I recently received in the mail from a charge-card company a little flyer about money management in the current economic conditions. Usually I read these “paper-spam” and put them in the recycle bin. This one I’ve held out and we are using as a tool for review. I’m borrowing and paraphrasing the helpful suggestions that directly relate to architecture or the practice of and running a firm. The information is so good (and so dense) I’ve decided to split it into three blog entries. Read on, make your suggestion, and come back!
Appearances Do Matter
- Know your business credit report. If you're a sole practitioner, be careful. Make sure your company details are accurate at all the major reporting agencies, especially those that focus on business reporting. Most of all, confirm accuracy of your payment history.
- Pay on time. I can’t stress this enough! Even if you need to make a “minimum payment” only, follow up ASAP with the full payment when you can. I think two payments in the same month look good on the credit reports.
- Manage your debt wisely. In my office, if we don’t cash we don’t purchase unless there is a direct and quantifiable productivity boost for having the item. A few years ago, I applied for a business line of credit; it is still sitting there. On an annual basis, I need to update our info, chat with my banker, etc. It has been one of the top five marketing moves I ever made to get exposure for our firm. (Always have your 3-minute infomercial on your mind – be willing to share it and ask questions of potential clients or lead sources!)
Next week: Details Count
—Lisa Stacholy, AIA