DINEO TSAMELA: Keep a close eye on your credit score to help you reach your business goals
Starting your own business is brave and can be quite difficult, especially if you need funding. Not many people can approach investors or tap into savings to fund their passions. This means they must turn to banks. But getting credit from a bank can be difficult, especially if you're not sure how to go about it or how to set up your business's credit score. In our personal finances, whether we get credit or not is largely dependent on our managing our credit diligently. Making payments on time and not burdening our income by taking on more credit than we can afford leads to a good credit score, and gives us access to credit facilities should we need them down the line. Much like you have a credit score as an individual, businesses also have credit scores. To start building your business's score, use credit facilities to make running your business easier. Getting a cellphone contract or telephone line for your business is something you can do without taking on unnecessary credit. Whe...
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