Illinois businesses should build credit and employee loyalty

Running any business presents ongoing challenges. To foster long-term security, business experts emphasize the need to build a good credit rating and nurture the satisfaction of employees.

Because any company will need to invest in itself with new equipment purchases or acquisition of talent and resources, an owner should focus on building business credit instead of relying on personal credit. This strategy insulates the owner's personal finances from the financial ups and downs of the business. A better credit rating could also enable the company to obtain a loan at a lower interest rate.

As for the staff, good employees can translate into more sales. An employee should be seen as a long-term investment. People who feel valued by a company's leadership could have a positive view of their job. When Investors in People surveyed a group of workers in 2015, the organization found that more than 40 percent regarded job satisfaction as more important than how much they were being paid. Employees who know that their efforts matter to a company feel more motivated and will apply themselves to their jobs with more enthusiasm. They might be more engaged with customers and thereby generate more revenue over the years.

These two issues represent only a fraction of the things that an entrepreneur needs to consider when forming a start-up company. Launching a new venture often involves consultations with an attorney. With legal advice, an entrepreneur could sort through many decisions about choosing a business entity, leasing real estate, establishing terms with investors, and writing employment contracts. During this process, an attorney could explain the regulations that the new company will need to comply with.

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