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3 Key Reasons to Use Augmented Intelligence Tools in Digital Marketing

Do terms like “AI” and “machine learning” make you think of robots and science fiction?

These technologies are being used everywhere, and the age of AI is already in full swing.

AI and technology offer a solution to inefficiency. Deloitte has shown that 83 percent of early adopters of AI and cognitive technologies achieved either “moderate” or “substantial” benefits.

AI is somewhat part of augmented intelligence tools’ technology, but how is it used in marketing right now?   

What is Augmented Intelligence?

Gartner defines “augmented intelligence” as “a human-centric partnership model of people and artificial intelligence working together to enhance cognitive performance.”

What that means is that augmented intelligence isn’t just about creating super smart machines. It’s about creating technology that can help you and your brain do things better.

Augmented intelligence is sometimes also called intelligence automation (IA).    

How is Augmented Intelligence Different From Artificial Intelligence (AI)?

Artificial intelligence is all about computers making decisions. But augmented intelligence is about you making better decisions, with the help of a computer.

Let’s dive into some specific examples so we can see how this works:

Artificial Intelligence Examples

Artificial intelligence operates on its own, without help from humans.

That might make you think of autonomous killer robots, but the reality is usually a little less exciting.  

Ever used a grammar checker tool? Lots of those use AI to give you more sophisticated grammar recommendations.

Even Google Docs uses an AI grammar checker. Google’s engineers train the model using correct sentences. It’s then able to predict whether sentences are correct or incorrect on its own, without needing to be programmed with every single grammar rule.  

Know where else Google uses AI? In its search engine algorithms.

Updates like RankBrain and BERT have brought AI to the search engine, and SEOs have needed to update their strategies accordingly with AI SEO.  

Augmented Intelligence Examples

Now that we’ve seen how AI is used, how is augmented intelligence used? How are its applications different from AI?

Augmented intelligence is a pretty general term. You can use it to talk about basically any machine that helps humans enhance their capabilities and make better decisions, even something as simple as a compass or telescope.

But in practice, augmented intelligence is usually used to talk about automated systems that need direction or input from humans to function. Augmented reality tools, like Google Glass, are just one example.

Augmented intelligence can be used in a bunch of different fields. It can support financial professionals in making regulatory decisions, or help health care professionals make medical decisions.

The augmented intelligence tool gives recommendations, and then the human makes the final call. Feedback from humans helps the tool to learn and grow continuously.

Why would you want to use augmented intelligence when you could use “true AI?” Well, augmented intelligence allows us to do more with the technology we currently have, without needing to wait for AI to advance.

It also adds a human element to the decision-making process, which can be helpful for complying with regulation in some industries. Plus, with augmented intelligence, we can take advantage of new technologies while also continuing to use human talent.

But the best thing about augmented intelligence? When humans and machines work together, they can achieve better results than one or the other working alone.

For example, an experiment by a team from a Harvard Medical School hospital at the Camelyon Grand Challenge showed that an algorithm could accurately detect breast cancer 92% of the time, while a human pathologist accurately detected it 96% of the time. When the pathologist worked together with the algorithm, the results were accurate 99% of the time.  

Overall, augmented intelligence is just a different philosophy that can help us get the most from AI, without needing really sophisticated capabilities.  

How Can Augmented Intelligence Help Your Business?

The truth is, augmented intelligence can do huge things for your company.

There are tons of different ways to use augmented intelligence. There’s probably an IA application out there that can help you streamline and improve every single area of your business.  

Here’s an example: Augmented intelligence can help you sell things online.

Think about the last time you thought about buying something online. What were some reasons you might have hesitated before making a purchase?

You might not want to lay out money for certain items before trying them out in person. Furniture, glasses, clothes are examples of products users want to see how they look up close before you buy.

Enter augmented intelligence. With augmented reality (AR) applications, your customers can “try on” things virtually. Even if they’d prefer to shop from home, they can still get a feel for your merchandise.

Want to know how this works in practice? Check out some of the companies using augmented reality to sell furniture (Wayfair), glasses (EyeBuyDirect), and makeup (MAC Cosmetics).

Glasses virtual try on screenshot augmented intelligence 1

To use the virtual try-on tools, you can upload a photo or open your webcam, and the tool will show you what the product looks like in real life.

But sales isn’t the only area where augmented intelligence can help your business.

Want to make your product safer? Car companies are already using augmented reality to help drivers spot dangers on the road and avoid looking down at their phones.

Want to thrill your customers with a cool new feature? Google did that when they introduced internet searchers to AR animals.  

You can improve your customer service with augmented intelligence, too. Chatbots can help answer some more straightforward customer questions, freeing up more time for your human staff. IA can also help support your customer service reps when they need more information to help customers.

Finally, just like with sales, product, and customer service, augmented intelligence tools can take your marketing efforts to the next level.  

Here are three crucial reasons why you should use augmented intelligence tools to supercharge your marketing.

Augmented Intelligence Creates Positive Customer Experiences

If you use augmented intelligence to create an extra cool or innovative product, your marketing will basically be halfway done for you. An awesome customer experience pretty much markets itself. Just look at all the videos people have made about Google’s AR animals:

video suggest augmented intelligence | 3 Key Reasons to Use Augmented Intelligence Tools in Digital Marketing

Check out all these articles people have written about Wayfair’s augmented reality feature for furniture:

SERP augmented intelligence | 3 Key Reasons to Use Augmented Intelligence Tools in Digital Marketing

If you make something interesting enough, you might end up getting lots of new backlinks and traffic without even trying.

Besides creating new product features, you can also improve your customer experience with augmented intelligence in other ways.

For instance, customers are more likely to be satisfied if they can get their questions answered faster with technology like automated chatbots, as mentioned above.

You can also use augmented intelligence to help personalize the customer experience. An example of this would be user recommendations. You’ve probably seen these on YouTube on the right-hand side:

youtube suggest augmented intelligence | 3 Key Reasons to Use Augmented Intelligence Tools in Digital Marketing

And on Amazon as suggested product examples:

amazon suggest augmented intelligence | 3 Key Reasons to Use Augmented Intelligence Tools in Digital Marketing

These websites use algorithms to make recommendations based on the videos you’ve already watched or products you’ve already shown interest in. When you click on a recommendation, you’re sending a signal to the algorithm that the recommendation was relevant.

Recommendations help you offer a better experience by helping your customers find things they might be interested in. They are also a way to convince customers to stay on your website for longer.

Augmented Intelligence Can Reduce Busywork

Another major reason why companies are interested in automation is that it saves time. According to WorkMarket’s 2020 In(Sight) Report, over half of employees think they could save 240 hours every year through automation.  

IA can help your marketing department save time in lots of different ways. If you’re currently using data for strategic planning, augmented intelligence tools can help.

You can use these tools to help clean data sets, forecast future trends with predictive modeling, or even keep an eye on competitors, social trends, and customer feedback. This can help you create more effective marketing plans more quickly.  

If you decide to use augmented intelligence in your marketing, you won’t be alone. According to a Forrester report, 46% of respondents say that marketing and sales teams are leading AI adoption.

It’s no wonder marketers are excited to adopt this technology. Hubspot found that using AI software cut the time one agency spent on reporting by 97 percent.

Augmented Intelligence Can Help Write Content

Here’s another way that augmented intelligence can help with your marketing: It can help you write better content, faster.

If you’re a marketer, you know that writing quality content takes serious time and effort.

A survey by Orbit Media Studios states that the average blog post takes almost four hours to write. That’s actually a 63% increase over 2014, when the average blog post took just under 2.5 hours.

If you’re wondering why the writing time has gone up so much, it’s because Google’s algorithm updates have started to favor long-form content.

Besides the actual writing, researching, adding photos, and publishing also take up lots of time, not to mention content planning and SEO.

Augmented intelligence can helpfully write text, but it can’t add much research, facts, or emotions to it.

AI’s writing style can be a little different from what we’re used to, so it needs human polishing.

AI text augmented intelligence | 3 Key Reasons to Use Augmented Intelligence Tools in Digital Marketing

That’s an excerpt from an article written by an AI, published in The Guardian.

As you can see, AI can write sentences, but you might need to edit or adjust them to fit your content needs.

Even if you don’t want a robot to write your articles, you can still use augmented intelligence tools to help you in your writing. Spelling and grammar checkers, like Grammarly, are a good example of this.

Augmented intelligence can also help you create better content by coming up with more relevant topics for your audience.

If you’re using augmented intelligence for data collection and analytics, you can use the knowledge you gain from that to help you write more data-driven, personalized content.

If you want to do a content audit to review the content that’s already on your website, augmented intelligence can help with that, too.

Augmented Intelligence is Becoming the Norm

It looks like AI, and automation in general, are here to stay. McKinsey predicts that “half of today’s work activities could be automated by 2055.”  

With “AI’s adoption increasing year-on-year,” marketing departments are leading the charge.

Augmented intelligence offers the perfect approach to AI, because it’s all about pairing AI’s strengths with human strengths.

Conclusion

As a marketer, you’re all about staying ahead of the competition.

To do that, you’ll need to have the best tools, including artificial intelligence.  

However, a lot of people are skeptical about AI. In fact, research by PwC shows that 67% of CEOs think AI and automation will have a negative impact on trust in their industry over the next five years.

With augmented intelligence tools, you don’t have to rely on AI alone. Instead, you can use AI’s strengths and human strengths together to get better results.  

If you’ve already started using augmented intelligence in your marketing, or if you’re thinking about using it soon, tell us about your experience in the comments.

The post 3 Key Reasons to Use Augmented Intelligence Tools in Digital Marketing appeared first on Neil Patel.

Why You Need Vendors to Build Business Credit

Building business credit is not like building personal credit.  When building personal credit, you simply do the things you do every day and your credit score builds passively.  You do not have to do anything special to start or build personal credit. You can just open accounts, make purchases, pay them off, and your score builds from there. Business credit is different however.  You have to actively work at it, and it takes vendors to build business credit. 

How to Use Vendors to Build Business Credit and Other Steps in the Process

Building business credit is a process. There are many steps in the process.  Using vendors to build business credit is actually one of the last steps. There are many steps you will need to take to ensure you can properly use vendors to build business credit.  

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit

The First Steps in the Process: Business Credit as Part of Overall Fundability

You absolutely cannot start to use vendors to build business credit if your business does not have a foundation of fundability.  Here’s why. Vendors will report to the business credit reporting agencies, but those agencies will not be able to tell you from your business.  Wondering how you ensure your business is set up to be fundable? We’ll tell you.

How to Build a Fundable Foundation for Your Business 

A small business has to be fundable to lenders and merchants. The first step in this process, the one that allows vendors to report payments to your business credit report rather than your personal credit, is to separate your business from yourself.  The business needs to be recognizable as an entity separate from the owner, and thus have financial transactions that are not related to the owner’s personal finances. Here is how you start. 

Get Separate Contact Information

First, you have to ensure your business has its own phone number, fax number, and address.   Now don’t panic.  That doesn’t mean you have to get a separate phone line, or even a separate location. You can still run your business from your home or on your computer if that is what you want.  You do not even have to have a fax machine.   

In fact, you can get a business phone number and fax number pretty easily that will work over the internet instead of phone lines.  In addition, the phone number will forward to any phone you want it too so you can simply use your personal cell phone or landline if you want.  Whenever someone calls your business number it will ring straight to you. 

Faxes can be sent to an online fax service, if anyone ever happens to actually fax you.  This part may seem outdated, but it does help your business appear legitimate to lenders. 

You can use a virtual office for a business address. How do you get a virtual office?  What is that?  It’s not what you may think.  This is a business that offers a physical address for a fee, and sometimes they even offer mail service and live receptionist services.  In addition, there are some that offer meeting spaces for those times you may need to meet a client or customer in person. 

You will also need a separate email address. Make sure it has the same URL as your business website.  It shouldn’t be from a free service. 

Get an EIN

The next thing you need to do is get an EIN for your business.  This is an identifying number for your business that works in a way similar to how your SSN works for you personally.  Some business owners used their SSN for their business. This is what a lot of sole proprietors and partnerships do.  However, it really doesn’t look professional to lenders, and it can cause your personal and business credit to get all mixed up.  When you are looking to increase fundability, you need to apply for and use an EIN.  Get one for free from the IRS.

You Have to Incorporate

This is the most important step in fundability thus far.  Incorporating your business as an LLC, S-corp, or corporation is essential.  It lends credence to your business as one that is legitimate. It also offers some protection from liability. For business credit building, it is a necessary step in separating your business from yourself.

Which option you choose does not matter as much building credit as it does for your budget and needs for liability protection.  The best thing to do is talk to your attorney or a tax professional.  What is going to happen is that you are going to lose the time in business that you have.  When you incorporate, you become a new entity. You basically have to start over. You’ll also lose any positive payment history you may have accumulated as well. 

This is why you have to incorporate as soon as possible.  Not only is it necessary for fundability and for building business credit, but so is time in business.  The longer you have been in business the more fundable you appear to be.  That starts on the date of incorporation, regardless of when you actually started doing business. 

Open a Business Bank Account

You have to open a separate, dedicated business bank account.  There are a few reasons for this.  First, it will help you keep track of business finances.  It will also help you keep them separate from personal finances for tax purposes. 

There’s more to it however.  There are several types of funding you cannot get without a business bank account.  Many lenders and credit cards want to see one with a minimum average balance.  In addition, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit card payments.  Studies show consumers tend to spend more when they can pay by credit card.

Lastly, many of the best vendors to build business credit require you to have a business bank account before they will extend credit. 

Due to this fact, a small business needs a professional-looking website and email address. And it needs to have site hosting you actually pay for.  A free hosting service looks unprofessional. 

Get a D-U-N-S Number

You will also have to get a D-U-N-S Number from Dun & Bradstreet.  It’s free and easy to do on their website, but beware.  They will try to sell you other services you do not need.  The number is free. You definitely need it to use vendors to build business credit.  Without it, you will not have a business credit profile with Dun & Bradstreet.  Since they are the largest and most commonly used business CRA, you need a profile with them.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit

The Need Credit to Get Credit Cyclevendors to build business credit Credit Suite

Here is why you need vendors to build business credit.  There is a vicious cycle in which you have to have credit to get credit.  Most lenders and credit issuers will not extend credit if you do not have a good business credit score.  However, there are certain vendors, known as starter vendors, that will extend credit without even doing a credit check. They break this cycle. Still, they do reduce their risk in other ways.  You need to know what they look for.

The Vendor Credit Tier

These vendors that do not check credit are in what we like to call the Vendor Credit Tier.  We recognize 4 tiers in the business credit building process, and the vendor credit tier is where you will find vendors to build business credit.  Typically, they offer net terms on invoices rather than revolving credit. This means, if you get an approval for $1,000 in vendor credit and use all of it, you must pay that money back in a set term, such as within 30 days on a Net 30 account.

 Then, after you make payment, they will report your payment to the business credit reporting agencies. 

There are a few such vendors out there.  Here are some options to help get you started. 

Examples of Vendors to Build Business Credit: Some of Our Top Picks

Not every vendor can help in the same way true starter credit can. These are vendors that grant an approval with negligible effort. You also need them to be reporting to one or more of the big three CRAs.  These are Dun & Bradstreet, Equifax, and Experian.

Uline is One of Our Favorite Vendors to Build Business Credit

Uline sells shipping, packing, and industrial supplies.  Also, they report to Dun & Bradstreet. This means you must have a D-U-N-S number. 

In addition, they ask for 2 references and a bank reference. The first few orders might need to be paid in advance to get approval for Net 30 terms.

Quill

Quill is another true starter vendor. They sell office, packaging, and cleaning supplies.  They report to D&B and Experian.

Since Quill reports to two separate credit reporting agencies, you get two credit experiences with them. Place an initial order first unless you already have a D&B score.

Generally, they put you on a 90-day prepayment schedule. If you order items each month for 3 months, they usually approve you for a Net 30 Account.

Grainger Industrial Supply

Grainger Industrial Supply is likewise a true starter vendor. They sell safety equipment, plumbing supplies, and more.  Like Uline, they report to D&B. To qualify, you must have a business license, EIN, and of course a D-U-N-S number. 

For under a $1000 credit limit they approve almost anybody with a business license.

You need 5 to 8 of these types of accounts to move onto the next step, which is the retail credit tier. 

Existing Accounts that Do Not Report

Be sure to check with any vendors you already do business with and ask if they will extend net terms or vendor credit of some sort and report to the business CRAs.  They do not have to, but they might since they already have a relationship with you. 

Likewise, ask your landlord and utilities companies if they will report your payments to them.  Again, they are under no obligation to do so. However, if you ask them, they just might do it. If they do, this will only build your business credit faster. 

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit

The Rest of the Story 

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then progress to the retail credit tier. These are companies like Office Depot and Staples. They offer revolving credit only to be used in their own store or website. 

After there are 8 or 10 of these types of account reporting, you can move to the fleet credit tier. These are service providers like BP and Conoco. Use this credit to buy fuel, and to repair, and take care of vehicles. Only use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the company’s EIN.

If you have been responsibly managing the credit you’ve gotten up to this point, you can start to apply for credit in the cash credit tier. These are companies that extend credit not limited by location or type of purchase.  Typically, these accounts have higher limits, better interest rates, and sometimes they even offer rewards!

Vendors to Build Business Credit and Business Credit Monitoring

It is important that you monitor your business credit for many reasons.  However, when you are using vendors to build business credit it is even more important.  This is how you will keep up with which vendors are reporting. Then, you can know when your score may be strong enough to move on to the next credit tier. 

Furthermore, you will be able to keep an eye on the overall health of your credit score and catch any mistakes that may pop up. 

Be Sure to Choose the Right Vendors to Build Business Credit

Like I said before, not all vendors will work to build business credit.  Not only do they have to extend credit relatively easily without a credit check, but they also have to report your payments to the proper agencies.  We’ve provided you with a list of a few to start with, and there are more vendors to build business credit out there. Do you research and find the ones that work best for your situation.  

The post Why You Need Vendors to Build Business Credit appeared first on Credit Suite.

New Business Credit Score Do’s and Don’ts

Breathe Life into Your Business with Your New Business Credit Score

Are you trying to get a new business credit score?  Looking to ditch an old one and get a bright, shiny new one?  Maybe you don’t have one at all yet and you need to know how to get one.  Never fear.  We have all the dos and don’ts to help you build a business credit score either from scratch, or by improving old, dented one.

Why Do I Need a Business Credit Score at All?

This is actually a pretty common question.  A surprising number of people do not realize that their business can have credit that is not related to their personal credit. The fact is, not only can your business have its own credit, but it should.  The reasons for this are many.  Most importantly, keeping your business credit and personal credit separate protects both your personal and your business finances from being affected by each other.

In addition, business credit cards often have higher limits, meaning they can handle the higher spending needs most businesses have.  If you tried to finance all of your business expenses on personal credit cards, you would likely keep balances at or near your personal credit limits.  This would increase your debt-to-credit ratio, which in turn has a negative affect on your personal credit score.

So, what are the major dos and don’ts for a new business credit score?

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet.

Don’t Operate Under Personal Information

If you are running your business as a sole proprietorship, or a partnership, you are going to have a problem getting a business credit score.  If your business has the same phone number, address, and email address as you, that’s even more of an issue.

Your business has to be separate from you, and here is why.  If you do not ensure your business is recognized as a separate entity from yourself, all of your business transactions are just going to go straight to your personal credit report.  Here is how to keep that from happening.

Get Incorporated

The first step is to incorporate.  This is the first step to separating your business credit from your personal credit.  You have a few options.

  • C Corp– This is the most definitive separation, but it is also the most complicated and expensive. Before choosing this option, be certain there are reasons other than establishing business credit that it needs to be done.  If it isn’t necessary for some other reason, there are other, less complicated, and less costly options.
  • S Corp– This option basically offers the same separation as the C Corp, but taxes are paid at the personal level, rather than requiring the business to be taxed as well, resulting in double taxation. It is also cheaper than incorporating as a C Corp.  If you aren’t required to file as a C corp, this is a good alternative.
  • LLC– forming a Limited Liability Corporation results in less liability, thus the name, and offers enough separation to serve the purpose of establishing business credit. If you are not required to be a C Corp or S Corp, this is the easiest and most cost-effective way to create the separation of business and personal credit that you need.

Separate Contact Information

Your business needs its own phone number.  This way, when you apply for credit, you can enter contact information that is separate from your own.  When information is reported to agencies, sometimes the phone number is an identifying factor.  If you and your business share a number, that just decreases the level of separation. The business phone number should be from a toll-free exchange.

There also needs to be a separate business address and email address.  They cannot be the same as your personal address and email address.  Also, the business email address should not be from Yahoo, Gmail, or any other free email service.  It should have the same URL as your professional website.  Don’t have a professional website?  You need to get one of those too.

Be sure your business contact information is listed in the directories under the business name.

Business Bank Account

If you are running all of your business transactions through your personal bank account, stop.  You need a dedicated business bank account that you use for all business transactions.  This helps with the separation of your business from yourself, but it will also help you keep business expenses separate from personal expenses for ease during tax time.

Don’t Use All of Your Available Credit

When building business credit, the first thing you do is work through the credit tiers.  The goal is to get as many accounts reporting consistent, on-time payments from your business name as possible.  This means you get 8 to 10 accounts in the vendor credit tier, move up and get 8 to 10 accounts in the retail credit tier, and so on through the fleet credit tier, and finally the cash credit tier. You can find out more about the credit tiers and how the business credit building process works here.

While this achieves the purpose of building business credit, it also means you have a lot of business credit out there. Resist the temptation to use it all at once. You have to pace yourself.  You want to make payments on each account, but you cannot carry balances at or near the limit on all those cards.  If you do, your debt-to-credit ratio will be extra high, resulting in a negative impact on your credit report.

Do Get and EIN and a DUNS Number

These are identifying numbers for your business. You must have both of them to get business credit.

 

EIN

new business credit score Credit Suite2

This is an identifying number for your business that functions much as your SSN does for you personally.  Once you have it, you will use it in place of your SSN when you apply for credit in the name of your business. Your SSN should only be used for identity verification for fraud prevention.  You may have to provide your birthdate for this reason as well, but not for the purpose of checking credit.

If you follow the other steps for establishing business credit and skip this one, accounts could end up on both reports.  You don’t want that.

The process of applying for and EIN is easy.  The IRS has an online form, and as soon as all the information is verified you receive your number.  It typically happens almost immediately.

Get a DUNS Number

Dun and Bradstreet (D&B) is the largest and most widely used business credit reporting agency.  They issue each business on file a 9-digit DUNS number, and you will not have a business credit file with them until you have this number.  Application is easy and free on their website.  Beware, they will try to sell you a lot of different products, but you only need the DUNS number and it is definitely free.

Do Work with Members of the Small Business Finance Exchange

Working with SBFE members can do more than help you get a new business credit score.  Here are 4 ways working with members of the Small Business Finance Exchange can help your business, including that credit score you are working on.  Find out more about the Small Business Finance Exchange and what they do here.

Build Business Credit

When you do business with members of the Small Business Finance Exchange, you know your information is being reported.  That builds business credit. How do you know if your lender or vendor is a member? Ask them. If they are not, considered mentioning that they become a member. There are enough members in the network however, that it should not be hard to find one.

Grow Your Business

By working with SBFE members, you know that when creditors receive your information, they get a complete credit picture. If you are making your payments and working to build strong business credit, the additional data they receive can only help you.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet.

Increase Funding Options

The data available about your business from the Small Business Finance Exchange could open up additional funding opportunities that may not be available to you otherwise.

Help Making Wise Credit Decisions

If you are a small business that lends money to other businesses and has the ability to report that information, you can join the SBFE yourself. You will gain access to information about borrowers that is available exclusively to members. This information can help you make better decisions about your own business lending.

Do Monitor Your New Business Credit Score

Once you have business credit, you need to watch it to ensure it stays strong.  If you already have a score and want a newer, stronger score, that is even more reason to monitor your credit report. Make certain all accounts are reporting accurate information, and deal with any mistakes as soon as you can.

You can monitor your business credit by getting reports from the credit reporting agencies directly, but it’s pricey.  To monitor with D&B go to: www.dandb.com/credit-builder.  For monitoring with Experian, visit: www.smartbusinessreports.com/Landing/1217/.  At Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business.  Experian and Equifax cost about $19.99; D&B ranges from $49.99 to $99.99.

Another option is to use a credit monitoring service like the one offered by CreditSuite.  We can help you monitor business credit at Experian and D&B for only $24/month.

None of It Matters If You Don’t Make Your Payments on Time

Whether you are starting from scratch or trying to do some repair work to get a new business credit score, none of it matters if you do not make your payments on time.  This is an absolute necessity. If you are inconsistent or late with payments, you will not only undo any good, but you may actually end up in worse shape than before.

You have to have a plan in order to be successful with you new business credit score.

Here are some bonus Dos and Don’ts to help with this:

  • Do budget for credit payments. It is easy to forget this or let it get out of control quickly.  As you grow your business credit score, you are going to have a lot of new credit available.  You already know you do not have to use it all, but you have to be sure to budget and plan to pay for what you are using.
  • Do know how much you can handle in debt payment each month before taking on new debt. If you are considering taking on debt payments of $300 per month but you only have $200 per month in cash available for payments, you are going to have a problem.
  • Don’t use debt to pay debt. Of course, there could be times, such as 0% interest on balance transfer opportunities, that it may be useful.  Make it an exception rather than the rule however. It isn’t a good habit to get into.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet.

  • Do use credit wisely. Yes, you need the accounts in the beginning for your new business credit score to grow, but there is no need to buy things you do not need.  If what you are buying on credit will not grow or expand your business, leave it alone.  It’s ridiculous to buy 7 boxes of latex gloves on credit if you will not use them in the course of your regular business.
  • Don’t stop monitoring your credit. Just once doesn’t do it.  Credit monitoring needs to be an ongoing process, not just to catch mistakes, but so that you know what your credit score can handle at any given time.
  • Do consider automating payments. Most creditors offer some sort of direct draft option.  Just be sure the funds are there!

Getting and Keeping a New Business Credit Score is Vital for Your Business

If you have bad business credit, or no business credit at all, you definitely need a new business credit score. It won’t happen on its own however.  You have to be intentional.  It isn’t hard, but there is a definite process that takes some time.  If you are willing to put in the time and trust the process though, the resulting business credit score could open a world of possibilities for your business.

The post New Business Credit Score Do’s and Don’ts appeared first on Credit Suite.

5 Tools to Develop Your Unique Blogging Style

I am a huge believer in blogging and genuinely feel that one of the best possible ways to create a social community is by setting up your own blog. Blogging is a great way to get your name out there and to begin building yourself up as an authority. But how to find your own… Read more »

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