While looking through your business objectives, you suddenly feel your organization needs to shake things up a bit. Unfortunately, your in-house team doesn’t have the required expertise to push through change. So what do you do? Hire a consultant, hands down. A consultant can provide your company with specialized knowledge to help solve specific problems, … Continue reading How to Work With a Consultant: The Ultimate Guide
Tag: Ultimate
How to Work With a Consultant: The Ultimate Guide
While looking through your business objectives, you suddenly feel your organization needs to shake things up a bit. Unfortunately, your in-house team doesn’t have the required expertise to push through change.
So what do you do?
Hire a consultant, hands down.
A consultant can provide your company with specialized knowledge to help solve specific problems, allowing you to gain a competitive advantage.
In a nutshell, they can give you expert opinions, analysis, and recommendations that can help ensure a more objective-based approach to grow your business and maximize sales – all at the same time.
Plus, an outsider’s perspective can likely improve strategizing and troubleshoot problems effectively too.
Our team at Neil Patel Digital has compiled the ultimate guide below to help you understand the nuances of working with a consultant for the best results.
Let’s start by reviewing how you can find the best consultant for your company.
How to Find a Good Consultant – Getting the Interviewing Process Right
Let’s face it: None of us know everything about growing and managing a business.
The scope is big, and covering every part of the syllabus isn’t possible.
Hence, it makes perfect sense to seek the counsel of experts who are right for you and your business.
And no, no one is going to judge you because you can’t solve your problems, whether it’s reducing expenses or creating an audience for new market entry.
When hiring a consultant, make sure you follow these five simple and important guidelines:
Person of the Highest Character
A good consultant must have an unimpeachable character and be a thorough professional who is willing to put the best interests of your company ahead of their own.
For instance, they must be willing to tell clients things they need to hear but may not want to – even if it means losing business. Ever ready to put their best foot forward, the expert should deeply care about helping their clients achieve their business objectives.
Experience and Expertise
The only way that a good consultant can meet challenges and identify opportunities is when they have years of experience and expertise to create effective strategies.
The consultant doesn’t need to know your company or industry niche, but they should have the relevant knowledge to understand what to do next to enhance campaign efficiency and deliver results.
Additionally, they should have applicable certifications and technical knowledge. So if you want to launch paid campaigns, find out whether the prospective consultant has the niche-specific qualification.
For instance, a Facebook ad consultant should know how to use Facebook Pixel, Facebook Ad Manager, and Power Editor. On the other hand, an AdWords consultant should be Google AdWords-certified and know how to improve ad Quality Score.
Creative Problem-Solving Skills
If there is one thing your consultant should be, it‘s an outstanding problem solver.
After all, the whole point of hiring a consultant is to solve specific pain points, along with taking advantage of opportunities.
Most of this is highly dependent on the mentality and excellent analytical skills to create and synthesize campaigns or business processes. Consultants have to be quick and effective learners and have the capability to solve problems through an imaginative and creative thought process.
Spot-On Interpersonal Skills
You need to trust your consultant if you want a successful collaboration, especially since revealing intimate details of your business is a necessity here.
Think of it as a relationship similar to that between a doctor and patient.
In the absence of complete candor, the consultant’s efforts may not be very effective, and hence, won’t help solve problems.
So make sure you choose a candidate who you feel you can develop a professional relationship of comfort and trust with.
Effective Communication Skills
Strong communication skills – oral as well as written – is mandatory for a good consultant.
An articulate thinking process and writing eloquently can also have a positive effect on your company’s target audience.
Communication is a two-way street, though.
No matter how great a consultant is, they won’t be able to help you until they fully understand the challenges you face, so make sure you’re clear about your pain points, vision, and challenges.
Remember, having the right consultant can create tremendous value. But if you get it wrong, it can also destroy value.
What to Expect When Working with a Consultant
Once you’ve chosen a consultant, there are certain expectations on both sides that you should know to ensure consultancy success.
Onboarding Process
One thing that you can expect from a responsible consultant is availability and responsiveness.
Make sure all the credentials are verified and that the necessary HR paperwork and background checks are properly performed. Once everyone is on the same page, formal documentation should be signed and delivered to the involved parties.
During onboarding, make sure you maintain open dialogue to make the process smooth and fuss-free.
Role Clarification
Everyone involved in the project or task should be clear about what is expected from them and why they’ve been hired.
You can give the consultant your company‘s mission and vision statements, along with other key documents to help them see the bigger picture.
Don’t be afraid to give the consultant measurable goals. You can work with them to set SMART goals that not only clarify all your expectations but also set parameters to measure the overall progress and performance.
Holding Discovery Sessions and Meetings
It’s almost impossible for a consultant to create any strategy for your company without having an in-depth understanding of your business objectives.
Hence, you have to be prepared to answer a lot of questions from your consultant. In fact, make sure that the consultant does clear their doubts as otherwise, the campaigns will likely fail. This includes:
- Questions about your current benchmarks, segment objectives, and overall goals.
- Questions about customer expectations and strategizing accordingly.
- Questions about KPIs and metrics for performance measurements.
- Question about tactics and various marketing channels for boosting customer engagement.
Once the consultant understands your current situation, they‘ll work out a game plan to tell you your final destination and think of ways to help you get there.
Reviewing the Final Game Plan
At this stage, the consultant will present their tailor-made ideas and strategies to suit your business needs in front of you and your employees.
This, of course, will depend on the project and the consultancy provided by them. For instance, a digital strategy consultant should cover various aspects related to advertising, such as media, public relations, digital marketing, and print advertising.
You can also propose reviews by looking at the presentation and examples from the previous clientele of the consultant.
Here’s what you can do:
- Ask for performance data for evaluation.
- Discuss campaign elements, especially priority points.
- Spot knowledge gaps and weak points in strategy, and ask for alternatives.
Strategy Implementation and Result Monitoring
Once you give the final go-ahead to the plan, the consultant will then launch the business campaign or start implementation.
After execution, the consultant should collect and analyze data to give you insights about the campaigns. You can allow suggestions made by them to enhance campaign effectiveness or adjust budgets accordingly.
You may not see immediate results, but you can still use the gained insights for crafting better campaigns.
How to Measure Success
Measuring the ROI of a consultant can be a challenging prospect. More so, because they help in several areas – many of which are measured in long-term growth.
In fact, according to the Predictive Index Consultant Report, nearly 27% of companies don’t want to hire consultants because measuring ROI is too difficult.
The first thing that you should do is approach the consultant-owner relationship with an actionable viewpoint by doing the following:
- Set specific, measurable goals from the very beginning.
- Figure out ways to measure the intangible benefits of their work.
Additionally, you can use certain metrics, such as:
- Open rate
- Click rate
- Bounce rate
- Response rate
- Unsubscribes
- Lead and conversions
- Return on ad spend (ROAS)
- Brand engagement on website by finding out the number of unique visitors, return visitors, and total time spent on the website
Make sure that you select the right KPIs that allow you to analyze your business campaigns effectively. Otherwise, you won’t be able to measure the success of the consultant’s strategy.
For measuring intangible benefits, gauge the difference in your team’s confidence before and after hiring the consultant. You can also carry out an internal survey or reference feedback.
Where to Find Consultants
We’ve already established that you need to define the problem you’re facing before hiring outside experts.
Once you’ve done that, you can get on the task of finding the right consultant for your business.
Usually, the best way to find good consultants is to use word of mouth. Talk to your past clients and ask them for references. Ask them about the problems the consultant helped solve, objectives they helped achieve, and whether they would hire them again.
The other way is to post project details on platforms like Reddit, Guru, Upwork, Freelancer.com. You can also select a freelancer profile from these marketplaces.
Another excellent way is to scan the respective consultant on LinkedIn profiles and blog posts. You can learn a lot about their personality, work ethics, and value that you may not identify while interviewing them. Twitter is also another platform to consider.
However, if you want to work with seasoned consultants – something that we highly recommend – you can do a basic Google search. Visit the websites of these companies and fill in their inquiry forms to schedule a discovery call.
Make sure you pay a lot of attention to the consultant’s personality and consulting style. It’s necessary for them to fit in with your corporate culture and gel with your team – just as any new employee should.
Do they listen to you properly? Do they have high emotional intelligence? All these are important questions you should consider before hiring.
Make sure that you do your homework on the prospect, whether a person or firm, to determine their suitability to solve your exact situation.
The worst thing you can do is force a square peg into a circular hole, which will only lead to time, energy, and money wastage. In other words, you’ll end up in the same place you started.
What Kinds of Budgets and Prices to Expect
A good consultant will always ask the budget before chalking up campaign frameworks or strategies.
Some consultants work with clients having a monthly budget of $400 for ads, while some only go for businesses with budgets greater than $3000 per month.
So you have to decide the kind of money you are ready to spend and then find candidates who have previously worked with similar budgets.
As for pricing, every consultant charges their own fee depending on their expertise, experience, and goodwill. Typically, there are three pricing models:
- Daily rate
- Project fee
- Retainer fee
Hence, you can either offer them a “set rate,“ provide an upfront retainer fee for the work the consultant will do over a specific period, or finalize an hourly rate.
Also, don’t be afraid to negotiate – even consultants expect it.
The Different Types of Consultants
A consultant often specializes in specific fields where clients need in-depth expertise. This makes them better equipped to solve particular situations by using expert tools and a greater target audience understanding to avert any crisis.
Consultants generally fall into five categories. These are:
Strategy and Management Consultants
These consultants have a market-specific understanding and know the best practices of your industry niche. As a result, they can offer the following:
- Enlarge your market footprint
- Reorganize businesses for greater efficiency and cost savings
- Expand your product offerings
- Helps make informed decisions regarding equipment purchase or company buyouts
Human Resources Consultants
These consultants work specifically on employee needs.
Whether it’s recruiting top talent, determining compensation to align with company goals, or improving employee retention, an HR consultant can streamline everything using their leadership and communication skills.
IT Consultants
IT is one area that is experiencing tremendous consulting growth.
With the rapidly increasing relevance of technology and tech support, companies have started hiring consultants to facilitate better integration and improve their computer or phone systems, upgrade servers, and ensure efficient storage space.
These consultants are also known as ICT or digital consultants that help clients with the development and application of information technology within their organization.
Operations Consultants
These are individuals or agencies that can help clients improve operations efficiency and performance.
Activities in this segment vary from advisory services to hands-on implementation support for primary functions (sales, production, marketing, etc.) and secondary functions (finance, supply chain, HR, legal, etc.). They can help to improve quality, minimize steps or mistakes, increase margins, and decrease costs.
Sales and Marketing Consultants
As one would expect, sales and marketing consultants primarily focus on the marketing and advertising aspects of organizations. They perform the following tasks:
- Work on positioning statements
- Create effective marketing plans
- Develop a brand from scratch
- Launching advertising campaigns
- Initiating sales process and suggesting improvements
- Establishing social media strategies
- Designing sales training and coaching material
Financial Advisory Consultant
These are consultants who operate in the financial advisory segment. Their main job revolves around working on questions that address financial capabilities as well as analytical capabilities within an organization.
Furthermore, every consultant can have varied profiles, ranging from M&A to risk management to real estate consultancy to tax.
Agencies vs. Consultants – What Is the Difference?
Agency and consultancy: Two words, but they are worlds apart in approach.
The main differences between these two terms ultimately boil down to the following:
Team Know-How
Agencies – whether big or small – are almost always larger than consulting firms. As a result, they have a wider range of creative talent, team members, and skillsets. You are also assured of more resources with them.
Despite the smaller size of consultancies, there is a built-in rhythm that makes them more agile when adapting to rapidly changing business landscapes. They often have specialists in specific fields that can solve pain points – provided it fits their suite of knowledge.
Also, agencies commonly implement more activities, such as advertising, digital or media plan, web designing, and so on. On the other hand, consultancies are more focused at the strategic level, which involves building brands for long-term health and commoditizing strategy execution.
Varying Budgets and Mandate Size
Any reasonable professional will always consider the overall cost to make sure it fits their budget.
This is precisely why you should decide between an agency and consultancy after determining your business size, budget, as well as the breadth of your mandate.
For instance, if you run a small operation that requires a quick turnaround time, heading consultancies will be right up your alley. But if you have more wiggle room, resources, and time, you can opt for an agency.
We would highly recommend getting roadmaps with key deliverable dates and timelines from respective partners after you finish aligning your budget and timelines. This will help you understand the overall projected costs more effectively.
Brand Vision and Time Factor
If you choose to work with creative agencies, you get the option to choose your partner based off on your vision and past campaigns. They give you hundreds of options to choose from after taking your idea to make things easier for you.
Also, since creative processes go through several rounds of conceptualizations, the turnaround time is a bit longer, but you are assured of high-quality campaigns.
Consulting firms allow clients more latitude to push their vision and opt for a more hands-on experience of collecting data and designing campaigns.
Since consultants usually try to immerse themselves wholly in their client’s team, the turnaround time is typically faster as well. That said, the size of a consultancy can increase time, in case they have a huge reserve of past work.
Offered Solutions
Agencies are popular for creating some of the most engaging, inspiring, and emotional (you can insert more positive adjectives here) brand campaigns.
While the process is definitely a little longer than working with the consultant, they do specialize in distinct areas that facilitate better strategy execution.
Consultants, on the contrary, dig deeper to solve your problems. You‘re assured of more direct and quicker solutions thanks to their hands-on approach.
The post How to Work With a Consultant: The Ultimate Guide appeared first on Neil Patel.
The Ultimate Guide to B2B Local SEO
Is your company tapping into its local customers through B2B local SEO? Although business-to-consumer (B2C) brands often leverage local marketing, business-to-business (B2B) ones tend to take a broader approach. B2B brands without storefronts are even more likely to have their local marketing strategies slip through the cracks. That said, there are enormous opportunities for B2B …
The post The Ultimate Guide to B2B Local SEO first appeared on Online Web Store Site.
The Ultimate Guide to B2B Local SEO
Is your company tapping into its local customers through B2B local SEO?
Although business-to-consumer (B2C) brands often leverage local marketing, business-to-business (B2B) ones tend to take a broader approach.
B2B brands without storefronts are even more likely to have their local marketing strategies slip through the cracks.
That said, there are enormous opportunities for B2B companies to tap into the local market’s power.
46% of all Google searches are local, so if you’re not targeting people in your area, you may be missing nearly half of your potential consumers.
Consumers regularly search online reviews and research businesses in which they’re interested. This trend continues to grow—a BrightLocal study showed 90% of consumers used the internet to find a local business in the last year, with 33% looking every day.
Are you wondering how to attract local customers? The answer is deceptively simple: optimize your local search engine optimization (SEO) strategy.
Let’s dive into critical areas and explore the best ways to enhance your B2B local SEO strategy.
What is B2B Local SEO?
B2B local SEO is about improving your online search visibility for nearby customers in your physical service area.
There are several ways in which local SEO varies from traditional SEO. Several ranking factors can move the needle in different ways.
Some of these include a searcher’s location, your Google My Business listing, online reviews, your website’s mobile optimization, and more.
Begin the process with a B2B local SEO audit. This will help you define which areas need enhancement.
When done right, local search engine optimization will help your website rank higher for specific, relevant searches.
When you rank higher, you become more visible to searchers. Higher visibility in local searches often leads to more sales, leads, conversions, and revenue.
Create and Optimize Business Listings
Once your audit is complete, you can focus on tactics to take your B2B local SEO presence to the next level.
Start the process of optimizing your business for B2B local SEO by getting everything squared away with Google.
First, audit your Google My Business listing. There are several guidelines for representing your business on Google.
Most importantly, to get a Google My Business profile, your company must engage with customers—in person. This means you need a physical address, not a P.O. box or virtual office address. Businesses that travel to customers may also qualify.
This may make it seem like only B2C companies qualify. But, this isn’t necessarily true. Google has an array of categories, and many apply to B2B brands.
Major categories include food establishments, attractions, professional services, personal services, entertainment, retailers, transportation, and more. If you provide any services to companies, your B2C is likely eligible for Google My Business.
The way you represent your business on Google should be consistent with how you showcase your business to the world.
Ensuring all the information on your Google My Business page is accurate is also critical to local SEO for B2B marketing.
When someone searches for your business, if your Google My Business is set up correctly, your listing appears in a box on the right side of Google’s search results.
It contains all the basics about your business, along with reviews. If you don’t fill out your address, phone number, website, and hours, local customers won’t find you as easily.
Then, there are the results that appear at the top of a Google search when someone searches for something more general, like “printing services in Las Vegas.”
Ahrefs refers to these as “snack pack” results.
The “snack pack” box displays the top local business listings most relevant to the search, along with a map showing where each is located.
Google’s customer reviews are also vital. They help increase transparency and establish trust in your brand. You can also gain a lot of insights into your customers’ perceptions through them.
Both positive and negative feedback can tell you a great deal about how your business is faring in the “real world.” Use these reviews to improve your business.
Content Marketing and B2B Local SEO
Creating content is a great way to optimize for B2B local SEO. You want people to find you quickly, and there are many ways to get your business on page one of Google fast.
Perhaps most importantly, you need to use specific keywords related to your industry, products, and area of expertise.
When people search for those terms, your website is more likely to show up if you included them.
Your homepage should clearly illustrate your business. Your “About” and “Contact Us” pages should also feature details your customers may want to know.
This goes for both front- and back-end content. Your title tags, header tags, and meta descriptions should also contain vital information about the business.
Conduct keyword research and determine which ones make the most sense for your business.
The keywords should be contextually relevant and make sense for the audience you’re targeting. In other words, quality matters over quantity.
Ensuring your keywords fit from a regional perspective is also important for b2b local SEO.
While using broad keywords may drive traffic, those visiting may not be the most suitable leads based on location.
This is where strategizing for local customers comes into play.
By integrating region-specific keywords—like city or landmark names—into your content, you’ll be better able to connect with the relevant audience in your area.
Think about how you can give value to this audience in particular. What might they, specifically, be searching for? Create content answering the questions they commonly ask.
Create such content in either written or video form—or a mix of both. Video content is becoming more expected by audiences.
Research by Valasys Media suggests visual storytelling may benefit B2B marketers because:
- It simplifies content for the users.
- It conveys lots of information quickly.
- It strikes a more emotional chord with prospects.
- It improves personalization and invokes a perceived “personal value.”
- It’s often timeless.
Take your region into consideration when creating your stories. How wide should you cast your net? Are you targeting a city or a whole state?
Additionally, research the most effective local base to target for the best ROI.
Link Building and B2B Local SEO
Link building is another pillar of local content marketing strategy. We touched upon link categories before, and they come into play with link building.
If possible, garner links back to your website and digital assets from a variety of local sources.
These may include local directories, industry-related sites, partner sites, chambers of commerce and other organizations, and newspapers’ sites.
A great way to have other sites link to you is to create and promote a useful resource. For example, say you’re a local medical clinic that provides flu shots to businesses, and flu season is approaching. You could create a guide about the best ways to avoid the flu at the office.
This type of guide is something from which anyone can learn, and it’d be beneficial for other sites to feature it.
Many chambers of commerce websites also have areas where local businesses can promote offers.
For example, the Newport Chamber of Commerce has a specials page where various B2B brands like office space and printing services offer deals.
Mobile Marketing and B2B Local SEO
Mobile marketing is a critical aspect of B2B local SEO, as 50% of B2B search queries are from mobile devices.
Since people have their phones with them all the time, they’re able to search more proactively than in the past.
Search Engine Journal compiled some fascinating stats on mobile search trends related to local SEO. Did you know 18% of local mobile searches lead to a sale within one day? Or that 78% of local-based searches on a mobile device end in purchases made offline?
Keep these mobile trends in mind when boosting your local online presence. Make sure your website and landing pages are optimized for mobile devices.
Your digital strategy for B2B local SEO should also include social media, which is primarily accessed through mobile devices. Facebook and Instagram have local components that let you include instructions and allow customers to geo-tag your business when they post about it.
There are many ways people search for businesses on their smartphones. This is why having your Google My Business listing up to date is imperative.
Whether your customer is planning in advance or already on the way, you want to make sure to reach them wherever they are.
The Benefits of B2B Local SEO
Why is b2b local SEO important? Because you have a greater potential of driving in-person traffic to your business when you target your local audience.
For a relatively low-cost, you can draw in people who are searching for your type of business.
Diversifying your online presence across various channels has further benefits as well. Many third-party websites and platforms like Yelp, TripAdvisor, and other similar directory-like sites are becoming more advanced.
They also have their own audiences, who wouldn’t find you as easily if those directories are their go-to search options.
In addition to maximizing your presence on Google and other websites, optimize your website for local search.
For example, if you’re a dog groomer in San Diego, integrate keywords like “dog groomer in San Diego” so you have specifically mentioned your location.
When people in your region are conducting local searches for “dog groomers near me,” you’ll rank for those, too—but only if Google knows where you’re located.
The key to ranking for “[your term] near me” is to start by Googling that specific phrase or your local-specific phrase that you want to rank for.
When you do that, you’ll be able to see all the localized sites from which Google is pulling. Make sure you’re listed there—if you’re not, you need to figure out why. Have you made your location clear?
If you live in Boston, for instance, there are many suburbs, landmarks, etc. On your website, list different nearby features like these. It could also be beneficial to include directions to your business from those specific places.
Ensure you also have a localized number and not just an 800 number, so people know you’re really there.
Furthermore, when people look for a specific service, they’ll often visit various touchpoints.
For instance, they may land on your website and then go to Yelp to read reviews. This is why having a listing there is essential.
After providing services, ask customers to leave reviews.
Conclusion
Local businesses can hugely benefit from strategic SEO plans.
Think about how many people use their mobile devices to search for local businesses.
There are many ways to get your business found online, from keyword optimization to link building tactics and local listings.
Which b2b local SEO tactics have been most fruitful for your B2B business?
The post The Ultimate Guide to B2B Local SEO appeared first on Neil Patel.
Ubersuggest Chrome Extension: The Ultimate Link Build Tool
Over the next few months, you are going to see a lot of updates in Ubersuggest, including new features.
But before I dive into what I’m going to release soon, let’s first talk about the new Chrome extension.
If you haven’t installed it, make sure you go and do so now…
No more Neil’s face
The biggest complaint we got about the extension was “my face” being in the search results.
You know, that speech bubble that looked something like this…
So, I removed it.
I know you don’t like it based on the reviews, so I tried to leave it in as long as possible because it’s branding.
Indirectly it keeps me and my agency top of mine so hopefully, it would eventually drive business.
Link building
You may have noticed that there is a little “U” symbol within your browser bar once you install the extension.
If you don’t see it, just click on the extension icon…
And then click pin next to Ubersuggest…
Now whenever you visit a site (other than Google) you can click on the “U” to see data.
But what’s new is we have added link data. So when you click on “Backlinks” you’ll see link data on any given site.
You can see the domain score (our version of authority), the number of backlinks, referring domains and organic monthly traffic a website receives.
You’ll even see a chart of link growth (or decline) over time.
And as you scroll down you’ll even see more metrics…
The chart above breaks down how many new and lost links you are getting on a daily basis.
And beneath that you’ll see a list of links pointing to any given site. You can then search for a specific link using the search box or you can use the filtering options.
Keyword gaps
I know that I mentioned a while ago that I am releasing a feature that show competitive domains and gives you an overview of the keywords your competition ranks for that you don’t.
That way you can find more opportunities to go after if you want more traffic.
That’s still coming out soon. We are roughly a month or so away from releasing it. 🙂
But that’s not all
The biggest thing my team and I have been working on is data quality.
From fresher link index to even a bigger link index.
Or when you put in a URL it would be great to have even more accurate traffic estimations.
By the end of the year you’ll see drastic improvement in this. It’s our biggest focus.
And then comes a faster application
The last thing on our roadmap this year is speed improvement.
We have so much data in Ubersuggest that sometimes reports take longer to load than you would like.
We have been refactoring our code, which should fix this soon. So now reports will load faster, which is really important if you use Ubersuggest on a mobile device.
Conclusion
I hope you try out the new Ubersuggest extension. It’s easy to use and it offers more free data than any other Chrome extension.
In addition to the link feature, there will also be some other Chrome extension features that we are adding soon, but I have to save something as a surprise. 😉
Plus, there will also be a few other features that you’ll also see in the Ubersuggest app that is coming out this year that I didn’t mention above either.
So, what else would you like to see in Ubersuggest?
The post Ubersuggest Chrome Extension: The Ultimate Link Build Tool appeared first on Neil Patel.
Water fountains – The Ultimate Garden Experience
Water fountains – The Ultimate Garden Experience Water fountains are one of the most attractive and also calming components discovered in yard layout. Any type of time you assume of a first-rate yard that you have actually seen and also been excited by, it practically definitely will consist of some kind of water fountain or … Continue reading Water fountains – The Ultimate Garden Experience
Your Ultimate Get Started Guide to Recession Business Finance
First, with COVID-19 in the picture, you are likely in survival mode. If your business has been affected by the pandemic, you need to sign up for the SBA Paycheck Protection Plan, a Disaster loan, or both. Do it now, because funds are limited and the application process takes time. This will help your business keep going while you figure out the next steps for whatever the future holds for our economy, including recession business finance.
Everything You Need to Know About Recession Business Finance
During a recession, everything changes. There is less spending, less lending, and less cash moving period. Lenders are tighter with what they are willing to dole out, and that leaves many business owners wondering what to do about business funding. It makes recession business finance exceptionally tricky.
Some sources of funding that may work well during the good times are not reasonable to count on for recession business finance purposes. It is important to know what options are available and which ones will work best during harder economic times. Recession business finance can be a bit more difficult to navigate.
There are not as many options for recession business finance as there are for business funding during good economic times. Of the available options, the ones that will work best for you depends on a number of factors. You have to know more about each before you can make an educated decision. It is necessary to know the differences between them, what the qualifications are, and if you even have access to them before you can begin to think about making a decision.
We break it down for you here in our ultimate guide to recession business finance so you can make the best decision possible during the hard times of a recession.
Are Traditional Business Loans an Option for Recession Business Finance?
These are the loans that you go to the bank to get. As a business, your business credit score can help you get some types of funding even if your personal score isn’t awesome. That isn’t necessarily the case with this type of funding.
With a traditional lender term loan, you are almost always going to have to give a personal guarantee. That means they will check your personal credit. If it isn’t in order, you will likely not get approval.
What does it mean to have your credit score in order? If you have a personal credit score of at least 750 you are in pretty good shape. Sometimes you can get approval with a score of 700+, but the terms will not be as favorable.
If you have really great business credit, your lender might be more inclined to offer a little more flexibility. However, your personal credit score will still weigh heavily on the terms and interest rate.
Of all of the available business funding types, this is the hardest to get. It is usually worth the trouble though if possible, because it often has the best rates and terms.
Term loans are not easy to get, and during a recession, it is even harder. Unless you have stellar personal and business credit with an already established, successful business, this is a long shot when it comes to recession business finance.
Check out how our reliable process will help your business get the best business credit cards, even during a recession.
SBA Loans
These are government secured term loans offered through traditional banks. The Small Business Administration, or SBA, works with lenders to offer small businesses funding solutions that they may not be able to get based on their own credit history. Because of the government guarantee, lenders are able to relax a little on the personal credit score requirements.
In fact, it is possible to get an SBA micro-loan with a personal credit score between 620 and 640. These are very small loans, up to $50,000. They may require personal collateral as well.
The trade-off with SBA loans is that the application progress is lengthy. There is a ton of red tape connected with these types of loans.
During a recession however, the government works hard to build the economy. In light of this, SBA loans may still be a viable option.
Business Line of Credit for Recession Business Finance
This is basically the traditional lender’s version of a business credit card. The credit is revolving, meaning you only pay back what you use, just like a credit card. Rates are typically much better that a credit card. The application and approval process, however, is more similar to that of a traditional term loan.
If you need revolving credit and can qualify for a term loan, this is the best option. It is great for bridging cash gaps and covering short term expenses without the high credit card interest rates. If you already have this in place before a recession hits, even better!
There are no cash back rewards or loyalty points though. That makes some business owners prefer business credit cards in some cases, despite higher interest rates.
Since this is basically a revolving traditional loan, it could be as difficult to come by during a recession as a term loan from a traditional lender may be.
When you apply for financing from traditional lenders, they will always ask for certain information. This is regardless of whether you are applying for a line of credit, an SBA loan, or a traditional term loan. You will need to provide, at a minimum:
- A complete, professional business plan if you are a startup
- Complete company financial statements or tax returns for recent years
- A list of owners or officers
- Personal financial information, including bank account balances and credit history
While this list is not exhaustive, it is a good start for what you need to have together before you begin the application process if you plan to pursue this type of recession business finance.
Credit Line Hybrid
A credit line hybrid is basically revolving, unsecured financing. It allows you to fund your business without putting up collateral, and you only pay back what you use.
What are the Qualifications?
How hard is it to qualify? Not as hard as you may think. You do need good personal credit. That is, your personal credit score should be at least 685. In addition, you can’t have any liens, judgments, bankruptcies or late payments. Also, in the past 6 months, you should have less than 5 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards. It’s also preferred that you have established business credit as well as personal credit.
If you do not meet all of the requirements, all is not lost. You can take on a credit partner that meets each of these requirements. Many business owners work with a friend or relative to fund their business. If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding.
What are the Benefits?
There are many benefits to using a credit line hybrid. First, it is unsecured, meaning you do not have to have any collateral to put up. Next, the funding is “no-doc.” This means you do not have to provide any bank statements or financials.
Not only that, but typically approval is up to 5x that of the highest credit limit on the personal credit report. Additionally, often you can get interest rates as low as 0% for the first few months, allowing you to put that savings back into your business.
The process is pretty fast, especially with a qualified expert to walk you through it. One other benefit is this. With the approval for multiple credit cards, competition is created. This makes it easier, and likely even if you handle the credit responsibly, that you can get interest rates lowered and limits raised every few months.
Invoice Factoring
An established business with accounts receivable can look to invoice factoring as a source of recession business finance. This is where the lender buys your outstanding invoices at a premium, and then collects the full amount themselves. You get cash right away, without waiting for your customers to pay the invoices.
For those businesses already up and running enough to have accounts receivable, this can be a viable option during a recession. If your customers cannot pay or are paying slowly due to the economic downturn, you can still get the funds you need to run your business, although not at full value of what you would get if your customer paid you.
The cash comes fast, which is also a bonus. Since the lender collects the funds directly from the customer, this can be a really good recession business finance option.
Because this type of funding is based on receivables, it is still a viable option if your business has them. The only problem is, during a recession, sales could go down. This would reduce the amount of funds you have available to you.
If you accept credit cards, you may be able to get a merchant cash advance. It is similar to invoice factoring, but instead of buying your open invoices, the lender advances cash based on expected credit card sales.
Break with Tradition: Look to Non-Traditional Lenders for Recession Business Finance
These are lenders other than traditional banks and credit unions that offer terms loans. Usually they operate online. Occasionally they will have a brick and mortar location as well. The difference between these and traditional lenders is that the loans have looser approval requirements and a much faster application process. Most often you can simply apply online, get approval in as little as 24 hours, and the funds are in your account within 24 to 48 hours after approval.
They are an option if your personal credit isn’t terrible and you need funding fast. In times of recession, these guys are a go-to source as they specialize in lending to those that may have trouble with traditional lenders.
There has been an explosion of non-traditional lenders onto the scene in recent years. Some are better than others. Be sure to research each one thoroughly. Check them out on the Better Business Bureau website and read online reviews to get a good start.
Grants: The Recession Business Finance Miracle
While there are not a lot of these out there, grants are a super source of recession business finance if you can get one. They are usually offered by professional organizations. There are some government grants available also. Competition can be fierce, but they are definitely worth a shot if you think you may qualify.
Requirements vary from grant to grant and most are only awarded to a certain number of recipients. More opportunities are available if you fall into one of the following categories.
- · Women owned business
- · Minority owned business
- · Businesses run by veterans
- · Businesses in low income areas
There are also some corporations that offer grants in a contest format that do not require much other than that you meet the corporation’s definition of a small business and win the contest.
Check out how our reliable process will help your business get the best business credit cards, even during a recession.
Interested in a Government Small Business Grant? Start Here
Federal government small business grants run through the Small Business Administration, but they are rarely awarded directly to a business. Instead, they award the grant to local non-profits or governments to disburse to small businesses in their communities. To find these, check with local economic development agencies and governmental entities to find out what available business funding types they have.
Another place to look is the local Small Business Development Center, or SBDC. These offer support to local small businesses and are generally related to a local college, university, or economic development center.
As a general rule, they do not offer grants themselves. They can, however, point you in the right direction. They know where the money is, who qualifies, and how to start the application process. These agencies also offer many other services to small businesses, making them a great resource regardless.
Corporate grants are another great option if you live in an area where they are available. Companies like FedEx and LendingTree have grant contests each year.
Grants are a great possibility at any stage of business. They shouldn’t be counted on too heavily however. Funds are limited and competition is fierce. A backup plan is definitely necessary if you are planning to use the funds for a specific purpose.
Business Credit Cards: Can They Work as Recession Business Finance?
Credit cards as a whole get a bad reputation, but in lieu of another option, they can actually do the trick quite nicely. They are more readily even with a credit score that isn’t awesome, but the lower the credit score the higher the interest rate. Also, there are limits on how low they will go with a credit score.
However, this is one of the available business funding types that most of the general public are eligible for at any given time. They do a credit check, but your credit doesn’t have to be as high as it would be to gain approval for a traditional loan.
The downside of business credit cards is that they typically have a high interest rate. The upside is that many of them offer rewards in the form of cash or points that can be helpful.
Credit cards are plentiful even during hard economic times. It may be harder to get approval if the recession has hit your credit score hard, but there are ways to fix that.
Apply for business credit cards with your business name and EIN to get them without a personal credit check. If you do not yet have a business credit score, you need to get one. Find more about how to establish and build business credit here.
Best Uses for Each Type of Recession Business Finance
Which type of recession business finance you should use in any given situation depends on many variables. The biggest piece of the puzzles is which types of funding you are eligible to receive. However, there really is more to it than that. Assuming you are eligible for all types of financing, here are some other factors to consider.
Startup During a Recession
In the startup phase, there are a couple of things to think about when determining which funding types might work best.
If you fall into one of those categories that make grants an option, that is the best first stop. Grants are free and clear. That money is yours, without repayment, to use in your business. They typically do not rely on success of the business or the credit worthiness of the owner. The business or proposed business only has to meet the requirements set forth to apply, and then win the grant.
Traditional term loans are a good idea for the startup phase also, if you qualify. The interest rates and terms are generally more favorable than other types of financing for those that meet the credit requirements. They are less of an option during a recession however.
If you do not meet the credit requirements for traditional term loans, then non-traditional lenders are the next best option. They may have higher interest rates, but they do the trick. Plus, they can help build your business credit score if you make your payments on time. That, in turn, makes you more eligible for other types of recession business finance.
While not impossible, it is not usually a good idea to start a business using credit cards if it can be avoided. Of course, invoice factoring is not an option here as you have to already be in business to have the invoices necessary.
Check out how our reliable process will help your business get the best business credit cards, even during a recession.
Growth During a Recession
There are several different aspects of growth that can benefit from various types of business funding.
Inventory Increase
If you see the potential for higher demand and need to increase inventory to accommodate, a revolving credit line is going to work best.
If already in place, these are instantly available to meet the cash needs that a large inventory purchase creates. They also allow for taking advantage of special pricing when available, which can be huge during a recession.
A business line-of-credit works well due to the lower interest rate, but business credit cards will work in this situation also. In fact, if they have really great rewards attached to them, they could even be the better option. It can’t hurt to have both available if you have that luxury so that you have choices.
If available, grants work well for growth projects during a recession also.
Recession Business Finance for Equipment Purchase and Repair
For large equipment, it is best to use traditional term loans of some sort if possible. This is simply because they are typically longer-term loans for larger amounts. Lower interest rates and favorable repayment terms are key. However, we all know that isn’t always possible. Other types of recession business finance can be used if necessary.
Grants may be an option if there is not a time crunch. If time is of the essence, it is possible to purchase equipment on credit cards, but you could run in to problems with cost versus credit limit.
Recession Time Expansion
Expanding during a recession can be tricky, if not downright risky. However, if you want to add on to your current building or add an additional location, term loan financing is the best option. Whether it needs to come from a traditional or non-traditional lender will depend on your specific situation.
Recession Business Finance for Working Capital
Working capital is the cash you have available to run your business. Everything from payroll to repairs, maintenance, seasonal cash gaps, and emergencies are all things working capital covers.
Working capital can come from various sources. There are working capital loans available, but lines- of-credit and business credit cards can work in these situations as well. Unless you already have a working capital loan before the need arises, it is likely you are going to need to access business credit cards or some form of non-traditional financing for this.
In a pinch to cover a cash gap, a merchant cash advance or invoice factoring can work well.
Recession Business Finance Can Be a Delicate Dance: The More You Know About Each Option the Better
It doesn’t matter what type of business you own or whether or not you need funding at this moment. If you own a business you need to know what the available business funding types are, which ones you currently qualify for, and how to qualify for those that are not currently available to you.
You also need to know which types of funding work best in various situations. Once you know these things, you can make an informed decision about how to best fund your business during the recession.
The post Your Ultimate Get Started Guide to Recession Business Finance appeared first on Credit Suite.
Ubersuggest Chrome Extension 2.0: The Ultimate Keyword Research Tool
Please note: Once you install the extension, all you have to do is go to Google and perform a search. That is where you’ll see data.
I promised that I would release a new version of the Ubersuggest Chrome Extension today, and now it’s out.
You can go here to install it.
If you are wondering what’s new… well, let’s just say the changes have made keyword research much better and a lot easier. And on top of that, later in this post, I’ll even give you a sneak peek at the new changes that we are making to the extension that will be released within 30 days.
So, what’s new?
Who says keyword research should be limited to Google?
What most people don’t know is that YouTube is the second most popular search engine and has been exploding.
On top of that, Amazon is the largest e-commerce site in the world and SEOs are doing Amazon SEO and Amazon ads… so why not have access to keyword research there, too?
Now, when you go to YouTube and perform a search you’ll see data on suggested keywords as you perform a search.
And if you want more details on any given keyword you searched for, just click “view all” next to the search bar and you’ll see something like this:
It breaks down search volume over the last 12 months as well as shows you if a keyword has any seasonal trends.
You can also see how competitive a keyword is to rank for, its cost per click data, how many people even click on any of the listings, and even the age range of the people who search for that term.
Also, what’s interesting is that you can see data on whether a keyword is searched more on mobile or desktop devices and the breakdown. This is important because mobile searches tend to not convert as well… so ideally you want to go after keywords that have more desktop searches when possible.
Now on the right side of any YouTube search listings page, you will also see more keyword suggestions.
It’s pretty similar to what the extension already shows on Google… this is more so our version for YouTube.
But with Amazon, we didn’t want to impact your user experience too much, so we decided to provide keyword data in the most unobtrusive way possible…
Anytime you perform a search on Amazon, you’ll see keyword data on the suggestions.
So now anytime you want to do keyword research for social media or e-commerce, you can easily do so with the Ubersuggest Chrome extension.
But wait, there is more…
There is also one other important change made to the extension that you may have already noticed if you use Google on a regular basis.
When you search on Google, there is now traffic estimations under each URL.
This traffic estimation is for organic search traffic and it is done on a domain level. Eventually, we will tweak it to be page-based and even show you the other keywords each page ranks for… but for now, we are providing you with organic traffic estimates for each domain.
And if you are more of a visual person, in the right-hand sidebar you can also see the traffic estimation for any result in the top 10.
So if you want to know traffic data in addition to keyword suggestions when you perform a Google search, make sure you install the Ubersuggest Chrome Extension.
But the best is still to come…
My goal is to make major releases to Ubersuggest every month if possible… every other month if all doesn’t go as planned.
The next big one is introducing competitor analysis features within the extension.
Right now if you click on the “Ubersuggest” logo within your Chrome browser you see something like this:
Now, that’s not really useful.
So, within the next 30 days when you click on the “Ubersuggest” logo within Chrome, I am thinking of showing something like this:
For any domain you’ll be able to see the following metrics:
- Domain metrics – you’ll see a quick overview of each domain. From the number of organic keywords a site ranks for to their estimated organic traffic, domain score, and even number of backlinks.
- Historical traffic – you’ll see an organic traffic chart of the last 6 months to any given site.
- Top pages by country – want to know the most popular pages on your competitor’s site? This table will show you just that.
- Top keywords by country – you’ll also be able to see the most popular keywords that drive traffic to that site.
Conclusion
If you already have the Ubersuggest Chrome extension installed, you may need to reinstall it because we now show you data on YouTube and Amazon. That means you’ll have to grant Ubersuggest permission to show you data on those two sites.
If you don’t have the extension installed, you can do so by going here.
Let me know what you think about the new extension, the upcoming releases, and if you want me to add any other features. 🙂
The post Ubersuggest Chrome Extension 2.0: The Ultimate Keyword Research Tool appeared first on Neil Patel.
Ultimate Wealth Package: Is It Worthy Of Its Name?
Ultimate Wealth Package: Is It Worthy Of Its Name?
What Is Ultimate Wealth Package All About?
Have you been thinking about the Ultimate Wealth Package? The sales web page makes a great deal of guarantees, however does not offer you much information whatsoever. Allow me load you in!
Ultimate Wealth Package is an overview that has actually been created by a young individual called Mark Warren. Within the overview he reveals you in basic actions just how he himself made his net ton of money, and also just how you also, by adhering to the very same actions can do the exact same.
Does Ultimate Wealth Package Work?
I am a component time associate online marketer functioning from the convenience of my house workplace … as well as I utilize the concepts laid out in Ultimate Wealth Package. Ultimate Wealth Package lays down an extremely wonderful structure, if complied with, with a little technique as well as perserverance is a strong springboard to begin and also expand your very own house company.
Exactly How Does Ultimate Wealth Package Compare With Other Programs?
Well, certainly there are thousands or even more cash making programs being marketed on the web. What makes Ultimate Wealth Package so special, in my viewpoint, is that it is soooooo extensive. It covers practically every type of generating income online that i recognized of in addition to a pair that i didnt, and also when you take into consideration the quantity of time as well as cash that i have actually invested in online marketing etc that is no mean task!!.
As soon as you have it grasped … the skies is the limitation as much as your gaining capacity, you can find out as you go without shedding the ranch … as well as. You might intend to do this for a part-time earnings … or do it part-time till you fit with your ability and also profits as well as prepare to start out by yourself … it’s up to you.
Base Line, Do You Recommend Ultimate Wealth Package?
, if there is one point that I do not truly care for concerning the Ultimate Wealth Package is the sales web page.. I really feel that they make it appear a little much easier than it actually is. I recognize that its basically a sales web page, yet i really feel that it does the program an oppression as the Ultimate Wealth Package is genuinely a great item!
There is a discovering contour … some will certainly have it down in a number of days … some might take a number of weeks/months. A great deal depends upon just how much time you need to purchase the endeavor likewise … yet … like ANY organisation … you are not mosting likely to have the ability to begin today and also be making thousands by tomorrow.
I as well as lots of others, make a part/fulltime revenue on the web utilizing the methods defined within the Ultimate Wealth Package … yet it did not take place over night. The time spent pays good-looking rewards for life.
Apart from that Ultimate Wealth Package is a thorough however quite possibly offered program for developing cash devices that will certainly pay you over as well as over once again … and also the standards as well as guidelines are actually easy for the ordinary individual to comprehend, adhere to, as well as begin gaining earnings.
Lower line … Yes … I very advise Ultimate Wealth Package.
I am a component time associate marketing expert functioning from the convenience of my residence workplace … and also I utilize the concepts laid out in Ultimate Wealth Package. Ultimate Wealth Package lays down an extremely wonderful structure, if complied with, with a little technique as well as perserverance is a strong springboard to begin and also expand your very own residence company.
What makes Ultimate Wealth Package so distinct, in my viewpoint, is that it is soooooo detailed. If there is one point that I do not truly care for concerning the Ultimate Wealth Package is the sales web page. I understand that its basically a sales web page, yet i really feel that it does the program an oppression as the Ultimate Wealth Package is genuinely a really great item!
The post Ultimate Wealth Package: Is It Worthy Of Its Name? appeared first on ROI Credit Builders.
Ubersuggest 7.0: The Ultimate Keyword Research Tool
Believe it or not, I’ve been working on Ubersuggest for
almost 3 years now.
I bought it on February 13, 2017, for $120,000 dollars as a test to see if I could get more traffic from a tool than traditional content marketing or SEO.
Since then the tool has come a long way, in which I’ve added tons of features that competitors charge $100 a month or even more for.
But I’ve finally got Ubersuggest to a point where I can start releasing features that my competition don’t even have.
So before, you head on over to Ubersuggest to work on your SEO,
make sure you read everything below because I’ve just changed up how you are
going do keyword research (in a good way).
On top of that, I’ve also released a few other features as well related to link data and traffic estimations.
Here’s what’s new:
More keyword data
The biggest problem I had with keyword research was how to find the right keyword.
Sure, there are metrics like CPC data, SEO difficulty, or even search volume, but assuming you find keywords with a high CPC, low SEO difficulty, and high search volume, it still doesn’t mean it is a good keyword to go after.
And there are a few reasons why…
- Mobile searches aren’t worth as much – first off, if the keyword mainly gets searched from on mobile devices the conversion rate will be lower. It doesn’t mean mobile traffic is useless, it just typically means the keyword won’t be as valuable.
- High search volume doesn’t guarantee lots of organic clicks – what happens if the keyword gets a ton of searches but no clicks? This sounds crazy, but it actually happens a lot. For example, when people search for “weather” in the United States, roughly 60% of the people don’t click any results.
- Not all searchers are worth the same – some keywords get searched heavily by teenagers. Some keywords get searched heavily by people who are in their 30s or 40s. If the majority of the searches for a given keyword happen by a really young audience, chances are they won’t have a credit card and they won’t convert into a customer.
Because of all of this, I decided to change how the industry
does keyword research.
Now when you type in a keyword like “marketing” into
Ubersuggest, you’ll see this:
If you have been using Ubersuggest for the last year or so you may notice some differences… but if you haven’t let me break down what’s new.
First off, for any given keyword you will see what percentage of the searches are taking place from mobile devices or desktop devices.
For example, with the term “marketing” you can see that the majority of the searches are coming from desktop devices.
On the flip side, if you use Ubersuggest to look at the term “weather” you’ll notice that the majority of the searches happen on mobile devices.
And with any given keyword you can also see what percentage of the people even click on the SEO or paid results.
I love this bar chart because it tells me if I should even go after a specific keyword. Just because a term has tons of searches doesn’t mean you are going to get tons of clicks, even if you rank at the number 1 spot.
If you leverage paid ads, this bar chart is also helpful because it will give you a sense of how many people click on the paid ads as well.
Another chart that I’ve added is one that breaks down the age range of each searcher.
As you can see from the above image, Ubersuggest now shows what percentage of the searches take place between each age range.
This is really important if you know the persona of your ideal customer, as you only want to target keywords that your ideal buyer is searching for.
What’s also cool is this data is available for all countries
within Ubersuggest and for almost all of the keywords within our database.
Now before you head off to Ubersuggest and test it out, there are a few more features that I’ve just released.
More backlink data
Over the last few months, I’ve gotten feedback that our link database isn’t as big as you would like, so we have been working on fixing this.
First off, whenever you do a backlink search in Ubersuggest, you’ll start seeing stats on historical backlink data.
This chart will quickly show you if a site is growing in
backlink and referring domain count over time or if they are declining.
On top of that, we are even showing the daily new and lost link count for a given site.
I know the new and lost link count chart looks a bit off,
but keep in mind we started having Ubersuggest crawl more pages around the web
faster and more frequently. Hence you are seeing a big spike in new and lost
links.
But over the next 4 weeks, it should normalize, and you’ll see an accurate representation of new and lost links.
This will help you identify new link opportunities more
easily. Especially because you can now clearly see where your competitors are
focusing their link building efforts.
Better traffic estimations
Lastly in Ubersuggest, you can also enter in a URL and get data on any given domain.
From its estimated monthly search traffic to the number of keywords a domain ranks for to even its top pages based on link and traffic count.
We haven’t fully finished creating our new algorithm when it comes to traffic estimations, but the chart you’ll see now is much more accurate than the older one.
Even though this is a big improvement from our older charts, give it another 3 months and it should be extremely accurate.
When you are using the traffic analyzer report in Ubersuggest, keep in mind that this will give you a directional guide on how you are doing versus your competition.
Conclusion
I hope you enjoy the new changes to Ubersuggest.
I’ve made them in order to give you a leg up on your competition as the data in the tool is now something that most of you have never seen before.
And over the next two months, you’ll see some big launches in Ubersuggest. From a chrome extension to even more accurate traffic estimations to even an Alert system that will notify you when things are wrong with your site.
So, go to Ubersuggest and try out the new keyword features as well as traffic estimation and backlink features.
What do you think about the
new features?
The post Ubersuggest 7.0: The Ultimate Keyword Research Tool appeared first on Neil Patel.