Day: September 16, 2020

Orange Health (YC S20) Is Hiring Head of Engineering in India

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The Art of a Mideast Deal

The post The Art of a Mideast Deal appeared first on Buy It At A Bargain – Deals And Reviews.

Liberating Pennsylvania From Lockdown

A judge says Gov. Tom Wolf’s orders violate the U.S. Constitution.

The Art of a Mideast Deal

Trump was willing to break with a failed conventional wisdom.

Best HR Software

Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission.

Human resources can be a tough department to manage. From hiring to onboarding, employee scheduling, and HR compliance, there are dozens of responsibilities being juggled.

What if an employee wants to view an old paystub? How does someone access information about their vacation days or benefits?

Without the right technology, it’s a hassle for everyone involved. 

That’s why HR software has become so popular over the years. Businesses of all sizes across every industry are leveraging these tools to reduce bottlenecks and improve workflows in their HR departments while simultaneously improving the employee experience. 

Interested in getting HR software, but don’t know where to start? You’ve come to the right place. 

The Top 5 Options For HR Software

  1. Namely
  2. APS
  3. BerniePortal
  4. Workday
  5. Kissflow

How to Choose the Best HR Software For You

There are hundreds of different HR software options on the market today. But these solutions are definitely not created equally, so you can’t just blindly pick one and assume it’s going to be the right fit for your business.

As you’re shopping around, these are the features and considerations that must be evaluated:

Employee Self-Service

HR software with an employee self-service portal is a must-have in today’s day and age. This portal will give your staff access to crucial information, without having to call, email, or physically visit the HR department.

Want to access the employee handbook? Log in and look it up. Have questions about your benefits? It’s available in the portal. Need to request a day off? Just a few clicks away.

All of this information, and more, is available 24/7. So if one of your employees is sitting home on a Saturday night and wants to look at an old paystub, they don’t have to wait until 9:00 AM Monday morning to call HR.

As a result, everyone on your team will be more productive, and your HR staff won’t be wasting time answering questions all day.

Mobile Access

The best HR software will have a free mobile app. 

This app can be used on the employee side for the self-service tools mentioned above, but it’s also helpful from an administrative perspective. HR managers and other admins can complete tasks and view important information in real-time from anywhere. HR responsibilities won’t be tied to a physical office.

In some cases, you can even use these apps to communicate with your employees. They can opt-in for notifications delivered straight to their devices, which can reach them faster than an email.

Payroll and Benefits Administration

The vast majority of HR solutions will allow you to run payroll directly through the platform. This isn’t necessarily a make or break feature; it depends on your personal needs.

But since HR and payroll typically go hand-in-hand, lots of businesses look for an all-in-one solution for the two.

If you’re happy with your current payroll solution and don’t want to switch, that’s fine too. See if you can find an HR software that integrates with whatever you’re using for payroll. Your HR team and employees will like having access to everything from a single place. 


Efficiency is the main concept behind using HR software. Nothing is more efficient than automating repetitive tasks. 

Look for software that eliminates manual labor. For example, some HR tools will automatically track and calculate time-off requests, taxes, government filings, and more. Think about how much money you’ll save in labor hours if you can eliminate even just 5-10 hours per week on these types of tasks. At scale, the savings are astronomical. 

Company Size

Another way to narrow down your choices is by looking for software that fits the needs of your business size. 

A small business with 15 employees won’t have the same HR needs as an SME with 150 employees or an enterprise with 1,500 employees. It sounds simple, but so many companies overlook this aspect. 

Larger organizations will have more complex HR needs that some software just won’t accommodate. On the flip side, small businesses usually won’t need all of the features offered by certain HR solutions. 

The Different Types of HR Software

HR software is actually a pretty broad term. As you know, there are so many different aspects and components of human resources. Here’s a brief overview of the main types of HR software available on the market today. 

HCM Software

HCM stands for “human capital management.” 

This type of HR software primarily focuses on how individuals are managed within a company in terms of systems and HR policies. Talent management is a large component of HCM software. It’s common for HCM tools to have features for onboarding, performance management, salary planning, training, succession planning, benefits administration, and more. 

Lots of HR professionals consider HCM software to be an advanced version of HR software.

HRMS Software

HRMS stands for “human resource management system.” 

In most cases, HRMS software will include lots of the HCM software features. But there are two characteristics that all true HRMS solutions have in common—payroll and TLM (time & labor management).

Not every HRMS software will have employee scheduling features, but many do. There are standalone software products for time & labor management that are commonly referred to as “workforce management” software. But these typically fall under the umbrella of HRMS.

HRIS Software

Human resource information system—or HRIS for short—is a tool built for managing people, policies, and procedures.   

HRIS software typically includes all core HR features. But this type of software will usually have solutions for absence management, benefits administration, recruiting, compensation management, workflows, self-service portals, training, employee development, and reporting. 

Lots of this can be open for interpretation from software to software, but these are the core components you’ll likely find in an HRIS solution. 

ATS Software

ATS software is an “applicant tracking system.” 

This is a very specific type of HR software. In many cases, ATS software gets branded as a standalone product without core HR features. But with that said, lots of all-in-one HR solutions have features for applicant tracking. 

ATS software is highly beneficial for companies who are recruiting and onboarding at scale. The software makes it easier for you to find top-level talent, qualify them, schedule interviews, and onboard new hires. 

Payroll Software

Larger businesses may have separate departments for HR and payroll. But in most cases, the two go hand-in-hand. Payroll is typically considered to be a component of HR. Some of you might already be using an online payroll provider. 

Not every HR software has payroll features (although many do). And not every payroll software has every core HR feature. This is another scenario where lots of payroll solutions are branded as standalone products from HR. But there are plenty of all-in-one HR solutions that include payroll processing capabilities. However, this is usually an add-on package. 

#1 – Namely Review — Best HR Software For Employee Self-Service

Namely is an all-in-one solution for HR, talent management, payroll, and benefits. The platform makes it easy for businesses to improve their HR processes while remaining compliant. It’s trusted by 1,400+ organizations worldwide.

The software is actually branded as a “people operations platform.” It includes features for employee management, onboarding, talent management, recruiting, time and attendance, analytics, and more.

I’d say that Namely definitely falls into the HRIS category.

I like Namely because the software is designed to improve employee engagement. It gives your staff access to all of the HR information they could possibly need from an easy-to-use employee portal.

The software can be accessed from anywhere from the Namely mobile app. You can even use Namely to share company news, improve communication, and set up a company directory. 

Namely’s core HR package comes with tools and features like:

  • Onboarding
  • Performance and goal tracking
  • Task lists
  • Time off management
  • Compliance database
  • E-signature
  • Employee self-service and workflows
  • Custom fields

Then there are add-ons and extensions for things like payroll, benefits administration, recruiting, time & attendance, and managed services. 

Overall, Namely is a good fit for midsize organizations. 

#2 – APS Review — The Best HR Software For Payroll

The acronym “APS” actually stands for “Automatic Payroll Systems.” As this name clearly implies, payroll is their specialty. 

But with that said, APS is not a standalone payroll software; it’s an all-in-one solution for HR and payroll alike. 

In addition to payroll, APS has HR features for benefits administration, performance management, employee scheduling, recruiting, onboarding, compliance, employee self-service, and more. They also have industry-specific solutions for healthcare, restaurants, wholesalers, nonprofits, manufacturing, hospitality, financial services, and other unique categories. 

Let’s take a closer look at some of the top benefits of using APS for payroll:

  • Streamline tax compliance with accuracy, timeliness, and wage garnishment
  • Automate your tax system to reduce your burden and risk
  • Reduce time spent processing payroll with paycheck reconciliation
  • Automate federal, state, and local tax filings
  • Improve your efficiencies and reduce costs with paperless payroll processing

The self-service tools provided by APS are outstanding; on the employee end and administrative sides alike. 

More than 2,000 businesses across different industries rely on APS. For those of you looking for an all-in-one solution for HR and payroll, APS should be at the top of your list. 

#3 – BerniePortal Review — The Best HRIS Software

BerniePortal isn’t as well-known as some of the other HR solutions available on the market today. But that shouldn’t be a reason for you to pass up on considering it. In terms of HRIS software, BerniePortal really has everything you could possibly need.

For those of you who want to use technology to improve the total lifecycle management of your employees, BerniePortal should be at the top of your list.

BerniePortal was founded back in 2008, so they have over a decade of experience in the HR software space. The software has been deployed in 5,000+ HR departments in all 50 states, and it has 210,000+ active users.

Why BerniePortal? Let’s take a closer look at what this HRIS software has to offer.

  • Attract and retain top-level talent with benefits administration
  • Compliance, custom enrollment, and payroll reporting
  • Improve productivity and engagement with seamless employee onboarding 
  • Collaborative hiring decisions with built-in applicant tracking features
  • PTO tracking, time-off management, and custom policies
  • Tools for time and attendance tracking with detailed reporting
  • Mobile access with employee self-service tools
  • Performance management and compliance features

You can even use BerniePortal for things like IRS filings. While the software doesn’t have built-in payroll features, it can seamlessly integrate with your existing payroll system. 

Most of the BerniePortal features start at $5 per employee per month, with a $15 base fee.

#4 – Workday Review — Best For Human Capital Management (HCM)

Workday is a popular HR software with a unique twist. Every component of the tool is focused on finance. It helps you manage your HR processes while always keeping your bottom line in mind—all from a single platform.

The software is used by industry leaders in a wide range of categories. Some of the well-known companies that rely on Workday include Visa, Toyota, Salesforce, CE, Target, Charles Schwab, and Adobe.

Overall, Workday is pretty versatile. The software has solutions for human capital management, talent management, enterprise planning, payroll and workforce management, spend management, and more. 

Workday is robust, but also really easy to use. You’ll benefit from features like:

  • Automation to eliminate manual work and improve productivity
  • Advanced analytics to guide decision making
  • Improve communication and engagement
  • Machine learning to identify employees’ skills
  • Time tracking tools
  • Compensation, payroll, and benefits administration
  • Employee directories and self-service tools

The software can also adapt as your HCM needs evolve over time. 

Another reason why Workday ranks so high on our list is because of its industry-specific HR solutions across a wide range of categories. Some of these include healthcare, government, hospitality, insurance, manufacturing, professional services, energy, and more. 

#5 – Kissflow Review — Best HR Software For Onboarding and Applicant Tracking

Kissflow is one of my favorite tools for managing HR processes. It’s a top choice for businesses that want to improve the talent management aspect of human resources.

The software comes with features for applicant tracking, employee onboarding, attendance management, absence management, leave management, and employee offboarding.

With Kissflow, you’ll benefit from features and functionality like:

  • Get open jobs in front of top-level talent at the perfect time
  • Improve employee engagement
  • Employee self-service tools
  • 360-degree feedback and evaluations
  • Customizable HR solutions

Kissflow is definitely designed for larger teams. Pricing starts at $690 per month, which includes 100 users. Enterprise rates with unlimited users start at $1,290 per month.

The downside of Kissflow is that it’s not a true all-in-one HR solution. It focuses on certain areas but lacks functionality for things like payroll. With that said, Kissflow does have a wide range of integrations, so you can sync it with your existing tools. 


Every business can benefit from HR software. This statement holds true regardless of your company size or industry.

But before you finalize a decision, make sure you go through the process explained in this guide. Figure out what type of HR software fits your needs the best, then follow the methodology that I explained earlier. 

The five solutions recommended in this guide will be the best place for you to start your search.

The post Best HR Software appeared first on Neil Patel.

11 Proven Ways to Increase Dwell Time

Are you doing everything you can to rank for a specific keyword? Are you struggling to get on even the first page, much less the top?

Here’s the thing: there’s a good chance you are making a ton of mistakes that sends users back to the SERP.

After developing hundreds of high-ranking pages, I’m here to show you the role dwell time plays in ranking and how you can increase it.

Before I share 11 strategies to increase your dwell time, let’s look at what dwell time is and why it matters.

What is Dwell Time?

Dwell time is the length of time a user spends on your page before returning to SERP. Most SEOs consider dwell time to be a ranking signal, though Google hasn’t confirmed it.

As an example, let’s say you want to establish a better morning routine. So you Google “morning rituals.”

SERP screenshot example, how to increase dwell time

You click on the first result. But the page is hard to navigate, and the content’s not useful.

Within a few seconds, you hit back on your browser and click on the second result.

The second page has excellent content, and the website is easy to scroll through. You end up spending six minutes there and then go back to the SERP.

Now, if other people also spend more time on the second page, Google may factor that in their page rankings and demote the current first result. That will bump the #2 result up to #1.

Although Google hasn’t gone on the record to say dwell time is a ranking factor, the closest thing we’ve got so far is a Google engineer sharing this tidbit:

“So when search was invented… they wrote heuristics that had figure out what the relationship between a search and the best page for that search was. And those heuristics worked pretty well and continue to work pretty well.

But Google is now integrating machine learning into that process. So then training models on when someone clicks on a page and stays on that page, when they go back or when they and trying to figure out exactly on that relationship.”

Here’s another strong indicator that dwell time is at least a mild ranking factor: Google used to let you hide specific websites on the SERP after visiting them.

If you bounce fast from a page, you could block all results from a domain – because Google knew that if people left a page quickly, there was a good chance they didn’t like the content.

Over time, that feature was dropped, likely as Google better understood which sites were most useful.

Dwell Time Versus Time On Page

You may have heard of time on page, which is the amount of time a user is on a page until they go anywhere else.

dwell time versus time on page metrics for SEO

Time on page is based on two clicks:

1. A user visits your website.

2. The user then clicks on another page on your website.

time on page versus dwell time in SEO

The big difference between time on page and dwell time is whether or not the visitor went to another page on your website. With time on page, they have to visit a second page on your website for Google Analytics to take the session into account.

If a user only visits one page on your website, Google Analytics shows time on page for the session as zero.

Here are 11 strategies to increase your pages’ dwell time.

Hook Readers In

You have one shot at making a great first impression from the SERP. One web usability study found the first 10 seconds of a page visit are critical for determining if a visitor stays or goes.

Are your blog post introductions reeling in readers? To encourage dwell time, each introduction needs to be interesting and relevant to your target keywords.

Take this example from a recent post about spying on your competitor’s SEO.

competitor research example, how to increase your dwell time in SEO

The open-ended question is the hook. The follow-up sentence is brief and touches on a universal pain point. It also acts as a transition guiding the reader to the thesis.

This hook isn’t like a traditional university paper thesis, though. It’s a teaser of what readers can expect in your article.  

Divide Into Snackable Sections

Your introduction gets site visitors engaged and excited to continue reading.

Use H2’s to break content into sections, so it’s easy to read. It also makes it easier for folks to go back and reference your content later.

A good example is this article on defining your target audience.

Another way to make your content easier to consume is to turn succinct lists intobullet-pointt format. These make content easier to read and help users find the meat of the content faster.

Another way to engage readers is to use a ton of screenshots and other visuals to illustrate your points.

Create a Multimedia Experience

Infographics aren’t just great for referral traffic. Visuals can also help keep your site visitors engaged.

For example, check out this content layering infographic. It makes a complex topic easier to digest and understand.

Image source

Here are a few tools you can use to create visuals for your content quickly:

Video can also encourage visitors to stick around. 80% of marketers said in a Wyzowl survey video increased the dwell time on their website. Embedding videos in your content can too.

Here are a few different strategies to increase the effectiveness of video:

  • Use an eye-catching video thumbnail so users will click and watch.
  • Customer testimonial videos and product videos can be a powerful way to push conversions.
  • Embed video explaining a specific strategy or concept you touch on within your content. Use the video for diving deeper into the strategy.
  • Share a video from a popular YouTube channel in your content. Then reach out to the producers, as there may be opportunities for social referral traffic.
  • Insert a video containing information with related content.

Match Search Intent

If you’re looking to rank #1 for a keyword on Google, you need to be the most relevant query. In other words, the content on your page needs to reflect a searcher’s intent, the reason for the search.

Let’s say you’re trying to rank for “best spa” in NYC.

Spas in NYC example in how to increase dwell time

Google knows the most relevant results from millions of searchers who have either bounced or stuck around pages. In this case, spa options based on a searcher’s location and the best spas worldwide are the top results.  

A landing page spotlighting a specific spa won’t work. However, charts showing different destination spa’s amenities and price comparison tools may be effective.  

The four most common types of search intent are:


A searcher is looking for general information (“How can I interpret my dreams?”)  or an answer to a specific question (“How old is Elon Musk?”)

More examples of information searches:

  • “When is NBA draft”
  • “LAX Terminal 4 to 5 directions”
  • “Howard Schultz”


The searcher is looking for a specific website or brand. They may forget the URL or find it easier to Google a brand than type out the site’s address.

Examples of brand searches:

  • “Instagram login”
  • “Ubersuggest”
  • “Neil Patel guide to Local SEO”


With an inquiry search, a searcher shows interest in an item or solution but is still researching and comparing their options.

Examples of inquiry searches:

  • “best spas”
  • “United versus Delta”
  • “Ubersuggest reviews”


In a transaction search, the searcher is ready to buy. They are either looking for the best price or trying to find a specific item or service.

Examples of transaction searches:

  • “Chipotles near me”
  • “buy iPad pro”
  • “athletic greens coupon”

Now let’s say a spa decides to target “corporate wellness retreats.” Here are the steps they can take to do competitive research on Ubersuggest:

First, review search volume and keyword difficulty under “Keyword Ideas.”

keyword ideas in how to increase your dwell time

Next, analyze the top SERP results for that keyword.

keyword overview example on how to increase dwell time

Are the top results product pages, blog posts, or another format? For a search of “corporate wellness retreat,” we can see most of the top 10 results are landing pages.

As you review each page, take notes on the page’s content to see how you can improve.

You can also review on-page optimizations, such as the use of keywords in headlines and subheadings and any other factors encouraging dwell time.

Then review the top results off-page SEO strategy. Copy the URL of any result into Ubersuggest and select overview to see more about the domain, including:

  • The number of backlinks pointing to their domain
  • Domain score; the higher the number, the more authoritative a site is, and the higher it will rank in Google
  • The number of unique domains linking back to their domain
domain overview example in How to increase dwell time

Craft In-depth Content

In most cases, longer content gets more traffic. Since it takes more time to read, more robust content boosts dwell time.

Help encourage visitors to stick around by providing the go-to resource for a specific query using the Skyscraper technique (a term initially coined by Brian Dean of Backlinko). 

All skyscraper content has one or more of the following elements:

  • Useful: Does it provide step-by-step instructions where possible? Are you providing your reader with clear takeaways?
  • Entertaining: Does your content draw in your reader either through a compelling narrative, hook, or funny bits?
  • User Experience: Is your content easy to navigate and skim? Does content logically flow? Is the content accessible in tone and style? In particular, it doesn’t read like a post-graduate paper or use larger words than needed.

Each of the eight steps in this article on monetizing your blog shows you don’t need a massive amount of traffic to start making money. Readers can also see a ton of examples where they can draw inspiration.

how to increase dwell time through great content

By creating thorough content it ranks #1 for highly competitive keywords and readers spend an average of over 4 minutes on the page.

Enable Comments

Open up your blog to questions and discussion in the comments. Just like here, where I try to reply to all comments.

People want to read others’ comments. Other readers likely have the same questions and can contain additional valuable responses from the author.

As people read or add in their own comments, their dwell time goes up.

Plus, you can get a ton of great feedback with your site visitors, like the comment below.

comment example

Create Interactive Elements

Interactive content not only keeps users on your page longer, it can also improve the user experience.

Quizzes, polls, downloadable assessments, and calculators are all features that can help site visitors work through the specific issue they came to your site to solve.

Establish Next Steps

If someone wants to learn more about a specific topic you’ve covered, make it easy to access with an internal link.

Internal links not only help keep users on your site, but are another key feature for on-page optimization.

Your internal links can also guide users to take the next step along your inbound funnel.

As you may know, a pillar page is a central piece on a website covering a topic in-depth.  

Let’s say you’re looking to target a keyword with significant volume like “camper living.”

pillar page research, how to increase dwell time

Once you create a pillar page targeting the keyword, you may develop a blog post reviewing an RV essential like a mobile hotspot. Then link to this piece on your pillar page.

Increase Your Site Speed

Part of making a great first impression — and preventing people from hitting the back button on your site — is ensuring your pages load fast.

47% of consumers expect a page to load in two seconds or less.

A few tools to help speed up your site:

Mobile First

More than half of worldwide traffic comes from mobile devices, which means you need to provide a mobile-first experience on your website.

What does that mean? Your site needs to perform well on mobile devices, not just desktop.

Here’s how you can double-check your pages are optimized for mobile:

  1. Visit Google Search Console.
  2. Click “Mobile Usability.”
  3. If any errors show in Search Console, click the error for details on how to fix the issue on your site.

Google’s support documentation that is linked in the results also provides more info on specific errors.

Level Up the Copy

You can have the best content but still fail to resonate with your readers.

Are all the sentences in your content the same length? Do paragraphs begin the same way? It will get boring.

Copywriting techniques are the ace up your sleeve. Here are a few strategies to keep your writing engaging you can take from copy masters:

Make it simple. Make it memorable. Make it inviting to look at. Make it fun to read. 

-Leo Burnett

Can you say the same thing in fewer words? Are their compelling stories or statistics you can use to draw in a reader?

Copy is a direct conversation with the consumer.

– Shirley Polykoff

Keep the conversation going by mirroring your customers. Not sure what your audience is thinking? Survey your current and existing customers.

Have sections where readers may get overwhelmed or bored? Use Bucket Brigades, a term penned by Brian Dean. These phrases that help bridge two sentences and lead readers through content.

These phrases are instant attention grabbers and keep readers from bouncing:

  • Pro-tip:
  • Here’s the deal:
  • Now:
  • What’s the bottom line?
  • You might be wondering:
  • This is crazy:
  • It gets better/worse:
  • But here’s the kicker:
  • Want to know the best part?


All of these techniques can help increase dwell time. But let your rankings and analytics reveal the most effective elements for your content. Start at the top of the list and try each strategy. For example, you might find that your users respond to interactive elements or that they prefer lists.

Once you see what works, you can fine-tune your strategy.

Which strategy will you try first?

The post 11 Proven Ways to Increase Dwell Time appeared first on Neil Patel.

Top 75 Astrology Instagram Influencers most followed in 2020

Top 75 Astrology Instagram Influencers most followed in 2020 Submit Instagram Do you want more traffic, leads, and sales? Submit your Instagram profile below if you want to grow your traffic and revenue. Submit Your Instagram Astrology Instagrammers

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How Business Credit Can Help With Effective Hiring

Effective hiring should be on every business owner’s list.

Here’s What You Need to Know About Effective Hiring and Business Credit

I once spoke with a small business owner who had recently won a multi-million dollar consulting contract with the U.S. government. This contract required him to seriously ramp up his operation with more employees and the additional infrastructure that he would need to accommodate the increase in headcount. A problem most small business owners would like to face, right?

He had a lot of experience working with government contracts. And he was familiar with the payment cycle for the invoices he regularly sent for payment. He knew he would be paid. But he also knew it would take over 30 days. This made it difficult to float all the ramp-up costs with his cash flow.

This is a common challenge faced by many small businesses that need to ramp up to service a new client or meet the demands of a new contract. Fortunately, this business owner could access borrowed capital to meet this short-term need. Fueling growth is a good use case for borrowed capital. His credit profile allowed him to meet the demands of his new government contract without the insurmountable cash flow burden that would have otherwise been required.

Proactively approaching your credit profile today, to turn it into a tool that you can  strategically leverage to foster growth when needed—which often means hiring more employees—should be top of mind for every small business owner.

Learn more here and get started with building business credit with your company’s EIN and not your SSN. Get money even in a recession and put it toward more effective hiring!

Building Your Credit Profile into a Strategic Tool

Effective Hiring Nav Credit SuiteBuilding a strong credit profile isn’t rocket science. But it isn’t something that just happens either. What’s more, if you have a less than perfect credit profile, it isn’t going to change overnight. Slow and steady wins this race.

For most small business owners in the United States, your personal credit score will be a part of every business creditworthiness conversation so it’s important to understand what lenders see when they look at your personal score. Fortunately, so far as personal credit is concerned, your score is easy to translate. Here is what it means:

Above 800 (excellent)

A credit score of 800 or better puts you in pretty elite company. Borrowers in this range are considered consistently responsible when it comes to managing debt. They have a long history of no late payments. Plus they carry low balances on their personal credit cards. They are considered at low risk of default.

740-799 (very good)

This is considered a very good score and tells lenders you are generally financially responsible when it comes to money and managing your personal credit. Although you may have an occasional late payment, most of the time you make timely payments on your personal loans, credit cards, utility payments, and mortgage. It also indicates that the balances you carry on your personal credit cards are generally low (below 30% of available credit).

670-739 (Good)

If your score falls in the upper part of this range, you are a little better than the average U.S. consumer whose FICO score is around 704. Although this borrower shouldn’t have too much trouble obtaining financing, there will be some options unavailable to them. Although they are unlikely to be offered the same low rates and favorable terms of those with Very Good or Excellent credit.

580-669 (Fair)

Borrowers in this range may have a few dings on their credit history, but no serious delinquencies. It’s still possible to get financing. But it will not be at very competitive rates. There will be limited options.

Under 580 (Poor)

This score represents what could be multiple defaults on different loans from different lenders. It could also represent a bankruptcy, which will remain on your credit report for 10 years. Borrowers with scores this low will have very limited business loan options. They should expect to pay some of the highest rates on business financing if approved. Borrowers with a score in this range should focus on repairing and rebuilding their score.

No Credit

Although there is a difference between Poor Credit and No Credit, the results are similar. When building a personal credit history, don’t be afraid to start small. Make sure you pay your utility bills and meet your other personal financial obligations in a timely manner.

Now that you know what your personal credit score means, you need to know how it’s calculated so you can take the right steps to build or improve your score.

How is My Personal Credit Score Calculated?

Most of the personal credit reporting bureaus base their credit scores on the FICO score. Although if you check your score with different reporting agencies there might be some slight differences, the basis for those scores is all the same. Here is the formula:

35% Comes from Your Payment History

In other words, the single most important thing you can do is to make each and every periodic payment in a timely fashion. Most creditors understand the difficulties people are facing right now. But that doesn’t mean you’ll get a pass. It’s important to stay current. Do not let a debt obligation go 60-, 90-, or 120-days past due.

30% Comes from Your Debt to Credit Ratio

In other words, the ratio of debt you use compared to the amount of credit you have. The credit bureaus don’t like to see maxed out credit accounts. A good rule of thumb is to keep that ratio below 30% (lower is even better). But anything over 50% is a big red flag that will keep your personal credit score in the basement.

15% Comes from the Length of Your Credit History

Lenders are trying to make decisions about what you will do in the future based on what you’ve done in the past. So a longer track record is better than a shorter track record. You’ll probably get some allowance for the first half of 2020. But if you have chronic credit problems dating from before the crisis, you need to get to work on making improvements to your credit habits.

10% Comes from the Type of Credit You Use

For example, credit bureaus look at mortgages, auto loans, credit cards and other revolving debt through a different lens. Creditors want to see a mix of credit. So if the only credit account you have is your mortgage, a little diversification will help your credit score.

10% Comes from New Credit Inquiries

While it’s true that new inquiries can impact your score, the amount of impact is relatively small. That is particularly true if you are consistently current with your payments and aren’t maxing out the limit on your credit cards every month.

Before we talk about how to improve your credit to maximize your ability to access borrowed capital to hire new employees or otherwise ramp up for a new contract, we need to address business credit. What makes it different from personal credit and some of the synergies created by a strong personal credit score and a robust business credit history.

Learn more here and get started with building business credit with your company’s EIN and not your SSN. Get money even in a recession and put it toward more effective hiring!

How is My Business’s Credit Profile Reported?

Like the credit bureaus that report on your personal credit history, there are business credit bureaus that report on your business credit history. They consider how you pay your suppliers, your landlord, your utilities, your business credit cards, and how you may payments on any other business loan or business debt you might have.

With the exception of the FICO SBSS credit score, which is a composite of your personal and business credit used by the SBA to evaluate a loan application, you should consider your business credit as typically a collection of scores, rather than one universal score like your personal score. Every business credit bureau creates this profile differently. So no two business credit reports will look exactly the same. Regardless of how long you’ve been in business, you have a business credit profile that includes detailed information about your business and your business credit history.

Your Business Credit Score is Different

Although your personal score is considered private, your business profile is public to anyone who wants to see it. The basis of your business profile is whether or not the majority of your credit interactions are positive or negative. The goal here is to meet all your business obligations as agreed upon. 

Additionally, your credit history is a measurement against other businesses in your industry. And this includes if they are considered more or less risky from a credit perspective. Your history is also compared to other businesses in your region, of your size, and annual revenues. This is to make a recommendation to creditors on your business’s potential creditworthiness.

Improving Your Business Credit Score

Irrespective of personal or business credit, the single most important thing you can do to build a positive profile is to make your periodic payments in a timely manner. If you want to build your credit into a strategic tool you can use to fuel growth, here are 4 things you should start doing today:

Make Sure Your Profile is Accurate

There is a lot of negative credit activity going on right now. Plus, it’s easy to confuse businesses with similar names or addresses. So it’s more important than ever to make sure the things reported about your business are accurate and reflect your credit practices. If you find an error, all the major business credit bureaus have mechanisms to correct the mistakes you can verify.

Keep Your Personal and Business Credit Separate

This can be hard for young businesses that don’t have a lot of business credit yet. But using your personal credit for business credit purposes not only doesn’t help your business profile, it could actually hurt your personal credit score. Since 30% of your personal score comes from how much credit you use compared to how much you have, the higher balances often associated with business expenses can negatively impact your ratios. If you want to keep your personal score as strong as possible, while building your business profile, avoid the temptation to use your personal credit to pay for a business expense.

Establish Trade Credit Accounts with Your Suppliers

This is one of the most underrated ways to build a strong business profile. Most vendors are willing to offer payment terms to their good customers. Although it’s not a business loan, if they report your good credit behavior to the appropriate credit bureaus, this valuable credit will help you build a strong business credit history. This will enable you to borrow when you really need to.

Use the Credit You Need and Stay Current

Businesses large and small leverage borrowed capital to fuel growth and fund other business initiatives like effective hiring of new employees. The biggest thing you can do to build a strong profile is to use the credit you need and make sure you make every periodic payment. Lenders look at your history because they want some assurance that you will make timely payments to them. It helps if they can see you’ve done so in the past.

Learn more here and get started with building business credit with your company’s EIN and not your SSN. Get money even in a recession and put it toward more effective hiring!

Effective Hiring of New Employees Can be ExpensiveEffective Hiring Nav Credit Suite

Effective hiring of new employees often includes expense beyond the addition of another paycheck. For some companies it might be a new computer and workstation. For others it could be something else. Most of these upfront expenses are relatively short term. So many small business owners opt to finance them with either a business credit card or even a small business loan depending on the cost. The business owner I described at the beginning of this article opted for a small business loan.

He had worked to build his credit profile so he could use business financing as a strategic tool when he needed it. So he could borrow the money he needed to ramp up employees and infrastructure to service the new contract. And he could repay the loan once he started to get regular payments from his government contract.

Effective Hiring and Business Credit: Takeaways

As a small business owner accessing borrowed capital has always required a good personal and business credit history. But especially now, many lenders are tightening their qualification requirements tighter than ever. So it will be important to make sure your profile shows you in the best light possible. Of course, it’s no guarantee you’ll get the financing you want. But it will give your business more options to choose from—as well as put your application on the top of the pile.

Ty Kiisel for Credit SuiteEffective Hiring Nav Credit Suite

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Alibaba-Backed Courier to List in Hong Kong

ZTO Express plans to raise up to $1.56 billion, becoming the latest Chinese company to seek a secondary listing in Hong Kong as tensions between the U.S. and China rise.

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What Makes A Brand Name Keep Long-term & solid

What Makes A Brand Stay Lasting & solid Producing A Strong Brand That Lasts Despite of a huge number of competitors to online organization, if the individuals will certainly recognize your brand name, it would certainly be very easy to locate you and also your company, therefore it will certainly obtain a whole lot of …

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