Your credit rating is a useful tool to help lenders evaluate your financial health. Your score is a reflection of your company’s ability to make payments on time — an important point on any lender’s checklist.

Get these quick answers to common credit report questions:

Where can I obtain my credit report?

There are many options to obtain your credit report including common providers like Equifax, Experian and Dun & Bradstreet. For personal credit reports, you can also look to sites like Credit Karma. Check around and find the right option for you.

Pull a credit report for both your business and yourself, and do this on a regular basis. Sometimes these reports also have incorrect information, and it’s important to be aware of mistakes so you can fix them.

What’s on the credit report?

Your credit score is largely based on public data and information that vendors and other lenders have reported. Each credit bureau has its own rating system, with some common examples below:

• Dun & Bradstreet: PAYDEX Score: 0 – 100 (Good Score is 80+)
• Experian: Credit Ranking Intelliscore: 0 – 100 (Good Score is 76+)
• Equifax: Business Payment Index: 0 – 100 (Good Score is 90+)

You might also discover a multitude of items within your credit report that show signs of identity theft, which has become a modern reality. If someone is using your identity, there are going to be breadcrumbs and trails. Don’t be overly worried, but be aware that it is a possibility.

How often should I pull my credit report?

As for frequency, pull your reports yearly. It doesn’t cost a lot to obtain your own credit report (some may even be free), and the time it takes will be well worth it to make sure the information is accurate.

Go beyond your credit rating and learn five more ways to become “lender friendly” and improve cash flow.

Access the complete eBook.

Will this impact my credit rating?

It’s a common misconception that requesting your own credit report could damage your credit rating. If you’re just obtaining the report and just looking at results, this will not have a negative impact. However, if too many banks or lenders request your report at the same time, that may have a negative impact, since it could signal that you’re shopping less strategically for financing. (See section 3 for more details.)

What’s a D-U-N-S Number and why should I request one?

Of note, it is worthwhile to request a D-U-N-S Number with Dun & Bradstreet. The D-U-N-S Number allows you to proactively add your most current information to Dun & Bradstreet’s records. It is used by lenders to predict if you are a reliable and financially stable company, and is an easier method for them to find your credit information.

Checking your credit rating will help you prepare for future funding and get a head start on the lending process.

For five more expert tips to improve your access to timely business funding, view the helpful eBook resource, “How to Become Lender Friendly.”

Part 1 of the “Do-it-Right Email Marketing” series.

Do you have customers who might benefit from hearing from you more often? Inactive customers you’d love to try to re-engage? Prospects who ignore your phone calls? If so, it’s probably time to launch a new email marketing program.

According to the Email Statistics Report from The Radicati Group, there were 269 billion emails sent per day in 2017. By 2021, this figure is expected to rise to almost 320 billion. As much as we love shiny new communication channels like What’s App and Twitter, clearly, email is still an integral part of our lives and isn’t going away. This is even more true in the business world.

A well-developed email program can do wonders for a business. It can enable you to:

• Increase awareness of your products, services and solutions
• Share ideas, stories and information your audience can’t get elsewhere
• Promote upcoming events
• Keep in touch with buyers and potential buyers
• Entice prospects to set up a meeting
• Generate new business

To ensure your email marketing program gets off to a solid start, follow these four guidelines.

1. Get your lists together

It doesn’t matter how compelling your content is or if your template design is jaw-dropping: if you aren’t reaching the right people, all of your behind-the-scenes efforts will be for naught.

Your primary audience should be your customers, inactive customers and prospects. If you can break up these groups further, that’s ideal. Can you split your customer list into regular purchasers vs. those who haven’t purchased in 12 months? By dollar amount? Region? Segmenting your list will allow you to tailor your email campaigns.

Chances are you have access to association and networking group lists. Don’t automatically add those contacts to your database or you will be in violation of spam legislation (CASL in Canada or the CAN-SPAM Act in the United States). First seek the permission of your colleagues, explaining that your emails will be educational and informational. If you don’t, you may end up with a ton of spam reports, opt-outs and potentially even fines.

It is a good idea to have vendors and employees subscribe to your lists, too. The former may gain insights about your organization that ultimately benefit you, while the latter will likely demonstrate more interest in your email marketing efforts if you include them in the process. Here are other ideas for growing your email database.

2. Choose your “email service provider” carefully

The next step is choosing the platform you will use to send your email campaigns – your email service provider.

There are many affordable providers that cater to do-it-yourselfers (such as Constant Contact, MailChimp and Emma) by offering pre-designed, customizable templates or the option of uploading HTML code for a custom design. Be sure to compare platforms and carefully consider factors like features, support and deliverability.

3. Plan helpful content for your audience

One of the biggest challenges for many small businesses is what to say to their audience. It’s natural to want to focus on what your organization offers, and heavily promote your products or services. Unless you’re a behemoth and much-loved brand, however, that’s the last thing your audience wants to read.

To capture – and keep – the interest of your customers and prospects, dedicate your messaging to their interests and needs. Your content should include anecdotes, how-to documentation, case studies, resources, industry news, trends, new product information, and only if appropriate, special offers.

No more than 20 per cent of your material should be promotional or you’ll turn off buyers.

4. Design for email, not for print

Email is a different animal than print. If you’ve ever received an email with fuzzy images or text that was difficult to read, it means the designer didn’t understand the difference.

A typical email template is 600 pixels wide, while an 8.5 x 11” piece of paper is 2,550 pixels wide. That means you can’t take a layout created for print, then drop a picture of it into an email template and expect it to look stellar. Either recreate it at 600 pixels wide or create a complimentary design comprised of smaller images, body text, headings, subheads and multiple links.

Equally important, your email campaigns need to look good on both desktop and mobile devices. Even if you sell strictly to businesses, it’s likely that 25 to 35 per cent of your audience will view your emails on a smartphone or tablet. If your campaigns aren’t easy to view, you will unintentionally encourage your contacts to delete your emails or unsubscribe.

Cathy Cain-Blank is President of CC Marketing and Communications, specializing in developing and deploying effective email marketing campaigns for businesses across North America.

Capital is essential for any business, but sometimes our commercial credit becomes unhealthy. Unfortunately, when a commercial credit rating isn’t perfectly clean, sourcing a small business working capital loan or another form of finance isn’t always straightforward. You might be asking yourself, “So what exactly can I do to improve my business credit rating?”

Every savvy entrepreneur must smooth the peaks and troughs of revenue to keep up with payroll and inventory, while also financing growth toward future success. For most enterprises, this means accessing business funding from time to time rather than relying on reserves, whether this credit is taken through mainstream banks or alternative finance.

     Did you know? Factoring funding is NOT based on your credit rating. Learn now.    

To increase your chances of getting credit at an affordable rate, it pays to take steps to improve your business credit — and it’s simpler than you might think. Here’s what to do.

1. Get Your Books in Order

If you’re looking to obtain a new line of credit in the near future, it’s important to first assess your situation and then proceed with a little caution. Each credit application you make will be recorded on your file, and multiple rejections will count against your score.

Before applying for any funding, spend some time getting your finances into good order, researching your options, and finding a credit source that’s likely to approve your application.

2. Separate Your Business Identity

When building your business credit rating, it’s essential to establish a business credit identity distinct from your personal rating.

If you’ve not already incorporated your business, then consider doing so, and also obtain a federal tax ID number (EIN in the U.S. or a BN in Canada) or equivalent registration. Make sure all your bank accounts and credit cards are in your business’s legal name, and that you don’t use any personal accounts for business purposes.

3. Build Your Profile

The three major business credit reference agencies keep their own files, and it’s important to ensure your profile with each is complete and accurate. Check that Experian, Equifax and Dun & Bradstreet all hold the correct details about your business, and that all your active trade lines are recorded on your file.

If you have any longstanding credit accounts with suppliers, add them as references on your profile. Even if they don’t actively report to the agencies, your good records with them will be taken into account. Going forward, regularly check your file for any errors, omissions or signs of unknown activity.

4. Arrange Credit With Suppliers

Each bill you pay on time will give a small boost to your business’s credit score, and you can increase this effect by paying bills early whenever possible. Even better, if you establish credit lines with your suppliers and stick to the terms, each transaction will add a positive to your credit profile.

5. Avoid Signals of Financial Distress

As well as being conscientious about paying bills promptly, you should avoid showing any signs of financial distress that could lessen your creditworthiness. Filing accounts and paying taxes on time will give your rating a boost, while paying down debts and avoiding using credit for routine expenses will send signals of stability.

Related: How to get start-up financing without a bank loan.

6. Cut Back on Credit Usage

Whenever you’re looking to obtain a major new line of finance, you should aim to present a picture of clean credit activity within your current circumstances. Ideally, your ongoing level of credit utilization should be no more than 30% on each account your business holds. Try and avoid unnecessary spending on credit or building up balances. You should also pay down what you can — and clear your borrowing each month when you do spend on an account.

7. Consolidate Accounts

If you have credit card accounts with zero balances, it may seem a logical choice to close them down and simplify your business’s financial situation. However, if you want to boost your credit rating, the smarter choice is to keep these accounts active so long as they’re in good standing.

Closing an established, zero-balance account will remove positive history from your file, worsening your rating. Instead, take the opportunity to balance any debts across multiple accounts, so that each has no more than the all-important 30% utilization of its credit limit.

Few businesses can be totally self-sufficient. However, accessing business funding doesn’t need to be expensive or complicated. Taking a little time to improve your business credit rating will make obtaining commercial credit easier and more cost-effective, leaving you free to concentrate on driving your business forward.

No one enjoys failing. When you’ve poured your heart and soul into an effort that crashes and burns, the pain can be excruciating. Yet business failure is a part of running a company at one point or another. So, should you find yourself down and out, focus on the upside. It will help you get back on track quickly, and with newfound strength.

Here are five reasons to dust yourself off and considering any failure a blessing in disguise.

1. It’s an education

Thomas Edison made 1,000 attempts at the light bulb before succeeding. You could say he had 1,000 failures, but with each attempt he learned something more. Following a “failure,” you’re better educated, better experienced and, hopefully, a bit wiser.

The same mindset can be seen in modern business, with much success. For example, at NerdWallet, a company offering tools and advice for managing personal financial decisions, failure is celebrated publicly on the “Fail Wall,” a space covered with Post-it notes memorializing the lessons learned.

Related: Even out the ups and downs of running your business.

2. It can improve investment opportunities

In Entrepreneur.com’s Celebrating Failure article, Jake Gibson notes one big reason to rejoice: “Many founders of failed companies find it easier to raise money for their second company because investors know they are buying experience and the lessons learned from those failed endeavors.”

Conducting a thorough post-mortem is on many a business guru’s short list of things to do following a setback. Collect all the insights and data you can. Learn where the missteps occurred — and how they can be avoided the next time.

3. It’s a bonding experience

When we fail, we often do it in the company of partners, colleagues and employees. They are all affected, and may suffer as much as we do. Let these people know that you value them and care about them. Don’t engage in blaming or any other form of divisiveness.

Focus on moving forward as a team. The shared experience can be transformative, providing for you to emerge from the setback as a stronger, more committed organization. 

4. It provides a determined focus

Jodi Goldstein, managing director of the Harvard Innovation Labs, is one of many experts advising that you not dwell on the past as you pick up the pieces following a failure.

“Don’t waste energy by constantly thinking about how you could have avoided the situation that you’re currently in. If you decide to continue with the venture, this means working to maintain high levels of morale amongst your team, celebrating each win that you achieve as you battle your way back into business.

“If you ultimately decide that you cannot, or don’t want to continue with your startup, it means taking the lessons that you learned to whatever you might do next, while not dwelling on what could have been.”

5. It’s never the end

Finally, remember that whenever you fail, you’re in good company. The most successful people on the planet have all been failures at one time or another. Consider your low point as merely the prologue to your next chapter.

Up next: Do you have the ultimate entrepreneur mindset?