Day: November 19, 2020

The Polls Are Dead, Long Live Politics

There’s ample evidence they aren’t accurate, yet politicians rely on issue polling for policy making.

What Are Google Ad Grants?

Most of us have got a favorite non-profit, and usually with good reason. They might provide vital resources for your community or just be a cause close to your heart. Or they may have played an important role in your own life or that of a family member.

Non-profits need to be visible in today’s digital age — but that takes time, money, and expertise. Which is where Google Ad grants can help.

What Are Google Ad Grants?

If you’re a non-profit, Google Ad grants offer a set amount of funding towards Google advertising every month.

Why did Google launch its Ads grants program, and how do they work?

Google designed the grants program to help nonprofits flourish. The ads work just like regular PPC ads. Nonprofits use them to drive targeted traffic to their sites, just as any marketer or business owner would

And whether you realize it or not, you’ve probably seen some of these ads online; they show up beneath paid-for ads when you do a Google search.

But unlike Google’s PPC ads, there are some limitations. For instance, Google Ad Grant adverts are text only.

Google Ad Grants also have a strict eligibility criterion, and all non-profits must complete an application process. We’ll discuss the details of eligibility below.

Why Should You Apply for Google Ad Grants?

From high-profile nonprofits like Habitat for Humanity and the American Cancer Society to smaller organizations like the Elder Wisdom Circle and Travel to Impact, Google Ads Grants have many success stories.

For example, Habitat for Humanity achieved its marketing goals by combining Ad Grants and Paid Ads. This helped the organization to increase pickups.

The charity then sells the donated items to raise funds for its vital support programs. And to provide low-cost furniture and other goods for the local community.

Using free tools like Google Analytics and Tag Manager allowed Habitat for Humanity to measure its conversion values. As a result, the charity noted a substantial increase over the next six months.

The free ads also helped Habit to Humanity attract more donors and use remarketing campaigns to keep visitors engaged and encourage them to donate again.

But it’s not just the free advertising budget that nonprofits can benefit from. Other advantages of Google Ad Grants include their digital marketing resources.

Your digital marketing strategy is fundamental to success online. The same is also true for nonprofits that want to raise awareness and funds in the digital age.  

And if you’re new to digital marketing, Google has you covered. There’s a set of videos to talk you through the various elements of a successful digital campaign, such as:

  • Designing your social media strategy
  • Starting and building your campaign
  • Tracking your conversions

Your nonprofit can also use the ads to:

  • Get noticed online and raise awareness of your organization.  
  • Raise essential funds
  • Attract new volunteers
  • Achieve the aims of individual campaigns

How Much Money Does Google Ad Grants Offer?

  • The Google Ads Grant gives nonprofits $10,000 worth of advertising every year.
  • Your monthly budget equals $329 a day, and you can divide this between various campaigns.

If you’re tracking donations, purchases, and fees, then Google suggests using a maximizing conversion bidding strategy. You can read more about this on Google’s support pages.

Your organization can decide how to best spend the money itself. Or you can turn to one of Google’s Ad Grants certified professionals to guide you through the application.

How to Apply for Google Ad Grants

As with any other grant, there’s an application to fill out. But don’t let the process put you off applying. It isn’t nearly as complex as you might think.

In this next section, I’ll break this down into the following steps:

  • Check eligibility
  • Sign up for a Google nonprofits account
  • Activate your Google Grants account

Make Sure You’re Eligible for Google Ad Grants

The Google Ads grants are only open to eligible non-profits. This means your organization must:

  • Be in one of the 50 eligible countries. You can find a list of them online.
  • Sign up for Google Nonprofits.
  • Accept Google’s certifications, which cover non-discrimination and donation receipt/use
  • Have an established website that meets Google’s Ad Grants standards, including HTTPS security
  • Complete the activation process

Your next step is to establish a Google for Nonprofits account.

Sign Up for a Google for Nonprofits Account

To sign up to Google for Nonprofits:

1. Register with TechSoup. If you’re not familiar with TechSoup, here’s what you need to know:

TechSoup is a nonprofit that offers a variety of tech resources from well-known brands like Microsoft and Intuit QuickBooks. It’s free to join, and all you need to do is complete a short application.

what are google ad grants techsoup

For nonprofits outside of the U.S., you may need to register through one of Google’s other partners. For example, in the UK, you’ll get taken to the charitydigitalexchange.org website.

Note: Verification from TechSoup can take up to 12 days.

2. Request a Google for Nonprofits account by clicking ‘Get Started.’

Google ad grants Google for nonprofits account

Then, fill out the requested information, and wait for Google’s verification email.

Activate and Create Your Google Ad Grants Account

To activate your Google Ad Grants account, follow these steps.

  1. Fill out the eligibility form. You’ll find this when you log into your ‘Google for Nonprofits’ account and look under the ‘Google Ad Grants’ heading.
  2. Select the ‘Activate’ option.
  3. You’ll then see an eligibility form. Here, you’ll tell Google more about your organization and confirm your entitlement to a grant.
  4. Once you’ve completed the form, go back to your Google for Nonprofits account and click ‘activate’ again.
  5. Then, you should see a checkbox. Confirm you’ve filled the eligibility form out, and click ‘activate.’

That’s it. Activation typically takes up to three business days.

Note: Remember, your Google for Nonprofits/Ad Grants accounts need the same username.

What Can I Do With My Google Ad Grants Account?

Now you’ve established your Google Ads account, your nonprofit can start reaping the benefits, like launching your free ad campaigns.

Setting up your first ads may seem confusing. Let’s walk through it.

Create a Google Ad Campaign

Google ad grants Create Google Ad Campaign

To create your Google Ads Grant marketing, just follow these steps.

  1. Login into your Google Ads account and go to the ‘campaigns’ page. Now, you’ll want to choose the ‘new campaign’ option.
  2. You’ll then see an option that says: “Select the goal that would make this campaign successful for you.” You’re looking for the ‘Create a campaign without a goal’s guidance’ option.
  3. Select your campaign type. Look for the ‘smart’ option.
  4. Decide what action you want customers to take, then click ‘continue.’
  5. Describe your business. This is pretty straightforward. Just enter your organization’s details, nonprofit URL, and any other information related to your nonprofit. Then press ‘save.’
  6. Head to the ‘Where are your customers? page. This allows you to customize your campaign to your local radius or specific areas. Choose the language and select your relevant business category.
  7. You should see a heading that says ‘what specific products or services do you want to promote in this ad?’. Here, you’ll detail the services your nonprofit offers. Or you can include the auto-suggested keywords. You’ll find these under the ‘suggested for you’ heading.
  8. Click ‘next’ and choose your budget. Remember to set it at the $329 daily maximum.
  9. Tap the ‘next’ button, which will take you to the review stage. Here, you can change your ads, before clicking ‘next’ once more.

Your campaign setup is complete!

Google Ad Grant Best Practices

If you’re creating the campaign yourself, the best thing you can do is take your time and consider Google’s best practices. But if you’re not comfortable with this part, remember there are certified professionals who can manage the advertising.

To get you started, here are some tips along with some Google recommendations:

Differentiate Your Organization

What makes your organization different? This is how you stand out from the crowd and encourage engagement and donations.  For example, does your organization:

  • Donate 100% of its profits?
  • Team up with local partners and projects?
  • Offer proof and updates on how your non-profit is spending its funds?
  • Highlight the good the donations are doing?

If you’re struggling to find your nonprofit’s unique selling point, there’s a useful article on identifying your non-profit’s USP online. And you can also learn more about one non-profit’s marketing approach.

Include a Call to Action

Perhaps the most important part of any online ad is the call to action. What do you want visitors to do next? Think about your goals and what steps you need visitors to take to reach your goals.

Choose Your Keywords Carefully

Begin by thinking of the search terms and keywords you’d use if you were looking for a nonprofit in your niche. Then, use a keyword planner tool like Ubersuggest to perform further keyword research. Use these terms in your ads.

Write Ad Groups and Ensure They Are Relevant

Develop a group of ads for rotation and include your target keywords in each group. You’ll also want to ensure that your ads are relevant to your intended audience.

For example, you may want to target them at attracting:

  • Volunteers
  • Donations
  • Click-throughs

Decide on Your Next Actions

What do your visitors do once they’ve visited your site? Do they donate? Sign up as a volunteer? Ask for information?

Use an analytics tool to determine this, and design future campaigns around relevant keywords.

For further tips for creating successful Google ads, visit their support page.

Track Your Google Ad Success

A recent survey found that 64% of marketing professionals would choose Google Ads over SEO. This is despite SEO’s positive return on investment (ROI) and the organic traffic it delivers.

Why?

Well, according to the survey, Google Ads are better for:

  • Conversion
  • Measurable data
  • Traffic volume
  • Effectiveness and scalability.

And there’s another huge plus to Google Ads: they’re easier to implement.

You can see how important these factors are to a marketing professional. But they’re every bit as important to your nonprofit too.

By tracking and analyzing the data of your nonprofit, you can also:

  • Optimize conversions to increase your results
  • Adjust your ads
  • Measure the success of individual campaigns and landing pages
  • Gain real-time and audience insights
  • See where your donors are located

There may come a time when you want to change your nonprofit ads. Just make sure your nonprofit complies with Google’s policies.

For example, Google doesn’t allow:

  • Single keywords, although there are exceptions.
  • Keywords with a 1-2 quality score
  • Overly generic keywords

Nonprofits must also keep their click-through rates (CTRs) at 5% every month (or risk having their accounts deactivated) and have valid conversion tracking if using smart bidding.

Note: It’s worth mentioning that Google policies are subject to change. Their Ad Grants Compliance Guidelines are available online. Keep up-to-date with these, and if you’re unclear on anything, check.

Conclusion

Google’s Ad Grants program allows qualifying nonprofits to gain visibility, attract more donations, and recruit staff and volunteers. Google Ad Grants is an ideal starting place for nonprofits that don’t have a digital marketing strategy or lack the budget to get started.

Aside from the generous $10,000 limit available to nonprofits, there are many other advantages to signing up with Google Ad Grants, such as access to technology tools, data tracking, and professional services to help grow your nonprofit.

Although it may seem complicated, Ad Grants are free to set up. And if you’re unsure of the correct strategy, consider hiring a PPC consultant to guide you.

Has your nonprofit applied for a Google Ad Grant? Tell us about your experiences or share some tips below.

The post What Are Google Ad Grants? appeared first on Neil Patel.

3 Key Reasons to Use Augmented Intelligence Tools in Digital Marketing

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

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

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

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

What is Augmented Intelligence?

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

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

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

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

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

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

Artificial Intelligence Examples

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

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

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

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

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

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

Augmented Intelligence Examples

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

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

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

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

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

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

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

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

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

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

How Can Augmented Intelligence Help Your Business?

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

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

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

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

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

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

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

Glasses virtual try on screenshot augmented intelligence 1

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

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

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

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

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

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

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

Augmented Intelligence Creates Positive Customer Experiences

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

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

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

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

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

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

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

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

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

And on Amazon as suggested product examples:

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

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

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

Augmented Intelligence Can Reduce Busywork

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

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

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

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

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

Augmented Intelligence Can Help Write Content

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Augmented Intelligence is Becoming the Norm

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

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

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

Conclusion

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

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

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

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

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

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

Top 5 Corel Draw Forums, Discussions and Message Boards You Must Follow in 2020

Top 5 Corel Draw Forums Contents [show] ⋅About this list & ranking Corel Draw Forums CorelDraw Community Corel USER to USER Web Board Submit Blog Do you want more traffic, leads, and sales? Submit your blog below if you want to grow your traffic and revenue. Submit Your Blog Corel Draw Forums View Latest Posts ⋅Get Bloggers […]

The post Top 5 Corel Draw Forums, Discussions and Message Boards You Must Follow in 2020 appeared first on Feedspot Blog.

Top 5 Photoshop Forums, Discussions and Message Boards You Must Follow in 2020

Top 5 Photoshop Forums Contents [show] ⋅About this list & ranking Photoshop Forums Adobe Support Community » Photoshop Photoshop Gurus Forum Digital Point Photoshop Submit Blog Do you want more traffic, leads, and sales? Submit your blog below if you want to grow your traffic and revenue. Submit Your Blog Photoshop Forums View Latest Posts ⋅Get Bloggers […]

The post Top 5 Photoshop Forums, Discussions and Message Boards You Must Follow in 2020 appeared first on Feedspot Blog.

How to Rock your Business Bank Credit Score in a Recession

Rock Your Business Bank Credit Score in a Recession

What’s your business bank credit score in a recession?

Before going any further, do you know the difference between bank credit and business credit? Business credit is the full and complete amount of money that your small business can get from all manner of creditors. That means the credit unions,  credit card companies, and leasing companies. And it means any credit your small business can get from suppliers, under what is called trade credit or vendor credit or trade lines. Your bank credit score, though, is a touch different.

Bank credit, on the other hand, is the full amount of borrowing capacity which a small business can get from the banking system only. Hence your bank credit score, of course, is the measurement of this capacity to borrow.

Your Business Bank Credit Score in a Recession, Explained

A small business can get more business credit rapidly, so long as it has at least one bank reference and an average daily account balance of at least $10,000 for the most recent three month time period. This set up will yield a bank rating of a Low-5. So this means it is an Adjusted Debt Balance of from $5,000 to $30,000.

A lower rating, like a High-4, or balance of $7,000 to $9,999 will not automatically reject the small business’s loan application. However, it will slow down the approval process.

Your Business Bank Credit Score in a Recession, Defined

A bank credit rating is the average minimum balance as maintained in a business bank account over a three month long period. Hence a $10,000 balance will rate as a Low-5, a $5,000 balance will rate as a Mid-4, and a $999 balance will rate as a High-3, etc.

Goals for Your Business Bank Credit Score in a Recession

A small business’s chief goal should always be to maintain a minimum Low-5 bank rating for at least three months. Hence that means  an average $10,000 balance.

This is because, without at least a Low-5 rating, the majority of banks will operate under the assumption that the business has little to no ability to repay a loan or a business line of credit.

One thing to keep in mind – you will never actually see this number. The bank will just keep this number in its back pocket.

Check out our professional research on bank ratings, the little-known reason why you will – or won’t – get a bank loan for your business during a recession.

The Bank Credit Score Rating Ranges

The numbers work out to the following ranges:

  • High-5 – account balance of $70,000-99,999
  • Mid-5 – account balance of $40,000-69,999
  • Low-5 – balance of $10,000-39,000
  • High-4 – 7,000-9,999
  • Mid-4 – $4,000-6,999
  • Low-4 – $1,000-3,999

Do not forget, your small business needs to be at the Low-5 level bank score or better.

Rocking Your Business Bank Credit Score in a Recession

It should be clear that the thrust behind bank credit scores is to show proof that your small business can pay back its financial obligations in an expeditious manner. Therefore, yes, you will need to maintain a minimum balance for at least three months. Every cycle is based on the balance rating during the previous three month period.

Business Bank Loans in a Recession Credit SuiteCongruency

It is also vital that the business owner ensures that their business bank accounts are reported exactly the same way all of their business records are, and with the exact same physical address and phone number. And it cannot be a post office box!

It is imperative that each and every credit agency and trade credit vendor, every record keeper also lists the business name and address the exact same way. No lender is going to stop to consider all of the ways that a business might be listed, when they look into the business’s creditworthiness. Therefore, if they are unable to find what they need easily, they will just deny the application.

Note: these are record keepers of financial records, income tax, web addresses and e-mail addresses, directory assistance, etc.

Congruency also matters in the event you use a fictitious name or DBA, AKA a ‘doing business as’ status.

Responsible Account Management

Plus the business must manage its bank account responsibly. This means that the small business should avoid writing non-sufficient funds (NSF) checks at all costs, because that decimates bank ratings. Non-sufficient-funds checks are something which no business can afford to let happen. It is even a good idea for the business to add overdraft protection to their bank account as soon as possible, in order to avoid NSFs.

Positive Cash Flow

Your business must show a positive cash flow. The cash coming in and leaving a company’s bank account should reflect a positive free cash flow. A positive free cash flow is the amount of revenue left over after a company has paid all of its expenses. When an account shows a positive cash flow it indicates that the business is generating more revenue than is used to run the company. That means the bank will feel that the business can pay its bills.

Consistent Deposits

Finally, understand that banks are highly motivated to lend to a business with consistent deposits. A business owner must also make regular deposits in order to maintain a positive bank rating. The business owner must make a lot of consistent deposits. And they need to be more than the withdrawals they are making, in order to have and maintain a good bank rating. If they can do that, then they will have a good bank credit score.

Check out our professional research on bank ratings, the little-known reason why you will – or won’t – get a bank loan for your business during a recession.

An Alternative to Jacking Up Your Business Bank Credit Score in a Recession

Of course we are talking about business credit building here. Business credit is an asset which can help your company in years to come.

Small business credit is credit in a small business’s name. It doesn’t tie to a business owner’s consumer credit, not even if the owner is a sole proprietor and the solitary employee of the company.

As a result, a business owner’s business and consumer credit scores can be very different.

The Benefits

Due to the fact that small business credit is distinct from consumer, it helps to protect an entrepreneur’s personal assets, in the event of a lawsuit or business insolvency.

Also, with two distinct credit scores, a business owner can get two separate cards from the same vendor. This effectively doubles buying power.

Another benefit is that even startups can do this. Heading to a bank for a business loan can be a formula for frustration. But building small business credit, when done the right way, is a plan for success.

Consumer credit scores depend on payments but also various other elements like credit use percentages.

But for small business credit, the scores truly just hinge on whether a business pays its invoices punctually.

The Process

Building business credit is a process, and it does not occur without effort. A business has to actively work to build company credit.

That being said, it can be done easily and quickly, and it is much faster than establishing consumer credit scores.

Merchants are a big component of this process.

Doing the steps out of sequence will result in repetitive denials. Nobody can start at the top with small business credit. For instance, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.

Company Fundability

A small business has to be fundable to lenders and merchants.

For this reason, a small business will need a professional-looking web site and e-mail address. And it needs to have website hosting bought from a merchant such as GoDaddy.

In addition, business telephone and fax numbers must have a listing on ListYourself.net.

Additionally, the company phone number should be toll-free (800 exchange or the like).

A business will also need a bank account dedicated solely to it, and it needs to have every one of the licenses necessary for operation.

Licenses

These licenses all have to be in the perfect, correct name of the business. And they need to have the same company address and phone numbers.

So note, that this means not just state licenses, but possibly also city licenses.

Check out our professional research on bank ratings, the little-known reason why you will – or won’t – get a bank loan for your business during a recession.

Dealing with the IRS

Visit the IRS website and acquire an EIN for the business. They’re totally free. Select a business entity like corporation, LLC, etc.

A small business can get started as a sole proprietor. But they will most likely want to change to a variety of corporation or an LLC.

This is in order to minimize risk. And it will optimize tax benefits.

A business entity will matter when it pertains to taxes and liability in case of a lawsuit. A sole proprietorship means the entrepreneur is it when it comes to liability and tax obligations. No one else is responsible.

Sole Proprietors Take Note

If you run a company as a sole proprietor, then at least be sure to file for a DBA. This is ‘doing business as’ status.

If you do not, then your personal name is the same as the company name. Consequently, you can end up being directly liable for all company debts.

Additionally, per the IRS, with this arrangement there is a 1 in 7 possibility of an IRS audit. There is a 1 in 50 chance for corporations! Prevent confusion and substantially decrease the odds of an IRS audit simultaneously.

But treat any DBA filing as a steppingstone to incorporating.

Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and deal with any errors ASAP. Get in the habit of checking credit reports. Dig into the particulars, not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs.

Update Your Data

Update the information if there are inaccuracies or the info is incomplete.

Fix Your Business Credit

So, what’s all this monitoring for? It’s to contest any inaccuracies in your records. Errors in your credit report(s) can be corrected. But the CRAs often want you to dispute in a particular way.

Disputes

Disputing credit report mistakes commonly means you mail a paper letter with copies of any proofs of payment with it. These are documents like receipts and cancelled checks. Never send the original copies. Always mail copies and keep the original copies.

Fixing credit report errors also means you precisely spell out any charges you contest. Make your dispute letter as crystal clear as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you sent in your dispute.

A Word about Building Business Credit

Always use credit responsibly! Never borrow more than what you can pay off. Keep track of balances and deadlines for payments. Paying off promptly and in full will do more to raise business credit scores than just about anything else.

Building company credit pays. Excellent business credit scores help a company get loans. Your lending institution knows the small business can pay its debts. They understand the company is authentic.

The company’s EIN links to high scores and your business bank credit score in a recession will not matter quite so much.

Takeaways for How to Rock Your Business Bank Credit Score in a Recession

Start with consistent deposits, even if you cannot make terribly high ones. Just, start to become dependable in how you add money to your business’s bank account. Whether you deposit every week or every other week, etc. is your own choice. Opt for whatever you are most likely to be able to do.

This can also help you with both positive cash flow and responsible account management. Hence you get a lot of bang for your buck here – quite literally.

The other fairly simple task you can undertake is to make sure your business address and other particulars are perfectly congruent across the board. This means, for example, that if you wrote Ltd. on your D&B D-U-N-S number application, but Limited when you applied for a business bank account, you will need to take measures to get these two areas in sync.

Generally, the easiest way to do this is by going through everything and simply copying and pasting your information.

The post How to Rock your Business Bank Credit Score in a Recession appeared first on Credit Suite.

New comment by claudio-viola in "Ask HN: Who wants to be hired? (November 2020)"

Location: REMOTE | EUROPE | Remote preferred Willing to relocate: unlikely, but do contact me about it – Technologies: Javascript, Typescript, Node.js, graphql, Docker, kubernetes, jenkins, aws, cloud, devops, backend, agile, scrum, kanban, python, ruby, shell scripting, linux, chef, ansible, ci/cd – Résumé/CV: http://bit.ly/2HucTwp – https://www.linkedin.com/in/claudio-viola/ The post New comment by claudio-viola in “Ask HN: …

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Thank You for Voting and Get Out

Progressives help Democrats and get only ingratitude.

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Stocks Slip After Dow, S&P Hit Records

The Dow Jones Industrial Average pared losses, but finished lower a day after closing just shy of its 30000-point milestone on optimism about new Covid-19 vaccines.

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