The statement “A journey of a thousand miles begins with one step” holds true for the founder of Rapid Visual Solutions and the road map he used to establish the company. He had an idea about improving the point-of-purchase experience for customers and developed it into a plan, but he faced the arduous task of finding the resources to carry out expedited projects. The founder planned to use the networks and experience he had built over 20 years in the industry, provide services to clients with a special focus on time-sensitive projects, and then fabricate and distribute the final products. The initial phase for the business started at home in his garage.
While testing the market and ironing out business obstacles, he found the idea had potential. He made the decision to part ways with his employer and partnered with two established point-of-purchase production facilities. Eventually, Rapid Visual Solutions was lucrative enough to open a full-service production facility in the Northeast, as well as sales offices in the Southeast, the Midwest, and (soon) on the West Coast. Since 2019, the founder has invested in additional equipment and brought on several employees. Today, Rapid Visual Solutions has become a thriving enterprise.
The Challenges of Doing Business
The biggest challenge in operating this new company was that a good number of material suppliers did not offer the company enough credit to fulfill large orders while allowing the business to maintain a positive cash flow. Many of Rapid Visual Solutions’ clients required 30-day terms or more, which meant the founder was injecting his personal funds into the business to cover the waiting periods. Rapid Visual Solutions was a new business, and many outside vendors required a financial history before they would consider opening a line of trade credit. Many asked for the company’s Dun & Bradstreet D-U-N-S® Number. The founder needed a way to show the business was financially stable, which led him to CreditBuilder™.
Increasing Cash Flow with Business Credit
When the founder took a proactive approach to building his business credit file, it positively impacted his business’s cash flow. Rapid Visual Solutions established business credit scores and ratings using CreditBuilder and was able to get 30- and 60-day terms with vendors. In just 11 months, the company progressed from not being able to obtain a line of credit to leveraging more than $250,000 in trade credit, which has facilitated the company’s continued growth.
The founder plans to continue evolving Rapid Visual Solutions through strategic development and progressive steps.