Episode 69: Building Business Credit to Manage Fluctuating Consulting Business—with Keith Knapp
In this Craft of Consulting podcast episode, I interview Keith Knapp, a business credit and financing expert with Credit Suite. He shares how business credit can be used as a tool for consultants to start and grow their businesses and manage fluctuations in cash flow.
He also shares the right way to build your credit profile and mitigate risks.
Keith Knapp gets into the details of how consultants can use credit for their business without putting their personal financials and businesses at risk. In this podcast, we talk about:
Understanding what business credit is
Setting up the right type of business entity to protect you personally
Building a credit profile and business credit score and what that can do for your business
Using different types of credit accounts to build your credit profile
Overcoming fear of credit and using it as a tool for your business
Looking at your business from a cash flow perspective and using credit to give you room to breathe
Exploring lines of credit, specifically for start-up businesses
Paying in a way that enhances your credit score and helps fix past mistakes
Defining the three Cs of financing: cash, credit, and collateral
Mitigating risks associated with using credit