecting accounts receivable, starting with the first step of sending an invoice. Y
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