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As a businessman, you can invest, clear off your debts, and earn more money to grow your business. For MSMEs, it can be tricky when it comes to managing finances, but it’s important at the same time!

You deal with lenders, investors, and suppliers on a regular basis, who connect with you considering your sound financial status in the market. They would express their interest in continuing their business relationships with your company basis on your financial habits, such as paying off dues on time, reducing your debts, maintaining good payment history, etc.

Many business credit reporting companies, such as CreditQ gather information from several sources to prepare your business credit report and scores that may explain your company’s financial position in the industry. With that said, there’re several ways through which you can manage your finances well so that it boosts your borrowing power in case you need financing at a later stage and creates a positive impression of your company among the lenders.

Here’re some ways to take control of your finances and invest your money in the right place.

Get off the debt trap

The first thing that you should do to manage your finances is to pay off your existing debts and avoid late payments. You may have borrowed funds from lenders and may have used it casually. Maybe you made unwanted business purchases and now experiencing a cash crunch. To avoid so, you may seek financing from another lender, leading to a load of debts on your company. It’s not healthy for your business.

So, you can ease out stress by clearing off your debts or reducing your debts by paying more than the expected amount every month. It will help you keep your debt to the minimum, and you can think of investing your money in other places.

Know how much money you have

When you know about your money that you’ve invested in the business, it may help you find ways to improve your grey areas. Maybe you started with a certain amount of capital, but you also relied on lenders to lend you funds. It may have been confusing at a later stage to find out how much money you’ve invested in your business to date and how much amount to your financial obligations. So, once you know about your business finances, you can deal with vendors and suppliers better when it comes to repayment.

CreditQ offers business credit monitoring services through which your lenders and suppliers may determine your company’s financial health, checking your credit information report. Or, you can take advantage of these services to expose your business defaulters to settle your money. This way, you can help your business in managing finances and investing accordingly.

Pay your dues on time

In B2B dealing, you may come across different kinds of vendors. In the case of a few vendors, you may be obliged to pay off your dues on a monthly basis, delaying which you can be termed under the defaulter category. You don’t want to consider it as a valid point for your business. So, it’s better to make payments to your vendors and suppliers on time.

To do so, you can set timely reminders or automate your payment option so that you are at ease of making payments on time. It would help your suppliers trust you more as you get positive reviews from them, which, in turn, would help you get a good business credit score.

Use these tips to manage your business finances, and you’re sure to get a good business credit report from several business credit reporting companies, including CreditQ.