Wise-Sync presents Survive and Thrive, a webinar series specially dedicated to sharing key insights and industry-led advice to guide fellow businesses facing an economic downturn.
In the sixth segment of our series, we're joined by special guest Roy Ferman, CEO of Seek Capital, and an industry-renowned member of Forbes Finance Council, on how to manage and deleverage personal credit risk in a downturn.
In this webinar, two industry leaders, Roy Ferman, CEO, Seek Capital, and Wise-Sync and Wise-Pay Founder, Paul MacNeill, get straight to business to discuss the key area every business owner is concerned with: How to manage and deleverage personal credit amid a financial downturn.
To get things started, Ferman and MacNeill discuss the current landscape of banking, and what this could potentially mean for personal lending across various industries, everywhere from managed services to hospitality. Here, Ferman also discusses the three key changes he's made at Seek Capital, and how these changes are integral to safeguarding your organization throughout COVID-19:
If you too, are using several credit cards to cover business expenses, Ferman and MacNeill reveal practical strategies for leveraging your personal credit to do more than just get by. Here, Ferman asks business owners to ask themselves, "What am I trying to accomplish"? When you've defined your financial objectives, you'll be able to integrate any one of the top tips that Ferman and MacNeill discuss to not only survive the current economic shift, but to actually thrive on the other side.
Ferman also takes us through the three types of credit cards that most business owners may not be aware of:
The regular credit card, the business credit card (a personal guarantee), and finally, the corporate credit card. Here, Ferman elucidates the fast guide to each, and most importantly, the difference between personal credit and corporate credit - and how to achieve the complete separation.
Whether you're accustomed to alternative lending or keen to know more about how you can leverage alternative lending to protect your personal credit, Ferman drops some impressive hidden financial gems, even including how to utilize delayed payments to your advantage.
On "what's the ultimate number that people should try and keep their balance below on that market date for their credit card," Ferman states, based on his countless years of experience, that 35% is in fact, the ideal limit - skip to 0:35 in the video above to find out why.
Ferman and MacNeill take you through these three all-important steps to starting a business credit line -
Step 1: Start looking to build your business credit lines -
Step 2: Look to increase your limits -
Step 3: Look to move to corporate trade lines.
For the full recap of this webinar, please watch the recording above.
NEXT WEBINAR
Survive and Thrive: The 6 steps to get your clients onto direct debit - co-hosted by Jamie Warner, CEO, Invarosoft.
Tuesday, 19 May at 06:00pm (PST)
Wednesday, 20 May at 11:00am (AEST)
We look forward to seeing you online then!
*DISCLAIMER of General Advice: The information provided to you during this webinar and throughout this blog post, is general in nature only and not specific to your circumstances. Wise-Sync and our panel of experts disclaim all liability for any losses or damages arising in relation to the information provided. We recommend you obtain any legal and financial advice for your specific situation from your trusted advisors.
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