Every business needs funding for it to function smoothly. Businessmen used to take loans from the market or save their own money for the business.
If your company credit score is not up to the mark, you may not get appropriate financial support from financial sources and investors.
So, it is always important to maintain a healthy credit score for your company or business. Many financial movements trigger the credit score build-up process.
For example, whether you are good at paying your dues or credits in time, how you are spending your credited money, etc.
Here we will highlight those facts that can help you plan your appropriate financial resolution for the year 2022 so you can achieve an excellent credit score for your business.
What Should Be Your Business Financial Resolution For a Healthy Credit Score?
If your new year resolves to build up a good credit score to support your business, then there are plenty of processes to make it.
Check out the below points to have a detailed idea-
#1: Get Your Business Credit Score Checked
You should know your company’s credit score at the beginning of getting a healthy credit score for your business. To do this, you must know how to check business credit scores properly.
For this, you can get help from online platforms such as CreditQ, which provides businesses of both buyers and sellers a genuine platform where they can check their credit scores and even report business credit defaulter companies.
It can also help you in your business credit score management.
#2: Establish a Credit History
To establish your credit history, you can go for a business loan or can apply for a credit card for your business.
But you must be aware that you use them wisely and make the repayment of EMIs or credit card debt on time every time. This is going to increase your company credit score.
#3: Maintain your Business Accounts Filing
You must maintain all the accounts filing your business before time. Try to pay the accounts dues before the deadline comes.
Avoid paying penalties or any default charges from your business accounts. This is going to improve the credit score of your business.
#4: Credit Utilisation
Always maintain a low credit level and utilize your fund carefully. If you do any wrong credit utilization, that can impact your credit score too.
Some extra benefits for MSME in India allow you to support your business’s credit requirements easily.
You must ensure that you are already doing the Credit Utilization to the maximum point. You can surely improve your business credit score in that way.
How To Check Business Credit Score and Improve It?
To check your business credit score or to manage it easily, you can trust the CreditQ business credit reporting tool. They provide a fair platform for business credit score maintenance.
Also, you can complain about payment defaulter companies doing business and having settlements.
CreditQ offers some add-on benefits for MSMEs in India, allowing you to access the CIR to check a client’s credibility before starting a business with them.
CreditQ has a very unique yet simple user interface that everyone can access. You can easily get this app from the app store, which is accessible from mobile and PC.
Once you have downloaded the app, you need to log in to it using your business information as required, and you are done. Now you can use this amazing business credit score management portal.