Aug 3, 2020
Favorite quotes of the episode: “One thing I say to business owners right now is that we are consumers too. We are balancing personal and business finances through rough waters. I recommend preserving cash as much as possible.”
“The most important thing you can do with personal credit, make sure you don’t have late payments on your credit report. If you have to carry a balance for a bit, then once we get through this, you can pay off that debt.”
“Don’t feel bad about taking advantage of deferments right now, it might be a way to help preserve cash flow during these tough times.”
“Keep up with your financial system and accounts right now, run your business numbers every month.”
“What is essential? What do I really need? It’s a great question to revisit from time to time in both our personal and professional lives.”
Episode Overview
In this episode, I talk with Gerri Detweiler. Gerri has more than 20 years of experience guiding individuals through the confusing world of credit and has earned a reputation as a reliable and independent source on personal and small business credit.
She serves as Education Director for Nav, the only site to give business owners free access to credit reports from all three major commercial credit bureaus and tools to build financially healthy companies, where she develops educational programs and content for entrepreneurs and works on advocacy issues.
A prolific writer, Gerri contributes regular columns to AllBusiness.com, Forbes, and Home Business Magazine. Her articles have also been featured on Yahoo!, MSN Money, ABCNews.com, CBSNews.com, NBCNews.com, The Today Show website, and many others.
She is also the author or co-author of five books, including her newest title, Finance Your Business: Get on the Financing Fast Track, co-authored with best-selling author and corporate attorney Garrett Sutton; and the free e-book Debt Collection Answers: How to Use Debt Collection Laws to Protect Your Rights.
Previously, Gerri hosted her own talk radio programs and she has been interviewed for more than 4,000 new stories including Dateline NBC, The New York Times, USA Today, and Reader’s Digest. She has also appeared multiple times on Fox Business, CNN, and other nationally televised programs. A driven advocate for credit protections for business owners and consumers, Gerri has testified before Congress on the topic.
TOPICS
- What are some differences between business credit reports and personal credit reports?
- Where to find them?
- Who looks at a business credit report?
- How business debt/credit and personal credit intersect and common misconceptions.
- Has any of your guidance changed since COVID-19?
- What should we keep doing, what should we stop doing, and how has the pandemic changed the way that businesses think about credit?
- What are the options that are available to business owners looking for business financing right now?
- What are the best things business owners can do right now to help set themselves up to get financing in the near future?
- We hear a lot about how credit and debt are bad, what’s your definition of smart credit strategies?
- What should businesses look for as they track their spending?
5 Questions Segment
Q1. We know that the most successful and happy people have a morning routine, what do you do each morning or evening that sets your day up for success? Learning that I’m not a morning person and giving myself permission to take that time to get my day going is really helpful to me.
Q2. What's your definition of Success? I feel successful and happy when I’ve helped someone.
Q3. What's your definition of Happiness? I am the happiest when I feel that I’ve been helpful, that’s what motivates me.
Q4. What do you know now that you wish you would have known 10 years ago? You can live with so much less than you think. I downsized dramatically about 3 years ago from a 2200 sq ft home to a tiny home. It’s been an interesting process and something I wish I would have started earlier.
Q5. What do you think is the biggest issue facing busy professionals today? Distraction is mine and I would guess it’s the same for a lot of us. We are constantly interrupted from so many different places. My favorite app to minimize distraction is Focus Booster.
RESOURCES
NAV https://www.nav.com/podcast/
“The Power of When,” Dr. Michael Breus https://thepowerofwhen.com/
Focus Booster App (Pomodoro Time Tracking)
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