Manufacturing a Strong Business Credit File for Your Company
Many manufacturers can benefit from building a strong business credit file. In fact, business credit is a lot like the products you manufacture – when you’ve created something strong and reliable, you’ll attract more clients and customers. We’ve put together the infographic below to help manufacturing companies understand why building business credit is so important to the bottom line.
How Can My Manufacturing Company Start Building Business Credit?
If this is your first foray into building business credit, you’ll want to:
- Get your free Dun & Bradstreet D-U-N-S® Number: Many companies looking to work with contractors will use the number to run your business credit. It’s easy to get a D-U-N-S for your business.
- Keep your business and personal credit separate: Establish a business bank account and pay bills in your manufacturing company’s name in order to keep your personal and business credit distinct.
- Maintain your business credit: Monitor changes to your Dun & Bradstreet Scores & Ratings for free with CreditSignal®.
- Get customers/contracts: Check out our contracting guide for information on corporate and government contracts, as well as subcontracting and supplier diversity certifications.
Why is Business Credit Important for a Growing Manufacturer?
As you expand your business, you’ll want to check out potential partners’ business credit reports, which can help you:
- Anticipate late payments or non-payment
- Manage your cash flow more effectively
- Avoid working with high-risk customers and vendors
- Predict bankruptcy
Business Credit for Major Manufacturers
You have numerous contracts, thousands of employees, and multiple offices – and you still need to pay attention to business credit! At this stage of the game, you’ll want to protect your company by monitoring your partners’ business credit reports to help you:
- Make safer, smarter, proactive decisions
- Stay compliant by alerting you to any noncompliance in your supply chain
- Anticipate disruptions in your supply chain
How Can Dun & Bradstreet Help?
Dun & Bradstreet offers a variety of products to help manufacturers build and monitor business credit. For new businesses, D&B Credit Builder™ can get you started. Growing businesses looking to monitor partners and manage risk should consider D&B Credit Reporter™. Finally, D&B Credit can provide in-depth data and analytics for large manufacturing firms.
If you still have questions, you can reach a Dun & Bradstreet Credit Advisor at 1-800-701-7168.
Photo Credit: bmxpmp, Twenty20