Mistake #3 that jeopardizes the growth of your business

The third major mistake business owners make is not managing their Dun and Bradstreet rating properly. Dun and Bradstreet is essentially a corporate credit report that details the strength and payment history of your company. I have dealt with many clients that made the mistake of not checking their report periodically for errors. One mistake on a large account can affect the health of your business for over a year. Common mistakes are large suppliers you are on net terms with making an error and reporting you late. This can result from their accounting department mis-applying a payment and reporting you 30/60/90 days late. Unless you keep up to tabs you will never know until you seek funding...and by then it is typically too late to get the error corrected.

Another common mistake is old tax liens and judgements showing as outstanding. Although these might have been satisfied years ago your company report may never have been updated. It is best to get this taken care of quickly by sending written proof these issues are satisfied. I have had more than one client get declined for funding simply because their lawsuit information was so old they couldn't come up with the proof showing satisfaction.