Knowing when to get credit for your business and ways to make it profitable prior information required for good results.

In Mexico increased credit allocation has decreased while paying interest rates due to competition among banks, the increase in commissions and a recovery of macroeconomics. In turn, SMEs have started having more attention from banks, but it is still very niche are micro found, which in turn are the most numerous of economic units in the country. Given this framework MFIs, credit unions, development banks and Azteca bank have started to address this segment.

Probably you are taking into account the possibility of requesting a credit, so it is important to consider some suggestions. Make a business plan before applying for a loan, which include financial aspects so that it will use, amount needed credit, number of sales in the month to make realistic projections addition, it will take time to pay, time inversion recovery, etc. It is important to note that you must have a customer base and cash inflows to meet the loan repayment.


Basics to select and type of credit institution

Anyone who has a business, regardless of size required to have a separate account for your business. Choose carefully the bank that hired financial services. Study coverage of branches and ATMs, in relation to the location of your business, its customers and suppliers. Compare carefully the C AT, interest rate, credit limit and commissions. Also compare the services offered by each bank, for example, is now required to have CLABE account to make transfers online, either to pay suppliers, the SAT, making e-commerce or to receive payments from customers. There are different types of credit: consumer, mortgage, business, etc. In some cases, the credit card is obtained by and in other is given a cash sum. Discuss which one you require.

Analysis of financial services contracts

Read the contract carefully think through what are their obligations and rights. Study manuals and instructions that the institution to manage their accounts. Ask your insurance covers, sometimes focuses only on issues such as loss, theft, cloning and payments unrecognized, but in others it is more comprehensive and covers life insurance, unemployment, auto, etc. Take time to study the statement, review the income and expenses, bring their accounting properly and responsibly. There are courses that allow learning to make balance sheets, income statements, general ledger, and annual filing.

Credit Card Management

In the case of credit cards have very present when the court date and the payment date, write in a book and calendar, to avoid passing the day as it can generate more interest and commission charges. Using Credit after the cutoff date, lets count fifty days to pay without interest. Pay the full amount of the debt or more than the minimum, allows you to be in a favorable position. Otherwise your debt can be eternal. Know leverage promotions within 6, 12 and 18 months, without interest, but being careful not to overdo their ability to pay. Remember credit is money that must be paid. Make a good credit history will allow you to expand your line of credit, so you can position your business better.

Develop a financial literacy

Know your rights and defend or go see the portal Confused . It is useful to have financial knowledge, institutions like the museum Measures have designed courses to learn how to use money, save and use credit. The credit rule is to use it to multiply the money, that is, if you pay an amount, you must use something that will allow to cover the payment and profit. If a suitable strategy in managing credit, may be the solution for your company’s growth.