Ty Crandall, Credit Suite – InnovaBuzz 164
Ty Crandall, Credit Suite
In this episode, I’m really excited to have on the InnovaBuzz podcast as my guest, Ty Crandall, an internationally known speaker, author, podcast host, and business credit expert. With over 18 years of financial experience, Ty is recognized as an authority in business credit building, business credit scoring, and business credit repair.
Ty is also the author of two popular books on credit named Perfect Credit and Business Credit Decoded. He is often interviewed on radio and news shows, TV programs, and magazines and serves as the CEO at Credit Suite where he has helped create and grow one of the biggest and most credible business coaching operations in the United States.
In our discussion, Ty talked to me about
- How to find out if you have a credit rating
- How to establish and enhance your business lendability
- Where to get business credit and the 3 C’s that lending agencies consider
Josh Elledge on episode 158 introduced us to Ty.
Listen to the podcast to find out more.
Listen to the PodcastHaving a business credit allows you to grow and thrive. The better you are at using other people's money, the better chance you have of growing in the business faster. @TyCrandall on #InnovaBuzz podcast Click To Tweet
Show Notes from this episode with Ty Crandall, CEO of Credit Suite
Key points and take-aways from this episode include:
- Business credit or otherwise known as corporate credit is a business credit profile in the business name. It is linked to the business and not to the business owner. It allows business owners to separate their liabilities. As a result, they are able to obtain credit regardless of their consumer credit rating.
- Every business needs to have a business credit. Not having credit for your business is just as problematic as not having a consumer credit.
- You can access your business credit report through all the reporting agencies by going to https://creditsuite.com/reports.
- Set up your business in a way that it is fundable. Understand that credit issuers have a set of secret standards that you have to meet.
- A tradeline is an account reporting on your business credit. The more tradelines you have, the more credit becomes available to you.
- Management mistakes and lack of access to capital are two of the most common causes of business failure.
- Having a business credit allows you to grow and thrive. The better you are at using other people’s money, the better chance you have of growing the business faster.
- If you could inject cash into the business to scale what is working, then you could grow really fast. Money is really important to grow and scale.
- Make sure that your business is strong enough to stand on its own.
- The number of accounts you have reporting on the business is what credit lenders look to primarily. The second thing is your credit score. Your credit score reflects how you pay.
- Your business credit profile is your reputation.
- A bank is the last place you want to go to for money as a small business owner unless you are really well established.
- Lendable Strengths – the 3 C’s: cash flow, collateral, credit. The more of these lendable strengths you have, the better chance you have at getting better loans.
- Every business needs to have a revolving credit. Stay away from loans unless you know you are going to use the money for a specific purpose.
- In order to actually scale, you have to build the infrastructure to scale.
- Access to capital is essential not only for survival but also when you are trying to grow and scale the business.
- Teaching everybody what you know gives you two outcomes. You are going to have people who are going to do it all themselves and those people will become your absolute best referrers. They will become your best testimonials. Other people will pay you to do it.
- If you never educate, you don’t build a community.
The Buzz – Our Innovation Round
Here are Ty’s answers to the questions of our Innovation round. Listen to the interview to get the full scoop.
- #1 thing to be more innovative – Make sure you are giving information and not selling. Educating versus selling is innovative.
- Best thing for new ideas – Honor the $10K time. High-level thinking time. Your mind does a really good job of working with you to try and solve a problem and produce solutions if you give it enough time to do so.
- Favourite tool for innovation – Audible, Infusionsoft, Zendesk
- Keep project / client on track – Information through the process. Look at what you are doing as a customer journey. Get really good at figuring out what they are bumping into at any point in the journey and help them overcome it.
- Differentiate – Education. If you want to differentiate yourself, you need to get out there and teach about what you do. Take your inside secrets of how you do what you do and go tell them to everybody.
To Be a Leader
Get money before you need it. Be financially prepared.
Ty suggested I interview LaTisha Styles, a marketing consultant, influencer, and founder of Creating Coins. So Latisha, keep an eye on your inbox for an invitation from us to the InnovaBuzz podcast, courtesy of Ty Crandall.
Maximise your business credit approvals! Download your FREE 4-Step Business Credit Building Guide.
- Perfect Credit: Discover the Secrets to Having Exceptional Personal and Business Credit Scores
- Business Credit Decoded: Discover the Secrets And Power of Business Credit
Cool things about Ty
- He is an avid pilot and sailor, spending much of his free time in the skies and water around Tampa.
- He is one of the most popular speakers at the Credit Boot Camp which is held twice a year.
- His favourite past time is spending time with his family and playing with his kids.