“The clients that we've seen, where we've worked with them for a length of time and have gotten all of those things cleaned up and ready to go into their bank.
And their bankers love them and they love us, which at the end of the day you're investing in services that you're going to get that make your life easier as an entrepreneur. And so, things like what you do, what we do, it's just such a vital piece of running a business and having all that stuff.”
- Andrea Jenson
Welcome to a brand new episode of the Cash Flow CFO Podcast. Joining me today is Kenney Conwell. Kenney is the prosperous owner of MyMoneyEDU, a business that offers financial education and has assisted customers in repairing their credit and using debt to increase their wealth. Over the past 16 years, Kenney has been a successful financial planner.
One of the major things we'll cover is the difference between personal credit and business credit. Keeping business and personal credit separate can be challenging for small businesses, especially when you own the company. Even if you are the only employee at your company, experts advise making a distinct division between your personal and business finances. This includes developing company credit in addition to personal credit.
In this episode, we'll discuss the different levels of business credit, some excellent credit resources you must check out, and the definition of an MCA, and more!
Join us to learn the whole story!
“Being an entrepreneur, I wanted to do something that I knew would help people and then I understood that,
“Hey listen, if you want to be an entrepreneur, you probably have to have a good handle on your finances because they kind of go hand in hand.”
And that's kind of like how I got my start. And at the time I couldn't continue to cut grass in college. So, I needed to find a new path on what I wanted to do, and it just ended up being like financial services and I just kind of just kept at it and learned so much, helped a lot of people since then.”
- Kenney Conwell
How to Boost Your Business's Credit Score
Are you a business owner who isn't getting the support you require from lenders? Are vendors demanding requirements that you find to be wholly unreasonable? Perhaps because of a low company credit score.
There is more to your company's credit score than just a number. It may have a significant impact on how well your company does. Lenders, suppliers, and other creditors can rapidly determine if a business will pay its obligations on time by looking at its credit score.
According to Andrea, many business owners believe that all they need is a line of credit to be successful. But, to improve your business credit score, you first need a line of credit and then a trading account credit between businesses.
“I think a lot of business owners just think,
“Oh, I need a line of credit and then I'm good.”
But really, in order to strengthen your business credit score, you need to tap into at least two of those, right? The trade account credit between business to business and then the line of credit.”
- Andrea Jenson
Want to get in touch with Kenney Conwell?
The Cash Flow CFO Podcast
Hey everybody, welcome to The Cash Flow CFO podcast, the show that explores the financial side of running a business for people who want to maximize profitability and scale with confidence.
If you want to make smart financial decisions based on data and put more of your hard-earned profits into your pocket, this is the podcast for you.
The Cash Flow CFO Podcast is brought to you by The Cash Flow CFO. Did you know that, on average, business owners have up to 84% of their personal net worth tied up in their business? Our team of virtual CPAs and CFOs, as well as accounting and bookkeeping experts empower business owners just like you to make big leaps that help them maximize profitability and scale with confidence.
Visit thecashflowcfo.com for more information, and thank you for listening.