What are Google Review Summaries?

What are Google review summaries, and how do they impact consumers’ view of your brand?

First impressions matter. When people search for a business or your specific business name on Google, one of the first things they see is your Google listing and the corresponding reviews. 

Those reviews, positive or negative, impact how they view your brand. 

What others have to say about your brand could impact how people perceive your brand. It could help them decide if they want to do business with you or not. 

It could encourage them to give you a call, visit your website, or stop by your local shop. Or it may encourage them to keep looking for a business with better reviews. 

Let’s talk more about Google review summaries and what they mean for your company.

Intro to Google Review Summaries

Google review summaries are the snippets of three customer reviews for your brand. Using an algorithm, Google automatically chooses three reviews to highlight. 

They are called summaries, because they are just one or two lines pulled from a full review. To read the whole review, searchers can click on the summary. 

Those three review summaries may be positive reviews, negative reviews, or a mixture of those.  

Where Do Your Google Review Summaries Appear?

It starts in the Google Knowledge Panel

Even if you aren’t familiar with that name, you probably are still familiar with the Google Knowledge Panel. It is the box of information that shows up in a Google search when you look for a particular brand, especially local or location-based businesses. 

The Google Knowledge Panel includes descriptive information, business address, location on a Google map, contact information, website, hours of operation, questions and answers, popular times, photos, social media profiles, and popular web results. 

It also includes the Google review summaries. The summaries can be found about midway down the Google Knowledge Panel, below the photos. 

Looking for Google Review Summaries

When you search for a local business, such as a store, restaurant, office building, medical practice, and more, Google provides a listing of local options. When you click on one example, the Google Knowledge Panel is displayed. 

That will provide the Google review summaries. 

You can also search directly in Google Maps. Pull up Google Maps to search your current location or type in the area you want to search. Then type in the brand or type of place you’re looking for. 

When you click on each option, you’ll see the Google Knowledge Panel. Scroll down to see the review summaries. 

Looking For Google Review Summaries

How Place Topics Shape Google Review Summaries

Place topics are an element of the Google review summary algorithm that highlights popular keywords related to your brand’s reviews. 

They cannot be chosen by the brand owner, or by reviewers. They are simply generated automatically by Google, if a brand has enough reviews. Although according to Google, that threshold number is not specified. 

Here’s an example of place topics in a Google review summary for a grocery store. You’ll see some of the highlighted topics are insightful, such as “lunch meat” while others are rather generic. 

This speaks to the automated algorithm that just pulls in commonly used phrases. 

How Place Topics Shape Google Review Summaries

These are more useful when many reviewers speak about a certain product or service, or other phrase that helps viewers understand more about what makes a brand unique. 

Where Google Review Summaries Come From

They come from Google reviews that are submitted by users on Google maps. Those who have visited a specific location can log in to their Google account, find a place on Google maps, and choose to submit a review and star rating. 

Google review summaries are pulled from those reviews. 

How Impactful Are Google Review Summaries?

These review summaries can impact how customers perceive your brand, even before they contact you or stop by your location. 

They could decide to scroll by or click on a competitor, if they aren’t seeing reviews that impress them. Alternatively, they may choose to click on your website, check out your location, or contact you directly to get more information about your brand. 

Do reviews really matter to customers? 

The statistics say yes. In general, reviews influence buyers. Almost 90 percent of buyers read reviews to make their buying decisions, according to BrightLocal. According to that same report, a majority are only impacted by reviews written in the last three months. A large portion of those same consumers only consider reviews written in the last two weeks. 

A quarter of consumers look to customer reviews with every online purchase they make, according to this PowerReviews report.  

It’s not just the words that Google highlights in the reviews that people read in the summaries. A big factor in people making decisions about your brand is the star factor. The star ratings make Google review summaries stand out. 

According to this report, over half of consumers say that a star rating is the most important review factor. A large majority say that a trust-worthy brand should have three or more stars in a five-star system, like Google reviews. 

So yes, reviews do impact buyer behavior and your brand’s reputation. But there’s more to the Google review summaries than the impression they leave on consumers. 

They can also have an impact on SEO. 

According to this report, reviews actually aid in your search engine optimization strategy. Although they are only a part of an SEO strategy, reviews help with creating more generated content and rank for the right keywords.  

In addition to those Google reviews that support SEO, you can continue to boost that by responding to Google reviews. 

Google also stated that interacting with consumer Google reviews for your brand can improve visibility. In other words, staying up-to-date in responding to reviews can improve your SEO.

That means more people will see your brand, see those Google review summaries, and hopefully leave reviews so you can respond. Reviews actually create a cycle of more reviews and better SEO. 

How to Get Positive Google Review Summaries 

By design, Google reviews and Google review summaries are not something business owners have direct control over. Otherwise, everyone would go in and manipulate things to shed the best light on their business! 

Does that mean that getting positive reviews is completely outside your direction? Not at all. 

The best thing you can do is to run a business with the customer in mind. It sounds obvious, but it’s truly the best way to get the positive feedback you’re hoping for. 

In our busy world, it’s easy to lose sight of the customer, but at the end of the day, they control not only the reviews, but also your income. 

Sometimes, the old adage really does need to ring true: the customer is always right. 

Ensure Customers Have a Good Experience

The first step is to audit the entire customer service experience. This can be a part of your overall brand audit

Think about every touch point your customers have with your business, from first learning about your products and services, to asking questions, to purchasing, and the follow up. 

Take a step back and dig deep. Ask the hard questions. Are you still offering a quality product? Are you still meeting a market need? If you aren’t getting rave reviews, it may be time to make some tweaks to ensure you are providing products and services your target market really needs. 

Ask for Reviews

It’s simple, but effective. 

To get more Google reviews, sometimes all you need to do is ask. There are lots of ways to convince your customers to review your brand, but just asking is a good place to start. You can include a link to your Google location in an email or social media post, encouraging happy customers to share their feedback. 

Ask your most loyal customers to leave feedback. Those who are most satisfied with your product or services are often eager to share that happiness with others and are most likely to provide positive reviews. 

Of course, keep in mind that you can’t tell them what to say, and even your happiest customers may be painfully honest about a less-than-ideal experience they had with you or a bad day with your product or service. 

That’s why the first tip is the most important. Always look for ways to provide the best service you can. 

Respond to Google Reviews (Good and Bad!) 

Keep the good vibes going. When people respond well with positive reviews, you can hop in there and thank them. Responding to Google reviews adds to your social proof and brings some humanity to your brand. 

Don’t just wait for negative reviews to respond, as we will discuss below. Encourage more positive reviews by showing that you really are reading reviews and taking them to heart. 

What to Do When You Have Negative Google Review Summaries

Like it or not, negative reviews happen. 

In a customer-driven system like Google review, you don’t have full control over what is posted about your brand. In fact, negative reviews can be a good thing—they show your brand is real. 

When those bad reviews happen, here’s how to respond. 

First, Relax

No one wants to hear bad news about their brand, especially when you work hard to provide a great experience, as we talked about above. 

But there’s hardly a business owner who hasn’t come up against this kind of conflict. The first thing to do is take a deep breath and understand that businesses need negative reviews. They add to the authenticity of your brand. 

Consumers understand that not everyone is going to have a perfect experience with every brand. 

Put It in Perspective

Sometimes negative reviews can shine light on positive aspects of your brand. 

When a customer reads a review about how something didn’t work for them, for instance, other customers can learn more about what you do offer. 

Imagine a customer complaining that they couldn’t find a meat option at your vegetarian restaurant. It’s an exaggerated example, but shows how a negative review could be a positive for some readers.

Decide How to Act

Have a “negative review plan” in place, well before your first one rolls in. It’s important to remember the reputation you want your business to have, and to keep the long game in mind. Google recommends responding quickly, honestly, and with a level of positivity. 

If you think a review is inappropriate or violates Google’s policies, if it’s particularly vile, etc., you can request that it be removed. Remember, you can’t just have a review removed because you disagree with it or don’t want it out there. 

Think About the Ratios

There’s no perfect number of reviews for everyone, but when it comes to reviews think about the ratios. One bad review isn’t going to hurt you if you have dozens of positive reviews. 

To get an idea of how you’re doing, think like a customer. How will they read the negative reviews in light of your positive ones? Would one negative review impact your buying decision? In most cases, one or two bad reviews (especially if they are several months old) won’t impact your brand. 

Conclusion

Google review summaries are social proof. They give your brand authenticity and shed light on your company when people Google you. 

These kinds of online reviews help customers understand what you’re all about and how you’ve helped people in the past. To improve the quality of your Google review summaries, start by working to get more online reviews

Don’t forget the power of responding to reviews—whether they are good or bad. Customers expect some bad reviews, but how you respond can make all the difference. 

How do Google review summaries help you make purchasing decisions?

The post What are Google Review Summaries? appeared first on Neil Patel.

F1 want 18-race season despite 2-month delay

F1 can still manage to complete a 17- or 18-race season this year despite the delays caused by the coronavirus pandemic, according to managing director Ross Brawn.

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Work Law

Work Law

Are you paying interest to work regulation demands? Not just are you needed to adhere to certain guidelines worrying work legislation, yet you are additionally needed to alert your workers of their work legislation legal rights by positioning a work legislation poster in a noticeable location in your company where your workers will certainly be most likely to see it, such as a worker break area.
The very first of these is Title VII of the Civil Rights Act of 1964. This work regulation bans discrimination on the basis of race, shade, faith, nationwide beginning and also sex. Furthermore, sex discrimination on the basis of maternity and also unwanted sexual advances is likewise forbidden under this work regulation.
Next off, there is the Civil Rights Act of 1966. This work legislation bans discrimination based upon race or ethnic beginning.
The Equal Pay Act of 1963 bans companies from paying various incomes to males and females that carry out basically the exact same job under comparable working problems.
A lot of companies have actually become aware of the Americans with Disabilities Act, however do not recognize exactly how this work legislation can influence them. This regulation forbids discrimination versus individuals with impairments.
The Immigration Reform and also Control Act of 1986 restricts discrimination on the basis of nationwide beginning or citizenship of individuals that are accredited to operate in the United States.
The Age Discrimination in Employment Act, additionally referred to as ADEA, bans discrimination versus people that are age 40 or above.
The Equal Employment Opportunity Act restricts discrimination versus minorities based upon inadequate debt scores.
The Bankruptcy Act bans discrimination versus any person that has actually stated personal bankruptcy.
Along with these work legislations, you are additionally based on the adhering to work regulations.
The Occupational Safety as well as Health Act supplies details policies concerning the security as well as wellness problems of companies as well as staff members in all 50 states in addition to the District of Columbia, Puerto Rico and also various other U.S. regions
FMLA, the Family Medical Leave Act, permits workers to take unsettled leave from their tasks under particular problems.
Under the Employee Polygraph Protection Act Labor Law, exclusive companies are not enabled to utilize lie detector examinations for either pre-employment testings or throughout the program of work.
FLSA, the Fair Labor Standards Act, offers base pay as well as overtime pay requirements in addition to recordkeeping as well as youngster labor requirements secretive in addition to public work.
Past the significant Federal work regulations, you will certainly additionally require to make certain that you are in conformity with state work regulation. Each state might offer work regulations along with the government work legislations pointed out over. The golden state work legislation covers a number of locations such as joblessness labor legislation insurance coverage, momentary solutions or renting labor regulation as well as state special needs labor legislation.

Not just are you called for to comply with particular policies worrying work regulation, however you are likewise called for to inform your workers of their work regulation legal rights by positioning a work regulation poster in an obvious area in your organisation where your staff members will certainly be most likely to see it, such as a staff member break area. In enhancement, sex discrimination on the basis of maternity and also sex-related harassment is additionally forbidden under this work regulation.
Past the significant Federal work regulations, you will certainly additionally require to make certain that you are in conformity with state work regulation. Each state might offer for work legislations in enhancement to the government work regulations stated over. The golden state work regulation covers numerous locations such as joblessness labor regulation insurance policy, short-lived solutions or renting labor regulation and also state impairment labor regulation.

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Manage Military Marketing and More –10 Brilliant Business Tips of the Week

Military marketing? We’re looking at lessons in marketing success from the military – more on that later. But first….

The Hottest and Most Brilliant Business Tips for YOU – Military Marketing Matters and More

Our research ninjas at Credit Suite smuggled out ten amazing business tips for you! Be fierce and score in business with the best tips around the web. You can use them today and see fast results. You can take that to the bank – these are foolproof!

Stop making stupid decisions and start powering up your business. Demolish your business nightmares and start celebrating as your business fulfills its promise.

And these brilliant business tips are all here for free! So settle in and scoop up these tantalizing goodies before your competition does!

#10. Military Marketing Means a Successful Campaign is a Must

Our first jaw-dropping tip is all about finding the money for your first marketing campaign. The Self Employed says it’s a lot like finding the bucks for anything when you’ve got a new business.

So, you’re going to have to be creative.

Crowdfunding

Their first idea is one of our pet favorites – running a crowdfunding campaign. Crowdfunding is   a perfectly legitimate way of getting money for your business. So why not crowdfund to pay for your first advertising campaign?

However, as the article points out, this is going to be nigh well impossible to do if you don’t have at least something of an audience already. Hence, you probably don’t want to be doing this if it’s happening before you get prospects and customers.

Don’t put the cart before the horse.

Subletting For the Win!Marketing ideas from the Armed Forces Credit Suite

What?

Now, keep in mind, this is only going to be an option if you have your own space. If you don’t (or, say, you’re using a virtual office space), it is probably not going to be on the table.

But if you’ve got your own space, then read on.

Consider this. If you live in a semi-remote area and there isn’t that much of a startup scene, it is possible there are few options for entrepreneurs who don’t have their own office space. Why not provide some as a sublet to your own space?

Your extra desk could make a difference for another entrepreneur, and help your community, to boot. Pretty cool for a bit of furniture you’re not using, anyway.

#9. Get on the Groupon Train

The next awesome tip is about setting up Groupon offers for your small business. Score notes Groupon is a better venue for raising awareness than turning a profit.

But why?

Don’t Look for a Profit Here

It’s due to Groupon’s requirements. After all, they demand you offer a substantial discount, as in 50 – 90% off. And then they take a cut (the listing itself is free).  So if you sell something for $100 (a good or a service; it doesn’t matter), and you offer 90% off, Groupon will take a cut as their marketing fee. This fee will depend on industry and customer demand, plus the market. Let’s say that’s 10% (this is a figure for-instance and isn’t based on anything in particular).

For your $100 good or service, you’re now getting $9. That is, you lopped off 90% as your discount, which brings us to $10. And then with Groupon taking a 10% marketing fee, that’s another $1 off (10% of $10).

Ouch.

Still, if you’ve got to get stuff out of a warehouse, and need it to move fast and hopefully get at least something for it, then this could be a way to go. Plus, there’s no law that says your discount has to be so steep. You can go with the minimum of 50% off, which would put your take at $45 ($50 is 50% of $100, and then Groupon in this example is taking another 10% off the top, or $5).

Rather, Look for Awareness to Grow

A far better use of Groupon is to up the awareness of your product or service. Perhaps the best bit of advice in the entire article is to use Groupon not only for this purpose, but also to plug underutilized services or get rid of excess inventory.

So, if you go into working with Groupon this way, it can be a win-win. After all, it’s advertising (in a way), which you’re being paid for (in a way). And if you can unload some white elephants at the same time, then so much the better.

Military Marketing Credit Suite

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Get lessons from the people in uniform with military marketing and more.

#8. Put LinkedIn to Work for Your Business

Our following life-changing tip concerns improving your LinkedIn lead generation. Wordstream lays it all out for us. The article is comprehensive, and we highly recommend reading it in its entirety.

Our favorite tip was to differentiate between quantity and quality when it comes to generated leads. What do we mean by that?

True story time.

Surveys, AKA What Kind of Potato Are You?

When was the last time you filled out an online form for, well, anything? I recently decided my time is worth far more than a trinket, and so are my personal details. As a result, unless the offer is a great one which I will use ($100 Amazon gift certificate? Yes, please!), I will pass it by unless I have some other reason for filling out a form. say, I might want to know more about a product.

But I also take note of exactly what a business wants out of me. As in, what does my marital status have to do with the type of clothes I might want to shop for? If it’s just to decide on a title for me, then why not add that as a form in an address field and keep out the specifics? After all, a woman who’s married, divorced, or widowed might want to be called Mrs. A woman of any marital status might want to be called Ms. (I do).

And if you’re a doctor, then all of that is out in deference to Dr.

I also pay attention to the number of questions. At a certain point, usually when the ten-question threshold is passed, I bail. Sorry businesses! But I often have better uses for my time.

But What Does This Have to Do With Leads?

A lot! The more questions you get answered, the more qualified your prospect is going to be. The fewer, then the less qualified. But with fewer questions, you’ll get more responses.

Hence, you need to make a decision. Do you want far fewer prospects but they’re all pretty warm, or a ton of chilly not so well-qualified prospects? There are virtues to both approaches. Choose the one which works best for your business.

#7. Oh, Won’t You Please Stay?

For our next sensational tip, we looked at creating reasons for customers to stay. LinkedIn says that retaining customers is vital for continued business success. And truer words were never spoken.

But, how do you do it?

Listen!

We really hope it’s a no-brainer to most to know that you need to keep your finger on the pulses of your customers. That is, conduct a relationship health check, if you will. Work with your customers and don’t just disappear until it’s time to renew.

After all, their circumstances may have changed since the initial sale. And we certainly hope so, and that it’s due to using your product or service. Because nothing stands still, it’s imperative to figure out if what you first offered is still going to be helpful.

Maybe they need more, because they’ve expanded. Or maybe they’ve had a not so good time of it and need to cut back, but still want to do business with you.

Either way, you’ll never know unless you ask, and listen to their responses.

Stay in Touch

This goes hand in hand with the first. If you bug out the moment that the sale is finalized, why should your customers trust you to be around when they have questions or need some sort of service?

Your mission in sales doesn’t end the moment the check is cashed and clears. Much like military marketing, you need to hang around afterwards.

Make Life Easy for ‘Em

And this third tip should be at the top of your mind, no matter what. Is your phone number hard to find, and it’s the only way to get service? Then change that, yesterday. That can take the form of adding online support or another phone line or changing your website design to make the phone number more prominent.

And if your customers can’t figure out how to renew in a short amount of time (as in, often, a minute or less!), then they’ll go to your competition, if it’s easier to renew there.

In these days of responsive web design, there’s no excuse for making such things obscure.

Pro tip: make sure you website works for phones. No matter what, the vast majority of Americans have cell phones, and the vast majority of those are smart phones.

If your website isn’t optimized for mobile, then you’re losing money.

There’s no clearer way to say that.

#6. Start a New Business Effectively

This tip is so cool, and it works! Noobpreneur tells us all about starting a new business effectively.

We liked this sensible, practical guide to starting a new business, and succeeding.

However, we felt it glossed over one area which we kinda know a few things about – getting funding. So there’s a bit that’s incomplete there.

However, the remainder was good advice. In particular, it makes a great deal of sense to not quit your day job until you’re sure your brand-new baby business is making money.

#5. Try Taking Your Advertising and Communications Cues from Military Marketing

Grab this mind-blowing tip while it’s hot!

Military marketing is something we’ve probably all seen a lot of. And we can take some lessons from it.

Perhaps our favorite tip had to do with thinking offense all the time. That is, continually acting. This makes a great deal of sense, as passivity can, at times, lead to things just happening to you. The concept was also to eliminate or at least minimize indecisiveness.

However, we do have to say that we like the idea of analyzing decisions. Of course the idea in the article is to eliminate the dreaded analysis paralysis. But we still think you should at least think about what you’re doing.

That is, charge up and take that hill! Just, know which hill.

Military Marketing and Leading from the Front

What do they mean by this? Essentially, the idea is to have vision and courage. We like this idea, although there’s a lot to be said for employee input. And that is one thing which the military really doesn’t do much of – get feedback from the lower levels in the command food chain.

So, we encourage courage (that’s hard to say) but, at the same time, there are some bits of military marketing which we should probably all take with a grain of salt.

Startup Professionals says these lessons from the folks in uniform can give you a

Military Marketing Credit Suite

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Get lessons from the people in uniform with military marketing and more.

#4. Freshen Up Facebook and More

Check out this spectacular tip, all about revamping your company’s social media profiles. Fundera notes that social media profiles can sometimes get stale over time.

So, how do you fix that?

We really loved their idea of using a mascot. Now, this idea cannot work with every single company out there. But for those where it can, it can be a fun and entertaining way to keep your audience engaged.

Consider Swatch, the mascot for Mood Fabrics who is also an unofficial Project Runway mascot. This cute dog’s picture is in just about everything. He makes everything more accessible.

Think about your mascot a bit like colleges do. And in the interests of full disclosure, your intrepid blog writer is a graduate of Boston University and our mascot is the Boston Terrier. Which is what made the connection that much more obvious.

If your brand can do with a mascot, then have at it. And, by the way, your mascot can be someone’s child or a stuffed animal.

Listen to This

Another fantastic idea was to publish playlists. These can be fun and utterly unrelated to your business. Or maybe they can more subtly be related to it.

Do your employees have get up and go songs which get the blood pumping? Those are great! Or maybe a little mood music? If you’ve got a long haul trucking company, there are any number of songs about places and driving. And don’t forget Route 66!

Even marches are probably okay (talk about your military marketing!), assuming your clientele would find them interesting and pleasant.

Just make sure the songs are G rated. The last thing you want is to accidentally insult your customers.

#3. Influencers All Have to Start Somewhere

It’s not your imagination: this winning tip can help beginner influencers. Young Upstarts tells us there are ways which embryonic influencers can become more seasoned.

While this article is written more for the influencers themselves, there are bits of information which are useful for you, the entrepreneur.

Our favorite tip was to use an influencer matching site.

We had no idea such things existed!

Did you? We don’t want to feel left out.

Back to the topic at hand, these influencer sites (in this, as in all things, Google is your friend) are a way for influencers to connect with brands.

Keep in mind, the more seasoned influencers with larger followings are probably not going to feel the need to use such services. But that’s okay. This can be a way to link up with an influencer with fewer followers. It should cost less than working with a big wheel influencer.

And who knows? Maybe your brand and your influencer will grow together.

#2. Multitasking Just Might Not Be the Best Idea After All

Our second to last unbeatable tip can give you a new perspective on quitting multitasking and focusing better. Addicted 2 Success reveals all about how to keep your focus from splitting.

Breaks, Breaks, and More Breaks

We loved this idea, and it’s probably not surprising. When you fail to take frequent breaks, your mind wanders. And, inevitably, you end up checking Facebook or Twitter briefly, or text someone, etc. A few minutes here and there, and it’ll all add up.

So why not schedule those times, rather than let them take little nibbles out of your day and your focus? Interval working also makes sense simply because it’s not possible for us to go, go, go all day long. We need breaks anyway!

Swallow That Live Frog First Thing

The other tip we really liked was to do the hard stuff first. Take advantage of being fresher and give yourself the advantage of being done with the hard stuff when you’re getting tired.

Our corollary tip is to do the most unpleasant tasks early, too. That way, the fun stuff will be a reward.

#1. Throw Some Ice On That Burnout

We saved the best for last. For our favorite remarkable tip, we focused on helping employees avoid burnout. Effortless HR says we, as a culture, don’t value rest time like we should. Unfortunately, we’ve noticed that as well.

A corollary to this is a personal observation – not being treated like a person at the office. Employees can sometimes be treated like just so many cogs in a wheel. And when we treat people that way, it should be no great shock when they start to feel that way.

So, what can you do?

Goals and Credit

There were two tips which go hand in hand. One was to set achievable and realistic goals; the other was to recognize when those goals have been met.

These are key. Long before Credit Suite, your intrepid blog writer worked at places where goal-setting was another box ticked off by management. Goals had little to do with reality. These included going on more trips – yet cutting the budget.

Er, that’s not how the universe works.

Plus recognition, boy howdy, recognition! Money is nice (it’s always appropriate), but it can be spent. Recognition can bring with it promotions and recommendations. And those tend to last longer.

In short, treat your employees like flesh and blood humans.

What a concept.

So which one of our brilliant business tips was your favorite? And which one will you be implementing now?

Military Marketing Credit Suite

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Get lessons from the people in uniform with military marketing and more.

The post Manage Military Marketing and More –10 Brilliant Business Tips of the Week appeared first on Credit Suite.

Video Production Equipment: The Director’s Cut

Video Production Equipment: The Director’s Cut The Video Craze– Affordable Video Production Equipment New technologies in video production gadgets incorporated with the intro of video– particularly digital video– as a suitable device for motion picture has really made it practical for virtually any kind of specific ahead to be a flick manager basically over evening. … Continue reading Video Production Equipment: The Director’s Cut

Customer Debt Consolidation Programs: Tips for Choosing the Right Program

Customer Debt Consolidation Programs: Tips for Choosing the Right Program

With every one of the expenditures that we have in our lives today, it should not come as a shock that many individuals obtain deep right into financial debt as well as take into consideration registering in a customer financial obligation and also car loan debt consolidation program. Education and learning prices, trainee finances, own a home expenses, clinical costs, and also various other prices can promptly accumulate and also there is a slim line in between maintaining your head over water as well as definitely sinking in the red. There are a number of various customer financial debt loan consolidation programs readily available that deal superb options to installing financial debt troubles.

If you’re attempting to pay off a number of car loans or have big quantities of credit history card financial obligation, it is most likely a great concept to look right into a customer financial debt loan consolidation program. A customer financial debt loan consolidation program can be a great method to decrease month-to-month settlements and also can likewise release up some extra cash money as much less is right away required to pay financial obligations.

There are several sort of financial obligation that might be attended to by a customer financial debt combination program consisting of bank card financial obligation, clinical finances as well as individual car loans. The rates of interest in a customer financial obligation combination program often tend to be really reduced to make it a lot more probable choice than paying extremely high credit-card rate of interest. It is necessary to keep in mind that the size of a customer financial debt loan consolidation program is most likely to be a lot longer than any one of your existing lendings to be able to use reduced month-to-month settlements.

When you are searching for a customer financial obligation combination program to match your demands, there are numerous points to remember to make sure that you make the best selection of program. It is particularly essential to understand what you are looking for if you are looking for a customer financial debt loan consolidation program on the Internet. There are many various promotions as well as promos from numerous customer financial obligation loan consolidation firms that the option can be frustrating as well as you might be lured to pick the very first one you see.

While you are settling financial debts making use of a customer financial debt loan consolidation program, you will certainly have a lot more offered credit score on your cards, as well as need to keep in mind to utilize it moderately to stay clear of enhancing your financial obligation. The rates of interest might additionally wind up being greater in the future if you extend your payments over a prolonged duration, as well as you may wind up paying extra for a customer financial debt loan consolidation program than if you had actually just paid each costs by itself, despite passion.

With all of the expenditures that we have in our lives today, it should not come as a shock that lots of individuals obtain deep right into financial debt as well as think about signing up in a customer financial debt and also finance combination program. If you’re attempting to pay off numerous lendings or have big quantities of credit score card financial obligation, it is most likely an excellent suggestion to look right into a customer financial debt combination program. There are lots of kinds of financial obligation that might be resolved by a customer financial obligation combination program consisting of credit score card financial obligation, clinical lendings and also individual lendings.

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The Top 10 Industries Getting Business Credit, And How You Can Too

All the Cool Kids are Getting Business Credit, Here’s How You Can Get It Too

Getting business credit isn’t necessarily hard, but it does take some effort and planning.  There is a process, and you have to work for it.  Who gets business credit?  How can you get business credit?  Do you even need company credit?  These are all perfectly normal questions, as many entrepreneurs think they have to fund their business based solely on their personal credit.  This just isn’t the case however.

For many, business credit is like the fairy godmother of the business world.  It can take your company and put it in the elite class of businesses which are fundable on their own merits.  While all types of businesses can get business credit, some are getting it more often than others.

Check out how our reliable process will help your business get the best business credit cards.

Top 10 Industries Getting Business Credit

1.      Hospitality

Not so much hotels, but more like the newcomers similar to AirBnb, HomeAway, and VRBO. This is an innovative way to stay when you travel. And more like these are coming along.  It gives consumers options. Consumers like options.

2.      Real Estate

This refers more to house resale, or house flipping, than other types of real estate.  Before the last recession this was big news, and then the bubble burst.  It’s back and stronger than ever for now however.  Of course, there is always the lingering potential pin poke of the next recession looming nearby, but for now, that is not stopping them.

3.      Long Haul Truckers

There will always be a need for an affordable way to get things from one place to another, and long-haul truckers are just that.

getting business credit credit suite 2

4.      Finance

Not just any financial business, but those related to credit building are building company credit right now.  Businesses that help companies and individuals build their credit score are a big deal.

5.      Food Delivery

Services that offer food pickup and delivery services such as DoorDash and GrubHub  are growing and expanding, and they are getting business credit to do it.

6.      Energy Conservation

Energy conservation is huge right now, and companies that are working toward that end are establishing business credit to help make it happen.

7.      Health

There are two factions of the health industry building business credit frequently right now.  Data and file management is in the news as there is a push for records consolidation across the board to ensure patient files are as comprehensive and complete as possible.  Personalized health is also a hot topic, as more and more providers are realizing health care does not have a one size fits all solution. Business credit is helping providers in both areas thrive.

8.      Entertainment Technology (Apps, gaming, streaming)

Netflix, Hulu, and all the other streaming apps prove that this isn’t an industry that is going anywhere any time soon.  Add gaming and the hundreds of new apps that pop up in any given month and you can see why this is an industry that is getting business credit.

9.      Consumer Retail

Consumer retail companies that focus on online retail, or a combination of online and brick and mortar, are using business credit as online retail solidifies its foothold in the retail industry.

10.  Commercial Construction

Contractors working to build commercial property are busy right now.  Business credit helps them get a leg up on the competition.

11.  Bonus!!!!  The Cannabis Industry

Whether it is edibles or CBD products, there is no doubt this industry is growing fast.  Specialty stores selling a variety of CBD oil products are opening on virtually every corner, and with legalities changes frequently from state to state, other shops are popping up too.

While these are the top industries getting business credit, they aren’t the only ones.  If your company doesn’t fit into one of these, you can still join in the fun.  How?  Why?  Do you need or even want to join the crowd?  The answer to the first question is a resounding yes!  You definitely need to.  As far as wanting too, I think you will, if you don’t already.

Check out how our reliable process will help your business get the best business credit cards.

Why Are These Guys Getting Business Credit?

You might think business credit is unnecessary because your personal credit is fine. Maybe you don’t know anything about business credit and think you do not have a chance because your personal credit is shot.  If you have bad personal credit, you can absolutely build business credit that will fund your business.  Suppose your personal credit is fine.  Here is why you need business credit anyway.

Using business credit to handle your finances means personal finances will not be affected by company transactions. If your business goes bust, your personal credit score will stay intact, and you will not be personally liable for your business debts.

Thinking it isn’t an issue because your business is doing fine is a mistake.  Paying business expenses with personal credit cards maxes cards out quickly.  Even if you pay off large chunks every month, the rotating balance is likely very near the limit.  This is because business expenses are large, and personal credit cards tend to have lower limits than biz credit cards.

This affects your debt-to-credit ratio, which can negatively affect your personal credit score even if you make payments on time.  Business credit protects your personal credit score and ensures you have access to the funds you need to run your business.

How to Go About Getting Business Credit

Now that you know why you want to join the crowd that is establishing business credit, you can get busy.  Here is what you need to do.

Apply for an EIN

This is an identifying number for your business that works similar to your SSN.  You apply on the IRS website, and it is free.  Use it on business credit applications instead of your SSN.  You may still need to provide your SSN for fraud prevention, but it will not be used to access your personal credit score.

Incorporate

A business must be incorporated to have business credit. You can choose between forming a corporation, an S-corp, or an LLC.  The idea is that your business needs to be established as an entity separate from yourself in every way.  Incorporation not only accomplishes that, but it also offers you some liability from corporate debts.

Each option varies in cost and amount of protection it offers.  Which one will work best for you depends on your specific business.  Any of them will serve the purpose of establishing your corporation separately for purposes of building corporate credit though.

Contact Information

Your business needs to have an address and phone number that is different from your personal address and telephone number.  The phone number should be toll free, and the business should be listed in the directories with its own contact information.

Website and Email

All businesses these days need a professional, user friendly website to be able to compete.  You also need an email address that is specifically for the business.  Do not use a free email service such as Gmail or Yahoo.  The business email address should use the same URL as the business website.

Bank Accounts

Open a separate business bank account and begin running all business financial activity through that account.  You can pay yourself from this account, but do not run personal expenses through it. Not only will this help separate your business from yourself, but it will also save a lot of time when tax season rolls around.

Getting Business Credit: Get a D-U-N-S Number

This is another identifying number, but it is only used by Dun & Bradstreet.  They are the largest and most commonly used business credit reporting agency, so having a credit report with them is a must.  You can get a DUNS number for free on their website, but they will try to sell you other services.  You do not need them.  Just get the free DUNS number.

Build Business Credit from the Ground Up

Once you have your business separated from your personal information and finances, you can get to work building business credit.  It may seem overwhelming at first.  This is because if you start applying for business credit cards and you do not yet have a credit score attached to your business, you are going to be turned down.  You have to have credit to get credit, and it feel like a vicious cycle.  We know how to break the cycle however.  There is a crack in the circle. We know the “in.”

The Vendor Credit Tier

The vendor credit tier is your way in.  These are vendors that will extend net 30 terms on invoices and then report your payments to the credit agencies.  Once they start doing that, your business credit score will be established and grow from there.

Check out how our reliable process will help your business get the best business credit cards.

You may have to make a few initial purchases with these vendors before you can get net 30 terms.  Some require a minimum amount of time in business, and there may be a minimum income requirement if you do not have business credit.  There are dozens of them with varying requirements.  What they do not require, however, is a credit score.  This is how you start building business credit.

Working Through the Credit Tiers

Once you have 7 to 10 accounts reporting from the vendor credit tier, your score should be high enough to allow you to gain approval from creditors in the retail credit tier.  These are credit cards attached to specific stores such as Best Buy, Amazon, and Office Depot.  There are hundreds of these cards available with varying requirements.  Apply for a few, use them, and as you have more and more accounts reporting your on-time payments, you will qualify for more.

After you have several accounts reporting from the retail credit tier, you will qualify for cards in the fleet credit tier.  These cards are issued by companies like Shell, Fuelman, and WEX to be used for fuel purchases and automobile repairs.

Then, last but not least, the grand prize.  When you have enough accounts reporting from each tier, and if you are keeping current on all your payments, your score will be strong enough for the cash credit tier.  These are the general credit cards such as MasterCard and Visa that are not attached to a specific store.  They typically have higher limits and more rewards options.

From there, the sky’s the limit.  Your business will qualify for all the business credit it needs to continue to not only run, but thrive and grow.

A Few Ways to Use Business Credit to Your Benefit

Once you have all that business credit, what do you do with it?  The short answer is, whatever you want.  That is very broad of course.  There are some scenarios where it can be especially helpful however.

Take Advantage of Special Pricing

Having business credit means you can take advantage of special pricing on inventory.  For example, if you can get a 20% discount on a bulk order, and it is either a big seller or something you use regularly, the savings could be significant.  However, you need the funds available to make the purchase.  Company credit lets that happen without depleting cash reserves.

Float a Cash Gap

Cash gaps can occur for many reasons.  The most common include lags in invoice collection and seasonal gaps.  Company credit can allow you to cover those cash gaps without having to seek additional financing.

Reduce Cost

Used effectively, paying company expenses with company credit cards can actually reduce overall expenses.  I know it sounds totally crazy considering you have to pay interest.  Here how it could work, however.

Imagine you have a business credit card that offers 2% cash back on purchases.  If you make your regular purchases on this card and pay them off each month, you avoid paying interest and reduce the cost of those expenses by 2%.

Expansion and Growth

If you need funds to expand and grow, business credit can help you access those funds.  You may not want to fund a large expansion project with credit cards. But using charge cards wisely can help you build the business credit you need to get a line-of-credit or a traditional loan for a larger project.

You Could Be Getting Business Credit Too

When you read the list of top 10 industries getting business credit, you may think that you don’t stand a chance if you are not working in one of those industries.  If you follow the steps listed above however, you can definitely get credit for your business that is not attached to your personal credit.  This will not only ensure you can access the funds you need to run and grow your business, but also protect your personal finances should your business finances suffer. It’s a win-win, and all you have to do is trust the process.

 

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