What could your small business do with a million dollars? Most small business owners think getting a million dollar business loan is a dream come true. Yet, do you really know what it takes not just to get a business loan of that size, but to pay for it? How much does a million dollars cost? Here’s what you need to know.
The First Step is Building a Fundable Foundation
Your small business needs a FundableFoundation to qualify for business loans. The foundation is how your business is set up.
A small business that isn’t set up to be Fundable will be hard pressed to get business loans of any type, especially traditional bank business loans.
For sure, a million dollar small business loan will be difficult to get. This is what sets your business apart from you as the owner. As a result, the foundation is the kick start to overall Fundability.
What’s In a Fundable Foundation?
A Fundable Foundation is necessary for any type of business loans. That means a small business loan, vendor credit, credit cards, or any other type of business funding. It includes the following.
Business Name
First, your business name needs to be registered with the Secretary of State. Furthermore, it should not include or allude to a high-risk or restricted industry. Lenders do not like risk, and most are not in the habit of making business loans to businesses in high-risk industries.
Consistency
Also, your business name has to be consistent everywhere you use it. If it changes, change it everywhere, and be sure it is the same.
Consider the following examples.
“Bill & Tom’s Discount Fishing Lures, Inc.”
“Bill and Tom’s Discount Fishing Lures”
“Bill’s and Tom’s Discount Fishing Lures”
Of course, they are similar. Yet, they are not the same. So, if you use one of these on your registration with the Secretary of State and one of the others on your million dollar loan application, you may not even make it to the underwriting process.
Likely, your application will be automatically denied for business loans due to fraud concerns.
Business Address
This must be a deliverable physical address, never UPS box or a PO Box. It’s true, a virtual address can work. Yet, we know of at least one credit provider that will not accept them.
EIN
You can get an EIN, or Employer Identification Number, free at IRS.gov. Then, use it to open a bank account and to build a business credit profile.
Be sure to verify that all agencies, banks, and trade credit vendors have this number and associate it with your business .
Business Entity
Using a corporation or LLC structure gives you more credibility. Better yet, it reduces your personal liability.
Business Phone and 411 Listing
Remember, toll-free phone numbers are best. Also, it should be listed in the 411 directory.
Business Licenses
Always make sure you have the proper licensing.
Web Domain and Professional Website
For many reasons, you need a professional website that is helpful. Lenders will research your business online, especially before lending a million or more.
As a result, you should pay for web hosting. Unfortunately, this is not the time to use a freebie. Also, the domain should be the business name, if possible.
In addition, you need a company email address. It should be the same domain as your website.
Business Bank Account in the Business’s Name
Due to the fact that business banking history is vital to getting business financing, it is necessary to have a separate, dedicated business bank account. Of course, the longer the bank history is, the better.
Next Step is to Build Strong Business Credit
As you know, lenders like to see a strong business credit profile. As a result, while personal credit isn’t ignored, good business credit can soften the impact of a bad personal credit score.
Nothing Replaces a Strong Business Plan
Without a strong business plan you won’t get business loan approval. Whether you are looking for a traditional loan, SBA loans, or working with online lenders, this is important. This is true even though online lenders tend to be less strict with business financing approvals, a strong business plan never hurts. The presentation should be professional in both appearance and content.
Business Plan Writing Resources
You can hire a business plan writer, or do it yourself, but use all available resources.
The Small Business Administration offers helpful business plan writing resources, and not just for SBA loans.
The Small Business Development Centers have a number of helpful aids also. Check with local universities to find one near you.
The Major Clincher for a Million Dollar Business Loan is Revenue
Obviously, you can’t get funding without revenue. Of course, this is because business loan repayment comes from revenue, and lenders want to know they will be repaid.
But, exactly how much is the payment on a million dollar business loan?
Example Monthly Payments on a Million Dollar Business Loan
Business loan terms and payment amounts are variable based on terms and rates. Consider a $1M loan with an interest rate of 4% fixed for 20 years. The monthly payments on that business loan would be $4,774.15.
Then, consider the same business loan with the same interest rate for 15 years. The payment on that is $7,396.88 a month.
A Word About Collateral
If you have a Fundable Foundation and strong business and personal credit, the next step to getting more funding is collateral. It allows for better loan terms, including more money with lower interest rates and better terms. Furthermore, many SBA loans require collateral anyway.
Types of Collateral
Collateral can be pretty much any valuable asset. These include:
Buildings
Equipment
Inventory
And more
What Does it Take to Get a Million Dollar Business Loan?
To get the most funding possible, whether through small business loans or other funding, you need:
Fundable Foundation
Good business and personal credit score
Professional business plan
Collateral
Credit Suite Can Help
We can help with the Fundability and business credit. We know the secret sauce to get you started and help you grow in the most efficient way possible.
Then, you can get the funding you need, when you need it. With Credit Suite, you may be eligible for a million dollar loan sooner than you think.
Same-Day Business Loans: Everything You Need to Know
Many small to medium-size businesses need rapid funding at some point. Same-day business loans can be a lifesaver for a business owner, whether there is a cash flow crunch or a time-bound opening. Same-day business loans are structured like any other loan. You receive a certain sum at an agreed-upon interest rate and pay it back with interest over a predetermined repayment time.
The main distinction is that same-day business loans offer funding within a day or less. To get the most of same-day financing opportunities, you’ll often need to keep up with lending industry trends.
Five Types of Same-Day Business Loans You Must Know
Providers of same-day business loans now operate can help smaller companies get through hard times. . There are several business loans and short-term financing options accessible.
1. Business Line of Credit
If you have a line of credit, it functions like same-day business loans in that it lends you money on the go and is accessible anytime you need it. As you make the payments, the line of credit extends anew. It enables you to raise funds just when necessary, pay interest solely on the amount borrowed, and thus build your business credit score.
If you are forming an LLC in Georgia, business lines of credit may be helpful for financing working capital as well as a source for emergency funds.
2. Accounts Receivable Financing
Here, your lenders provide you with a portion of your client’s invoice. This financing allows you to get by until your installments arrive. It includes both invoice factoring and invoice financing. Still, they vary slightly in how lenders collect payments and how invoices are processed.
3. Equipment Financing
Use this type of financing to buy equipment, inventory, or devices to keep your agreements. . You won’t need collateral because the loan gets secured on the equipment itself. It implies that you have a good shot at getting approval even with a bad credit score.
4. Merchant Cash Advance
A merchant cash advance (MCA) is a lump sum of funding you borrow from anonline financing provider. And you repay it with a percentage of your businesses’ daily card transactions. The MCA is a quick and straightforward way to secure a business loan, but it is perhaps one of the more expensive models. The amount approved is calculated as a proportion of the business’s daily transactions. The businesses that use an MCA usually charge back between 20% and 40% of the money borrowed as a factor rate.
5. Working Capital Loans
During a downturn in business, use these loans to finance routine operational expenses like rent, salaries, and utility payments. They are mainly for modest sums of money.
Furthermore, these loans tend to not demand collateral and often get repaid over a year and a half. You might be able to secure a working capital loan very fast, particularly if you’ve previously used one and repaid it on time.
The Pros of Using Same-Day Business Loans
A swifter financing process
The key benefit of same-day business loans is that you will get the financing you need on the same day you ask for them. If you get all the necessary documentation ready and match the qualifying criteria, some lenders even grant business loan approval instantly.
A convenient loan application process
Instant business financing does not call for substantial paperwork. To apply for a same-day business loan, you must provide basic financial details but no extensive financial documents.
Loan approval even with low credit scores
Same-day business loans have far less demanding approval thresholds. This is when compared to traditional company finance. While the criteria for business loan providers differ, it is possible to get a quick small business loan with a credit score as low as 500. Furthermore, many same-day lenders do not ask for collateral.
Repayment discounts
It varies from lender to lender. But at times, a lender may provide an early payment discount if you repay your entire loan amount with interest in a particular period.
The Cons of Using Same-Day Business Loans
Higher interest rates and associated fees
Same-day business lenders deal with the financing and approval of riskier applications. This results in greater default risk. To be profitable and offset the risk in the face of increasing loan defaults, such lenders demand higher interest rates and fees.
Fewer lending alternatives
Conventional lenders, like credit institutions and banks, often do not provide instant business loans. As a result, it’s often harder to identify legitimate lenders who offer same-day loans.
Smaller financing amounts offered
Most entrepreneurs seeking same-day business loans resort to personal loans to cover business expenses. Personal loan amounts tend to be much lower than what you’d expect from a conventional business loan.
Takeaways
The trick to getting a same-day business loan is making sure your financing proposal is thorough. You need to fulfill the lender’s requirements for documentation. And you need to submit documents per the lender’s timeline.
At the same time, it’s critical to remember that there is no need to rush the process of applying for a business loan. These loans can be exceedingly expensive due to high-interest rates. Hence, before you enter into a loan agreement, double-check that you understand all the surcharges, cost of interest, and penalties in your term loan contract.
Author Bio:
Matt Horwitz is the founder of LLC University, a website that teaches people how to form LLCs. Matt is the leading authority in LLC education. He is featured in CNBC, Yahoo Finance, Entrepreneur Magazine, and US Chamber of Commerce. Matt holds a Bachelor’s Degree in business from Drexel University with a concentration in business law. LLC University®, established in 2010, was the first company to create free LLC courses in all 50 states.
There are 125 factors that affect the fundability of your business. Personal credit is one of them. Since it impacts the fundability of your business, personal credit impacts business operations.
Personal Credit Impacts Business Operations in More Ways Than One
Fundability is the obvious one. This is the ability of your business to get funding. If you don’t have funding for your business, it can’t operate.
However, there are more subtle effects as well. For example, if you are worried about your personal finances, business decisions can suffer. You may be more tempted to make decisions based on trying to control personal issues, rather than what is best for the business. Personal financial issues can distract you from running your business well.
Control What You Can, Mitigate What You Can’t
Bad credit doesn’t have to be the downfall of your business. Some factors are out of your control. Others are not. The key is to know what is causing the problem, fix what you can, and mitigate the rest.
One way to mitigate personal bad credit and its negative impact on business operations is to build strong business credit. It can also help to know which types of funding rely most heavily on the credit score from your personal report.
Until you improve your credit, you may not qualify for a traditional business loan. However, there are other options.
Your Personal Score Even Affects the Types of Funding You Can Get
While you are working on improving your credit score, you don’t have to be stuck without funding. You just have to find those types of funding that you can qualify to get with a less than ideal credit score.
Invoice Factoring
If you have open invoices and offer credit to customers in some form, then you can get paid faster with invoice factoring. Usually, this involves invoices with net terms, such as net 30, 60, or 90. You turn those invoices over to a factoring company, and they give you an agreed upon percentage of the total of the invoices. You get this amount of money immediately, and when your customer pays, the factoring company keeps their agreed upon fee while sending the balance to you.
Merchant Cash Advances
A merchant cash advance (MCA) technically isn’t a loan. Rather, it is a cash advance based upon the credit card sales of a business. A small business can apply for an MCA, and have an advance deposited into its account fairly quickly. This is ideal for business owners who accept credit cards and are looking for fast and easy business financing.
A lender will review 3 months of bank and merchant account statements, looking for consistent deposits. They’ll also verify revenue of $50,000 or higher per year and a time in business of 6 months or longer. A lot of Non-Sufficient-Funds (NSFs) showing on your bank statements will likely be a deal breaker, as will excessive chargebacks on merchant statements.
Basically, they want to see that you manage your bank and merchant accounts responsibly. Of course, a decent number of consistent credit card transaction deposits each month is important for this type of financing as well.
Alternative Lenders like Fundbox
Fundbox offers a revolving line of credit for up to $100,000 and will auto debit your weekly payment from your bank account. They connect directly to your online accounting software. You pay in equal installments over the course of a 12 or 24 week plan.
You do need to have a 600+ personal FICO score and $100,000+ in annual revenue, and you must have a business checking account. Ideally, you will also have 6 months in business or more.
Can You Fix Personal Credit?
If you have bad credit, it needs to be fixed. How do you do that? The short answer is, pay your bills. Still, if you already have bad credit, it will take some time for that to make a difference.
Also, make sure your credit report is current and free of mistakes. YIn fact, you can get a free copy of your credit report annually.
The three main reporting agencies when it comes to personal credit are:
You can get a free report from all three each year. How?
Per FTC.Gov:
“You’re entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. Order online from annualcreditreport.com, the only authorized website for free credit reports, or call 1-877-322-8228. You will need to provide your name, address, social security number, and date of birth to verify your identity.”
Once you get your report, read it carefully and make certain all of your information is correct. Contact the appropriate credit agency in their preferred manner if you find a mistake. Each agency has its own procedures for corrections. Generally, you can find them on their website. Online options for disputes are more common now due to the pandemic.
In addition to a free copy of your credit report each year, there are free monitoring services that will give you an updated credit score each month. New information that has been posted to your credit report is available with some of these services. As a bonus, some will offer suggestions as to which factors are dragging down your score. Some of these services even provide real-time credit updates for a fee.
Good Personal Credit Also Affects Business Operations
Of course, a good FICO score will impact business operations as well. Business lenders will generally look at personal credit when you apply. Consequently, good credit will not only help you get approvals, but better rates and terms also.
Maintaining good credit is important for a number of reasons. Keeping your business running is one of them.
What are the 3 Credit Bureaus for Business All About? Are they really different? The 3 credit bureaus all have reports – are any of them more valuable than the others? The 3 Credit Bureaus for Business There are three credit reporting agencies for business in the US: Dun & Bradstreet Experian Equifax Commercial These … Continue reading All You Need to Know About The 3 Credit Bureaus
What are the 3 Credit Bureaus for Business All About?
Are they really different? The 3 credit bureaus all have reports – are any of them more valuable than the others?
The 3 Credit Bureaus for Business
There are three credit reporting agencies for business in the US:
Dun & Bradstreet
Experian
Equifax Commercial
These are the biggest and best-known bureaus reporting on your EIN credit. But they are not the only business credit bureaus.
The 3 Credit Bureaus and Their Data
The major credit bureaus get data from many different places. These may include:
Utility companies
Landlords
Companies that help set up new businesses
Insurance and benefit providers,
The internet, etc.
Dun & Bradstreet
They are the oldest and largest of the 3 credit bureaus. You need a D-U-N-S number to start building business credit. No D-U-N-S number? Then get one; they’re free. This number gets a business into their system. Check with D&B to see if they have a record set up for you now.
Get Set Up with D&B
If your search with D&B doesn’t show you have a D-U-N-S number, you’ll need one. This is a nine-digit number issued by Dun & Bradstreet. It’s assigned to each business location in the D&B database. Each business has a unique, separate, and distinct operation for the purpose. Every business must first have a D-U-N-S number before D&B will assign a PAYDEX business credit score.
Get a D-U-N-S number on the D&B site. During the D-U-N-S set up process you’ll be asked for a lot of information. If you select that you’re a government contractor, you’ll get a D-U-N-S in about 1-2 weeks. But if you don’t pay D&B anything and aren’t a contractor, it can take up to 30 days to get a D-U-N-S.
Your Initial D&B Record
But what if you find a record? If you pull up a record for your business with D&B, then consider pulling your actual business credit report. To do so, you’ll need to enroll for credit monitoring. In doing so, you’ll see if you have any credit reporting. You’ll also see if you have scores. If you have negative items on your report, then dispute those through Duns Manager.
Build Business Credit with D&B
One way to start building your business credit is by using D&B’s Credit Builder program. With this option, you are only setting up credit with D&B, and not Experian and Equifax. This runs $149 monthly (as of July 2021).
Dun & Bradstreet Scores
The main score is PAYDEX. But a business will not get a PAYDEX score, unless it has at least 3 trade lines reporting, and a D-U-N-S number. A business must have BOTH to get a D&B score or report.
In general when D&B does not have all the information that they need, they will say so in their reports. But missing information does not necessarily mean a company is a poor credit risk. Instead, the risk is unknown. They favor objective and statistically derived data, rather than subjective and intuitive judgments. D&B’s database contains millions of companies around the world.
PAYDEX Score
This is Dun & Bradstreet’s dollar-weighted numerical rating of how a company has paid the bills over the past year. D&B bases this score on trade experiences reported by various vendors. The Score ranges from 1 to 100; higher scores mean a better payment performance. PAYDEX scores reflect how well a company pays its bills.
PAYDEX Yearly Trend
Reports also contain a PAYDEX Yearly Trend graph. It includes detailed payment history. with payment habits and a payment summary. This helps show whether a business pays its bigger bills first or last.
D&B Rating
This rating helps companies quickly assess a business’s size and composite credit appraisal. D&B bases this rating on information in a company’s interim or fiscal balance sheet plus an overall evaluation of the firm’s creditworthiness.
The scale goes from 5A to HH. Rating Classifications show company size based on worth or equity. D&B assigns such a rating only if a company has supplied a current financial statement.
The rating contains a Financial Strength Indicator. It is calculated using the Net Worth or Issued Capital of a company. Preference is to use Net Worth. D&B will show if a business is new or if they never got this information.
This section also adds a Composition Credit Appraisal. This number runs 1 through 4, and it reflects D&B’s overall rating of a business’s creditworthiness. Lower numbers are better. A D&B rating might look like 3A4.
Financial Stress Class
Numbers range from 1 to 5. 1 is businesses least likely to fail. 5 is firms most likely to fail. The Financial Stress Class measures likelihood of failure.
Credit Score Class
The Credit Score Class measures how often a company is delinquent in paying its bills. Numbers range from 1 to 5. 1 is businesses least likely to be late. 5 is firms most likely to be late making payments. More granular scores run from 101 to 670. 670 is the highest risk.
Monitoring Your Business Credit with Dun & Bradstreet
D&B offers Credit Evaluator Plus. According to them, it’s “A credit report for simple credit decisions.” It can help you quickly determine a company’s risk of late payment. And it can help you identify how much credit to extend based on a company’s D&B PAYDEX® Score, D&B Maximum Credit Recommendation, and past payment behavior. As of the third quarter of 2021, it costs $61.99 to get a report for one company.
D&B also offers:
Business Information Report Snapshot ($139.99 per report)
Business Information Report On Demand ($189.99 per report)
Credit Reporter ($799 for 5 reports)
All three offer what Credit Evaluator Plus does, with some extras. All prices are current as of the third quarter of 2021.
Monitoring Your Own Business at Dun & Bradstreet
Dun & Bradstreet also sells CreditSignal®. You can view four Dun & Bradstreet business credit scores and ratings for 14 days. Get unlimited access to inquiry, legal event, and trade payment summary data.
Receive email notifications when a change occurs in your business credit report. Free alerts to changes to these D&B® scores and ratings, including your D&B PAYDEX score. CreditSignal is free.
Experian
Experian focuses on providing data and analytics to help businesses better assess risk. They use both consumer and business credit information to gauge risk. They have found that blended data and reports work a lot better for them.
For troubled businesses, blended scores dropped an average of 30% over the four quarters leading up to a bad event. But the owner’s consumer scores showed no statistically significant decline during the same period.
Per Experian: “By combining personal and commercial credit information in one report, Experian provides a complete picture of the creditworthiness of small businesses.”
Get Set Up with Experian
Many credit issuers use Experian to see if you should get approval for a credit card, and how much you should get. Get started with Experian by using their BizVerify system. See if Experian has information about your company already. Verify the information they have.
If your initial search shows your business information, pull your Experian credit report. Do so even if you have no trade lines. This is because Experian will give you a low, failing credit score. And this is if they have even basic information about your business.
Experian says:
“Experian® requires minimum information to generate a score. If a business doesn’t meet these requirements, a score is not generated. Minimum information is at least one tradeline and/or one demographic element.
[these are] Demographics such as years on file, Standard Industrial Classification codes and business size.”
Working with Experian
It only takes one account reporting to change credit status from high risk to low risk. Even one reported trade line can change a score from 27-29 to 85-100. That is, once that account is on an Experian report. Get approval for an account from a vendor which reports. Buy something and pay the bill. It takes about 30-90 days after that for that account to report.
Business Credit Scores range from 1 to 100. Higher scores show lower risk. This score predicts the likelihood of serious credit delinquencies in the next 12 months. It uses tradeline and collections information, public filings as well as other variables to predict future risk.
Experian Financial Stability Risk Rating
Scores range from 1 to 5. Lower ratings show lower risk. A Financial Stability Risk Rating of 1 shows a 0.55% potential risk of severe financial distress in the next 12 months. Experian categorizes all businesses to fit within one of the five risk segments.
This rating predicts the likelihood of payment default and/or bankruptcy within the next 12 months. It uses tradeline and collections data, public filings, and other variables to predict future risk.
Credit Summary
This section contains several counts of various data points
Current Days Beyond Terms (DBT)
Current total account balance
Highest credit amount extended
Number of payment tradelines
The number of business inquiries
Number of UCC Filings
A percentage of businesses scoring worse than the company outlined in the report
Number of bankruptcies and liens
Payment Trend Summary
This section has two graphs. They show the company in question versus its industry on:
Monthly payment trends
Quarterly payment trends
These are the percentages of on-time payments by month and quarter, respectively.
Score Improvement Tips
Experian offers suggestions on how to improve your reports, such as:
Getting net-30 terms, if possible, from existing and future tradeline suppliers
Paying accounts on time or working with the tradeline supplier to work out a payment plan so a business is not reported delinquent
Lowering credit use
Making sure all the information in the report is correct
Available options provide varying levels of detail. One such report is the Experian CreditScore SM Report. Get an Experian Business Credit Score (Intelliscore). You also get the Experian Financial Stability Risk Rating. Get information on derogatories like judgments, tax liens, and bankruptcies. Learn about any fictitious business name information in the file. As of the third quarter of 2021, this report costs $39.95.
Experian ProfilePlus SM Report
In addition to the Experian CreditScore Report, get:
Trade payment detail
Inquiry detail
UCC detail
Corporate financial information
As of the third quarter of 2021, this report costs $49.95.
Experian Business Credit Advantage SM Subscription Plan
You get (among other information):
Trade payment detail
Inquiry detail
UCC detail
Corporate financial information
As of the third quarter of 2021, this annual subscription costs $189.
Experian Business CreditScore Pro SM Subscription Plans
This is Experian’s most comprehensive plan. Along with everything above, you also get credit limit recommendations. Get reports on 30 businesses per month. As of the third quarter of 2021, this subscription costs $1,495 per year.
Experian BizVerify Report
This is Experian’s snapshot view of a business credit file. Use this report to verify that a new business is in their National Business Database. This brief summary report provides any available information on a business’s registration information. This is even for businesses that don’t yet have an Experian business credit score.
It isn’t much of a monitoring product; it’s more to make sure a business is in Experian’s records. As of the third quarter of 2021, this report costs less than $20.
Equifax
Most credit issuers and trade vendors report to D&B and Experian, not Equifax. So when you find trades that report to Equifax, apply, get approval, use your credit, and pay your bills on time. That way, you’ll build your reports and scores.
Many lenders pull your Equifax credit report for lending decisions. Your Equifax profile and score can also be a part of your FICO SBSS score. SBA lenders use this score for SBA loans. Build credit with Equifax when you can because it’s vital to getting the loans you need to grow your business.
Get Set Up with Equifax
If your search shows that Equifax has a record of your business, pull your Equifax reports and scores. See if you have trades reporting. Equifax can have an established report and score for you even if you have no trade lines reporting.
This is especially true if you have some type of public record out there, like a bankruptcy, lien, or lawsuit. In this case, access your Equifax company report and score even with 0 trades reporting.
Equifax Data
The company gets data from a data sharing agreement with the Small Business Exchange. They also use net 30 type industry trade credit information. They also get data from various suppliers of products and services to businesses on an invoice basis. Equifax combines financial data with industry trade credit data.
They add utility and telephone data and public record information. These are bankruptcies, judgments, and tax liens. Reports contain many calculated scores.
Credit Summary – synopsis of credit accounts with banks, suppliers, and service providers
Public Records – Secretary of State business registration, judgments, liens, or bankruptcies
Risk Scores – Equifax Business Credit Risk Score and Equifax Business Failure Score
Payment Index – a 12-month payment comparison to the industry norm
Additional Company Information – alternate business names, owner names, and guarantor names
It also includes business and credit grantor comments.
Credit Risk Score
This score runs from 101 to 992, and higher numbers are better. This section also shows key factors. These are positives and negatives about your business. Such as how old your oldest account is, and whether you have any charge-offs, and the size of your business.
Payment Index
A Payment Index score runs from 0 to 100, and higher numbers are better. It also shows Industry Median. Reports contain a table explaining the numbers:
90+: Paid as Agreed
80-89: 1-30 days overdue
60-79: 31-60 days overdue
40-59: 61-90 days overdue
20-39: 91-120 days overdue
1-19: 120+ days overdue
Monitoring and Disputing Issues with Your Equifax Report
Equifax will not change your scores without proof. They are starting to accept more and more online disputes. Include proofs of payment with it. These are documents like receipts and cancelled checks. Correct Equifax issues on their website. Be specific about the concerns with your report. As of the third quarter of 2021, you can order a single business credit report for $99.95. Or order a business credit report multi-pack (5 for the price of 4) for $399.95.
Monitor Business Credit at the 3 Credit Bureaus for Less
All these reports are expensive! But did you know that you can get business credit monitoring for all 3 credit bureaus, and all in one place – for less? Credit Suite offers monitoring through its Business Finance Suite (through Nav). See what credit issuers and lenders see. So you can improve your scores and get the business credit and funding you need.
Improving Your Reports
Whatever improves one report, is bound to improve your reports at the other two of the big 3 credit bureaus. Paying off accounts always pays dividends. So does avoiding bankruptcies, and correcting errors as you spot them.
The 3 Credit Bureaus: Takeaways
D&B is the largest of the 3 credit bureaus for business. Experian uses blended personal and business data. Lenders tend to use Equifax. Actions you take to improve one report tend to improve the other two. Let us help.
Do you consider yourself a Google expert? Think you know all the ins and outs of the search behemoth?
If you answered yes to either of those questions, you might be in for a surprise.
Google contains myriads. The search giant constantly evolves its algorithms and offerings, from secret search functions to in-house SEO guides.
Read on to learn more about Google’s secrets.
1. Google Has Advanced Search Functions: Boolean Operators
We’re all incredibly familiar with the Google search bar, given that 84 percent of us admit to searching Google at least three times a day. However, the search engine also comes equipped with some pretty cool, advanced search functions many don’t know about. These built-tools range from a hashtag search function guides that enable users to optimize for search engine optimization (SEO) and everything in between.
Below, we break down the four most useful secret Google search functions so you can start mastering these secret tricks.
Search for Similar Google Results With Related
Adding “related:” to your search terms lets you include similar or identical topics. This can be beneficial in broadening your search but allow you to keep the results in the same thematic area.
This search feature can aid online business owners or marketers in identifying competitors. By assessing business type, content, and category, Google can show vendors offering similar products and services. This often makes research into competitor search ranking, social strategy, and other marketing functionality easier.
Searching Social Media Profiles and Mentions With Google
With over 49 percent of the global population using social media, it’s safe to say there’s an overwhelming amount of profiles to sort through.
With the social media search Google secret, you can use the @ symbol followed by the handle of an account. Google will compile results for that user, including web pages and tweets.
You can also narrow your search by typing those terms followed by the site you want to search, like Twitter. This could show you the person’s account, mentions of their account, and accounts using similar handles or owned by people with the same actual name.
This can help you isolate mentions of competitors or brands you want to explore further.
Use Google to Search for Hashtags
Much like the above @ function, you can find much more than profiles with Google search functions.
Use the # symbol to aggregate hashtag results, including the social presence associated with the words or phrases.
For example, if you search #digitalmarketing and change the search date to the past 24 hours under “Tools,” you’ll see the most recent posts across social media that discuss digital marketing.
If you want a tight lens, change the result type to verbatim using quotation marks—”#digitalmarketing”—to exclusively see the use of the hashtag.
This search functionality lets marketers see which keywords align with your brand’s message while simultaneously investigating how competitors use social media.
Google Lets You Access a Site’s Cache
From identifying how frequently your site is crawled to relaying information about a page that’s currently down, you can learn a lot from caches.
To access the saved copy of a website, simply use the cache: search command before a site’s URL.
You can view the most recent version of a site within the cache copy, so don’t expect to find a years-old draft.
Within the cached copy, you can view the full version, text-only version, or view source. You will also see the timestamp and snapshot taken by Google.
2. Google Makes Thousands of Updates Each Year
While in its infancy, Google didn’t make many updates to its algorithms annually. Now, the algorithm is updated countless times a year.
Why should you care about this (fairly open) Google secret?
Updates mean changes to how pages display in the search engine result pages (SERPs) and can impact your search visibility.
While these updates have historically ranged from removing spam to ad placement on the SERPs, there’s a significant update on the horizon impacting how marketers gather information about their intended audience.
Google plans to remove all third-party cookies from its engine. Used as a tool for tracking individual movement across the web, cookies have not only long been a marketer’s best friend but also a security threat.
While cookie removal is a massive update, tons of additional updates can impact your digital strategy in other ways.
To stay ahead of these updates, take steps to ensure that you build agile, editable sites and pages that can roll with the changes, setting you up for digital success.
3. Google Knows When Users Exit a Page [Bounce Rate]
Have you struggled to boost email sign up, increase site search traffic, or get more leads?
If you answered yes, the root cause of your problem may be your bounce rate.
Your bounce rate refers to the number of individuals who visit your landing page and leave without conducting any other interaction.
Bounce rates are important metrics because they allow you to understand audience on-page behavior.
And Google has a clear record of this behavior through Google analytics.
If you’re experiencing high bounce rates and struggling to achieve your marketing goals, don’t fret. There are several steps you can undertake to reduce your bounce rate:
Improve Content Readability
Does your content look like one big chunk?
If so, you need to break it up.
Ideally, your content should be quick and consumable. Here are a few tips for making your pages more readable:
Use images to break up the labor of reading.
Use quotes to underscore reliability and break up the text.
Use subheading.
Bold keywords.
Ask questions to engage readers.
End your landing page or content with a subheading titled conclusion.
Write Strong Meta Descriptions
Meta descriptions are HTML attributes that explain what a searcher can anticipate finding on a given page. Search engines use these descriptions to determine what your page is about.
Ideally, meta descriptions should be 155 characters long. If you exceed this length, the searcher will see an ellipsis (…) at the end of the description. This can result in a higher bounce rate since your site may not have been adequately described.
To optimize your meta descriptions, try to reach that ideal character length of 155 and include relevant keywords.
Use Interactive Content
Are you looking to engage site visitors? There’s no better strategy than using interactive content.
Interactive content entices users to take action rather than simply bouncing from your site. This way, you can lead visitors to explore your site to learn more about your organization.
Examples of interactive content include infographics, e-books, lookbooks, quizzes, and checklists, all of which create and maintain engagement.
4. Google Releases Their Own SEO Guides
While some things at Google may seem hidden, Google releases its own SEO guides.
These guides cover nearly everything you need to know about succeeding with SEO on Google.
5. Google Holds Secret Conferences
For the last decade, Google has hosted an event dubbed Google Camp during the summer.
Don’t let the cutesy name fool you—this isn’t a bootcamp for coders or developers.
It’s a star-studded meeting of the minds that occurs during the summer months.
Annually themed, the camp has covered humanitarian topics like global warming and education.
You can find former presidents and current starlets, fashion designers, and tech leaders attending these events.
And while admittance to this event is highly selective (not to mention expensive), attendees allegedly enjoy in-depth conversation and relaxation.
6. Google Is Loaded With Fun Easter Eggs
While Google may be the world’s most-used search engine, it is also arguably the world’s most fun search engine. Chock full of Easter eggs that range from solitaire to the functionality to create a heart-shaped graph, you can find a way to entertain yourself when taking a break from customer research. We break down our current three favorite Easter eggs below.
Animal Sounds
Whether you’re teaching your kids the nuances among varying animal sounds or simply want to have some nature-themed time, this secret feature is endlessly delightful.
To access Google’s animal sounds feature, enter the search phrase “animal sounds” into the search bar and let the fun begin.
Tic Tac Toe
If you’re in search of another distracting Google Easter egg and are craving nostalgia, you can try your hand at a classic game of X’s and O’s.
Simply enter the term tic tac toe into the search bar, and you’ll be on your way to a competitive game with Google AI.
Coin Flip
Found yourself sitting with a yes or no question that the flip of a coin can only decide?
If you don’t have a quarter on hand, don’t fret. Google has one for you. Simply enter the phrase flip a coin into the search bar, and you’ll have your answer.
7. Google Provides Directions Directly From the Search Bar
While you probably use Google Maps in your day-to-day life, you can also score directions to any location directly from the search bar. For example, simply type “directions to [destination] from [location]” into the search bar, and Google will provide step-by-step directions. You can even choose whether you’d prefer directions by car, public transit, or foot.
8. Google Enables Search Within Websites
If a website doesn’t include a search function, don’t fret. With Google, you can search a website’s content for a specific query. Simply add site:[website] to the beginning of your search, and you’ll be directed to results from that particular site rather than the entirety of the web.
9. Google Enables Search for Movies, Books, and News
While most Google users know how to conduct image and video searches, did you know you can further vary your search results by medium?
If you’re searching for a book, click the menu item entitled “More.” From here, you can select books, news, or movies and remove any other search clutter that gets in the way of your aim.
10. Define Your Number of Search Results
While we all aspire to land on Google’s first page, sometimes the information you need doesn’t land there. To view more search results, select “Settings” below the right-hand of your search bar on the results page. From here, you can adjust the number of search results that appear.
Google Secrets Frequently Asked Questions
Does Google Have Secret search functions?
Yes! While you may be using standard search queries in the search bar, Google possesses deeper functionality than meets the eye.
Does Google update its search algorithm, and should I care?
Yes, and yes. Google makes thousands of updates to its search algorithm annually. These updates can significantly impact how your site manifests on the SERPs.
How can I keep up with Google’s changing algorithm?
While the answer here is two-fold, we believe that the best offense is a good defense. While many of Google’s more extensive changes are publicized before they go into effect, some are not. By building an adaptive and agile site, you can prepare for whatever updates come your way.
Does Google Really Hold Secret Conferences?
Yes, they do. Every year, guests gather in the summer at a themed retreat focused on a humanitarian issue.
Yes! While you may be using standard search queries in the search bar, Google possesses deeper functionality than meets the eye.
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Google Secrets: Conclusion
Regardless of whether you’re a digital marketer or a business owner, it never hurts to learn more about the search engine that drives the majority of traffic to your website.
If we’re honest, we all want more legitimate site visitors, better optimized SEO, and high-converting web pages, right?
As you learn more about Google secrets, you can use them to your advantage.
That SEO guide? We would suggest getting very familiar with its contents.
And while you may not find yourself in Southern Italy at Google Camp, you will have a much better chance at finding your site ranking on the first page of Google’s SERPs.
Retired Border Chief Rodney Scott sent a letter to Senate leadership warning that the border crisis is unsustainable.
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