HTC Radar Video Showcase (But What's With That Name?)

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The HTC Radar is no stranger to video, already showing up in the spotlight as we gave it a hands-on at the IFA earlier this month. Now we can add to its video r?sum? some official spots produced by HTC, showing off some of the Mango phone's capabilities.

These clips talk hardware design, access to media, and gaming. Maybe more than anything, though, they just make the Radar look cool.

One video in particular gives us some insight into the phone's name, as its tools let you keep current events and info from your social group "all on your radar" (though that connection was pretty obvious).

While we're talking names, we've got to wonder what HTC was thinking when it comes to the Radar and the HTC Holiday, which we believe will end up as the HTC Raider. Two phones by the same manufacturer, coming out around the same time, running different operating systems, and with names as similar as Radar and Raider? That's just begging for confused, unhappy customers. HTC would be wise to change its mind about Raider before it's too late.

Source: HTC
Via: EverythingWM

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What's the Customer Service Buzz About Your Business?

If you're a regular reader of my column you know that my number one pet peeve is bad customer service. Nothing chaps my backside more than paying hard-earned money for a product or service only to have the provider of said product or service become apathetic, obnoxious or just downright rude after the transactional smoke has cleared.

The bottomline, my entrepreneurial friend, is this: it doesn't matter if your product is fast food, slow food, retail goods, computers, lawn mowers, books, real estate or automobiles, if a customer is willing to pay you good money in exchange for your product or service that customers deserves to be treated with gratitude and respect, before and after the sale. Period. I'm constantly amazed at how many business owners and the frontline employees who represent them seem to forget this simple fact.

It's like the old saying about getting a little respect in the morning. If you court me before the sale, you'd better respect me afterward. Just because you have my money in your pocket and I have your product in my hand, that does not mean that my needs have been fully satisfied or that my expectations have ceased to exist. To the contrary, our relationship is just getting started. It's up to you how well we will get along and how long our relationship will last.

Here's the point: customer service should not stop after the sale. In fact, customer support AFTER the sale can have greater impact on the success of your business than customer support before the sale.

Nothing generates negative buzz about a business like bad customer service, and nothing will drive nails in a business' coffin faster. News of bad customer service travels like lightning and spreads like wildfire. Think back to the last time you were on the receiving end of bad customer service. I'd be willing to bet that you immediately went out into the world and told everyone you met about the experience. You probably also warned them to "never do business with those &^%$ or you'll get treated the same!"

As a business person, it should be your mission to make every customer a repeat customer, and one of the best ways to do that is by delivering superior customer service every time that customer comes through your door. Superior customer service leads to increased customer satisfaction, which leads to repeat business, which leads to customer loyalty. It is also much cheaper to keep a customer than to obtain a new one.

The fast food industry is especially prone to customer service problems. This is due in large part to the fact that every transaction is a face-to-face sale and the average fast food worker is a disgruntled teenager who would rather be lying on a bed of nails than standing behind a fast food counter schlepping fries.

However, that doesn't always have to be the case. This is not meant as an ad for Chic Filet or as a slam at Taco Bell, but the difference in customer service between these two fast food titans is astounding.

I used to frequent both establishments (fast food is my crack), so this is the voice of experience speaking. Behind the counter at the local Chic Filet are young people who seem genuinely happy to be of service. They are clean cut and polite. They don't wear their baseball caps sideways or have anything visibly pierced. They look me in the eye, they smile like there is no place on earth they would rather be, and they ask for my order in clear, concise English. They thank me profusely and invite me to come again. Excellent customer service after the sale.

Inversely, a recent trip to a local Taco Bell almost ended on an episode of Cops because the young lady behind the counter grew angry when I politely pointed out that my nachos were stale and asked for a fresh bag (pet peeve #132: stale nachos). Miss Mary Sunshine snatched the offending nachos from my hand and slam dunked them in a trash can, then tossed a replacement bag (which were also stale) on the counter in front of me. She then gave me a look that clearly said that if I had any further complaints she'd be happy to escort me outside to discuss them in detail. I like nachos, but not so much that I would risk getting my behind kicked by a disgruntled teenage girl wearing a sideways Taco Bell cap. Not-so-excellent customer service after the sale.

Now, which restaurant do you think I will go to the next time I feel the need to feed my fast food monkey? And which restaurant do you think I enthusiastically recommend to my friends? The one that understands the importance of good customer service before and after the sale, of course.

The worst customer service experience I've ever had involved the purchase of a vehicle at a local used car lot. I purchased the used Ford Expedition on a Friday evening and when problems arose with the vehicle over the weekend, I went back to the dealership on Monday morning to speak with the sales manager. To say the least, the sales manager (who acted like my best friend on Friday) was not thrilled to see me on Monday. To make a very long story short, when I pointed out that he wasn't being very helpful after the sale he came around the desk yelling at the top of his lungs and waving his hands in my face. By the time the receptionist managed to calm him down, the sales manager had gone so far as to call me "a retarded idiot" (which may be considered redundant) and had instructed me to do something with the vehicle that I believe is anatomically impossible. It was an Expedition, I'm a little guy. Use your imagination.

Though the dealership owner later apologized and offered to take care of any problem I had, the damage to his business had already been done. The bad buzz machine started the second I left his lot.

Do you think I told everyone I met about my experience with that dealership? You bet your stale nachos I did. Do you think I will ever buy another car from that dealership? Not on your life. Do you think anyone I've told about the experience will buy a car from that dealership? Probably not. Do you think the owner and sales manager learned anything from the experience? We can only hope.

In the end, what is the value of great customer service before and after the sale?

Priceless, my friend.

Simply priceless.

Now, can somebody please get me some fresh nachos...

Tim Knox, Entrepreneur, Author, Speaker, Radio Host Founder, The Insiders Club, Giving You The Power To Start Your Business Today www.theinsidersclub.com Bestselling Author of: "Everything I Know About Business I Learned From My Mama" www.timknox.com

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Customer Service and Call Center Outsourcing, What's The Buzz?

The buzz is all about customer service and call center outsourcing, also known as BPO (Business Process Outsourcing). According to Gartner, the outsourcing market in Europe has grown with over 6%, BPO with 10%. The market for offshore outsourcing (to low wage countries) is growing with a whopping 40% this year! However, the subject of outsourcing is not without controversy. So what's it all about?

In the 90s, growth was the motto for organizations. Eat, or be eaten. Through the continual increase of stock value this could be easily financed. As a result, businesses were acquiring activities that are, on the surface anyway, only loosely related to the original business goals, and to each other. The demise of world economy and the burst of the Internet bubble changed all that.

In these days of tight budgets and heightened attention on ROI (Return on Investment) and TCO (Total Cost of Ownership), companies are taking a good look at what they are in business for, and what they are best in. This focus on the core business has lead to the selling of complete branches of companies. Now, businesses go even further by taking a look inward, in search of generic processes to outsource. Finance, Human Resource and Customer Service are now the focus of outsourcing, which was more or less the playground for IT support in recent years.

Outsourcing, the utilization of resources outside an organization, is not a new thing. Barter trading, the oldest form of trading, was in fact just that. One person traded a skill (or a product made through that skill) to get access to another person's abilities. In the old days, it made perfect sense to let an activity be done by the person most skilled. And old becomes new, as they say.

Benefits of Call Center Outsourcing

It makes sense that a company who's core business it is to organize and execute a call center, is more likely to do a better job at it (although that's not a given)! It's like hiring someone to put a floorboard in your house. You may be able to do a decent job yourself, but they are a lot quicker at it! So efficiency is a clear benefit.

Being in the call center business, call center service providers are more likely to be able to hire skilled and experienced personnel. And, since a service provider (usually) services more than one company, there is more support personnel to go around. This helps continuity, as your service isn't jeopardized if an employee decides to leave. Also, since the customer service reps are probably working for more than just your company, you can benefit of lessons learned from other contracts.

Ah, didn't I mention the money? The #1 reason for outsourcing is, of course, to lower costs. Outsourcing companies can have lower rates because of the greater efficiency, but also through economies of scale, which actually means that fewer personnel is needed for servicing the combined contracts than when each company would organize it themselves. Plus, they can easier mix more junior and senior staff, which is a near to impossible feat if you have just two customer service reps!

The money question is getting even more interesting if we take the possibility of off shoring into account. Outsourcing to low wage countries like India is bringing extra financial benefits into the equation (but also some pitfalls, as you'll see later!). The different work moral is also often viewed as a benefit. For example, in India, workers are very disciplined, and organizing a 24/7 service is easier than in Western countries.

Outsourcing Pitfalls

Outsourcing projects often fail on unclear expectations at both the customer and service provider. When considering outsourcing make sure you yourself have a clear image of what the level of service is that you are expecting. Be as specific as you possibly can. Pick out the elements that are most important to you and think about how this would best be managed. Measurable performance indicators are better.

Remember that outsourcing is a game of trust as well as money. If, when negotiating service levels, you feel that you have to stamp out every eventuality in a contract, I'd advice against outsourcing. I would, however, put an opt-out into the contract, in case trust is lost between the outsourcing partners. Believe me, no partner would want to get stuck in a contract between two distrusting partners. For the rest, focus on measurable Key Performance Indicators (KPI's) and a clear payment scheme to protect your bottom line.

Anxiety for outsourcing is often fed through the loss of operational control. Remember, you no longer handpick customer service personnel, and you are much more limited in directing the service. Also, you may have to fit in the standard approach of the service provider. But the trade-off for the loss of operational control is more managerial control. But this trade-off only happens if you negotiate your service levels properly, as mentioned earlier.

And then off shoring... With the advent of off shoring, a lot of vendors are now operating the market. But if you're selecting a partner, don't rely on the reputation of the vendor alone, but do make sure that you deal with the people who will be managing your service. Take special attention to the level of experience of these people.

The cultural differences can be enormous, especially when outsourcing to India. Don't make assumptions, but be very specific in your business needs. And India, although the buzz is all about it, is not the only low wage country in the world! You could consider outsourcing to low wage countries that are not so far away, for instance Spain or Mexico.

Another element to take into account is this: if your business is adding only minimal value or profit to the service provider, you risk receiving substandard service levels. If this is the case, it's probably safer to steer clear of off shoring.

Conclusion

Looking at both the benefits and pitfalls of outsourcing call centers and customer service, it is clear that there are clear opportunities for reducing the level of costs for organizations. However, do not downplay the risks. If an organization is inexperienced in managing customer service, the risks for failing are very real, as tight management and KPI evaluation is very important. But in the end, it's all a matter of trust. Ask yourself: do I trust a partner, this partner, with a piece of my business?

About The Author

Erwin Steneker is a senior support consultant with over 12 years of experience in both sales and IT support. Check out www.customerservicepoint.com for articles on quality Customer Service, CRM, help desk software tests and more.

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Managed Services - What's All the Buzz About?

It seems like the new buzz word, that all of us in the IT industry have been hearing about for the last couple of years, is Managed Services. And doesn't it also seem like the definition of Managed Services continues to change depending upon whom you ask? In fact, this term is so new that you'll have a hard time finding a definition for it in the dictionary. Now clear your mind for a moment, discard any existing preconceptions, and for the remainder of this discussion I'll use the following definition when referring to Managed Services deliverables: Any defined set of proactive services that are delivered and prepaid for on a recurring basis.

Let's digest this definition for a moment. The word "any" is a powerful one and it means that when defining Managed Services deliverables as "any defined set of proactive services," the deliverables are not limited to just network monitoring or IT services. Hardware vendors, co-location facilities and service providers can all use this term to describe their product and services offerings.

Now let's look at the remaining elements of the definition: "remotely delivered," "prepaid for," and especially "recurring basis." By understanding these concepts, and as an SMB service provider, you can begin to appreciate how they can help you increase utilization of your technicians and engineers, and your revenue opportunities.

Managed Services Provider Benefits

The benefits of offering Managed Services are many. First, as you deliver more services through remote means, the less you'll need to schedule onsite visits, and the more you'll be able to increase the utilization of your workforce and your earning potential. As you add new clients and transition existing clients to this annuity-based service model each month, you'll be able to avoid the dreaded "feast or famine" cycles, and instead recognize significant revenue growth.

Sounds good so far, right? Let me take it a step further. Now that you are delivering services through remote means, eliminating much of the travel time required for onsite support, and not trading time for money, you can do much more with less. Think about it-travel is the biggest utilization killer. In your local market, technicians can lose up to an hour each way when traveling to provide onsite support. Add to that the reality that once a technician is onsite, he or she can typically focus on resolving issues for only that one particular client.

Using this same example, the technician has already lost a couple of hours to travel, now add the actual time spent onsite-and that's after addressing only a single client's issues. Let's also throw in a lunch hour for our technician, since he or she hasn't had one yet. By the time the technician returns to the office, he or she could potentially be gone for six hours (or more)--yikes! Plus, if you're like most IT business owners, you're paying for the gasoline--and we all know that's not getting any cheaper.

Now, let me take the same example and view it through our Managed Services model. Instead of jumping in a car to drive to the site, the technician uses an application to gain access to the client's network server or end-user desktop remotely and then initiates a maintenance or troubleshooting session. Let's say it's a basic cleanup and optimization issue. Because there is generally not a lot that can be done while antivirus scans are being run, or drives are being defragmented, the technician now has an opportunity to address more than just this single issue for this particular client.

In other words, you can address multiple issues for different clients while engaged in concurrent remote sessions. Guess what that does for your utilization? That's right; you can achieve utilization increases that are simply unattainable through onsite support. Now let's be clear-not all issues can and will be resolved remotely. But let's just say that approximately 80%, or more, of your clients' issues can be. In short, you could net significant cost savings to your bottom line.

Hold on-I'm not done exploring many of the other benefits of remote support, though you may already be way ahead of me. As we discovered above, you can now support many clients with the same amount of (or even less) staff. And just imagine the time you'll save by not hiring, training, or managing excess staff, which can mean more dollars added to your bottom line. Further, through the implementation of a documented help desk SLA and escalation procedure (one that is consistently delivered by all technicians) you can establish standards to help reduce some clients' propensity to request a specific technician to support them, which in turn can prevent a billing bottleneck that can occur once your clients grow accustomed to using the next available technician rather than their favorite technician.

Another point to consider when weighing the benefits of converting to a Managed Services model, is how you can avoid haggling over invoices with clients. How much time do you spend each month going over line items on invoices with your clients? And how many times do you negotiate down to keep them happy? In the new model, all of your flat-fee invoices will go out in advance, and your clients will know what to expect each and every month-thereby eliminate invoice haggling.

Let me also discuss for a moment the change in perception your Managed Services clients can experience as a direct result of receiving proactive support. Your clients will now more likely begin viewing the Managed Services provider as much more than a "break-fix," reactive "computer guy," and they will see him more like a truly proactive advisor. And once you quiet down your clients' networks, you will then have the opportunity-nay, the responsibility-to deliver solutions to them. You may also find that when you implement a proactive Managed Services model, the value of your services increases and you become a trusted advisor to your clients, making it easier to sell your solutions.

As a result of prepaid, long-term annuity-based Managed Services agreements, you can logically expect the value of your organization to increase. This is based directly upon the value and term of each of your company's individual Managed Services agreements. In my company, we write three-year Managed Services agreements, which automatically renew (some of our partners write even longer terms into their agreements--five years and beyond!). This has helped my company significantly increase its value, especially when compared with previous month-to-month block-time/break-fix contracts.

To summarize, a Managed Services agreement offers the following service provider benefits:

An annuity-based revenue model Predictable, long-term revenue growth Can eliminate feast-or-famine revenue cycles Billing independent of any specific technician Can stop trading time for money Can do more with less by providing proactive services by remote means Reduce travel and other associated expenses Eliminate invoice haggling Sell solutions more easily Increase your company's valuation

Managed Services Client Benefits

This all makes perfect sense to the Managed Services provider, but what benefits can your clients expect from this proactive model? Let's start with increased operational efficiency. A well maintained, proactively-serviced network and its devices will always run better than the alternatives. With proactive network monitoring, patch management, and device optimization being performed on a regular basis, your clients will notice a tremendous difference and reap the benefits of time spent preventing fires rather than fighting them.

Your Managed Services clients will also be able to control and reduce their overall operating costs with the flat-fee billing model. For your enterprise clients, cost-effective access to enterprise-level support now becomes a reality, as Tier 3 issues can be escalated to existing staff or to vendors that can help resolve even the most complex issues. In my company, this type of support is covered under all of our Managed Services agreements.

In addition, because you also manage all your clients' infrastructure vendor relationships, your clients can now focus on running their businesses, not their vendors. And as a result of our "always-eyes-on" style of monitoring networks 24 hours per day, clients can experience an additional level of comfort and security.

To summarize, a Managed Services agreement offers the following client benefits:

Increased operational efficiency Reduced operating costs Cost-effective access to enterprise-level support Minimum downtime Allows the focus to be on running their business, and not their vendors Piece of mind from knowing that their environment is monitored 24/7/365

Incidentally, these are key areas to always highlight during sales presentations with prospective clients. As I've attempted to illustrate above, transitioning to a Managed IT Services delivery model offers tremendous benefits to both the SMB IT service provider and their clients. And that is what all of the buzz is about!

Erick Simpson
Vice President, MSP University
MSP University helps MSPs succeed...period.
Join MSP University FREE for all things Managed Services
www.mspu.us

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What’s the best-case scenario for Nokia?

Nokia’s transition to Microsoft Windows Phone 7 software will cost Nokia far more market share and profits than it will ever gain by dumping the Symbian operating system. So says Tomi Ahonen, a former Nokia employee turned analyst/blogger in the mobile space. Ahonen outlines Nokia’s performance prior to the company’s February announcement of its partnership with Microsoft and sets expectations through 2013. His analysis follows Nokia’s news last week of tumbling market share, sales and revenues.

Until Stephen Elop left Microsoft for Nokia in September of 2010, however, Ahonen appeared convinced that Nokia’s Symbian strategy would eventually pay off, a scenario I disagreed with. The company’s hardware always impressed me, but in my opinion, it always lacked in user experience and software. That held true in my review of the Nokia N8 handset. Others would disagree, of course; more Symbian-powered smartphones have sold than any other platform, at least until last quarter, when Apple and Samsung both sold more smartphones than Nokia. And HTC is fast growing sales as well, thanks to its early adoption of Google Android. 

Ahonen is still justifying his original belief in the Symbian strategy, saying that the platform had already improved enough to help grow sales:

Then came the new Symbian S^3 on several phones, led by the new flagship phone N8 which set a Nokia record for fastest sales in a quarter. All declining trends were turned into growth – this tells us the market loved Nokia’s new smartphones on the new Symbian S^3 operating system and this is absolute proof that Nokia was on a come-back. Whatever you may have thought of Symbian prior to Q4 of 2010, became obsolete. Nokia had indeed on its hands, a true hit series of phones and a hit operating system  with the N8 setting internal Nokia records for new phone sales. Look at the facts. [Emphasis added by Ahonen]

I won’t argue with the numbers that Ahonen lays out, but I will point out that he’s missing one key number: overall market growth for smartphone sales. “A high tide will lift all boats” is a common phrase that applies, and even leaky boats will rise with the tide. Smartphone adoption is increasing around the world, and even the less competitive market players can see gains. Nokia’s smartphone sales in the final quarter of 2010 rose 7 percent, partially for this reason. But the overall market grew faster: IDC suggests that year-over-year growth in smartphone sales for all vendors was up 87.2 percent; Nokia accounted for the least growth out of the top five handset makers.

But Nokia’s Symbian past has little to with its Microsoft Windows Phone 7 future, and Ahonen’s model — meant to be simple — suggests that in a best-case scenario, for every WP7 phone Nokia sells, it will be offset by the loss of a Symbian sale. Essentially, the platform transition will be an even sales swap and by the end of 2013, Nokia will have a far lower market share than it has now:

So taking the very best case of 2012, using the best ramp-up ever, and then using the best case of growth in mass market scale, we get Nokia’s Microsoft Windows Phone 7 based smartphones – the very very best case scenario – to hit 20.3 million smartphones not at the end of 2011, not at the end of 2012, but the end of 2013. By that time, Nokia’s smartphone market share will be at . . . 8%.

The 20.3 million smartphone sales ten quarters from now seems low to me for two reasons. One is the growing smartphone market I made reference to earlier, which will help all smartphone platforms to some degree. The other is the timing, because the smartphone market is changing so quickly. If you don’t think so, look at Research In Motion, which is working through a transition of its own; the company is changing fast and as a result faces declining sales. It just reduced its workforce by 10 percent. When you’re in a fast-growing market and have to eliminate jobs, that means you’re either not competitive, not profitable or both.

In the end, Ahonen blames Elop’s decision, saying,

Before Stephen Elop killed Symbian, Nokia’s smartphone market share was 29%. Nokia towered over its rivals and was growing smartphone sales with highly desirable new smartphones. Today just five months after his ridiculously-timed announcement of Microsoft, Nokia’s smartphone market share is down to 15% and collapsing.

I agree with Ahonen that Nokia’s market share is collapsing; we’ve already seen evidence of that. And by publicly stating that Symbian was a dead end, Elop may have added more stress to an already fragile public perception. But I think it was the right call. Had Symbian continued along a path where it underwhelmed, Nokia would run the risk of having that negative vibe transfer to new Microsoft-powered phones. In fact, I wonder if Microsoft made this part of the overall deal, simply to avoid such a scenario?

Regardless of my different reasoning from Ahonen’s, I think we can both agree: No matter how sad it is to see the mighty fall, Nokia’s best days are behind it.

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What's Your Business's Credit Score? Why is it Important?

You begin building personal credit from the time you start making and spending money. All of the efforts you put in to keeping your personal credit sparkling clean is important so that you can get the credit you need when big purchases are needed, or when you have unexpected expenses that need financial backing. However, using that great credit rating to back your business is not smart. You risk too much by using your personal finances and family's resources to boost your company. Even if your family's budget can afford to keep the business running, any falter, or failure is likely to cause hardship, and possibly financial ruin.

Another reason, beyond the possibility of financial collapse, for separating your personal finance from that of your business is inquiries. The number of inquiries your credit gets has a negative impact on your score. Typical personal accounts are not hit that often with credit inquiries unless you are actively seeking financing. When you own a business and set up vendor accounts, lease land or office space, borrow or buy equipment, and many other times, your report will be looked at, adding to the number of inquires on the account. Making your business credit separate keeps all of those inquiries off your personal credit score.

Instead of taking chances with your personal credit and financial future, you should separate your finances from that of your business. That means starting with a blank slate for your company, though, and may mean it is impossible to get financial help. Once you successfully make the division between your money and your business' money, you need to build its credit rating and guard it as carefully as you do your personal credit.

Business Credit Scores

If you already keep track of your personal credit score, as you should, you already understand the idea behind credit scoring. Those numbers you are accustomed to will throw you for a loop when you begin to track your businesses credit scores, though. The markers are not the same. Personal credit scores are rated from 300 to 850 with a good score being 650 or better. Business credit scores are rated from 1 to 100. A credit score of 75 or better is excellent.

The Big Three

Just like in your personal credit reporting, there are three major business credit reporting companies. These three credit report companies work the same as they do for personal credit. Two of the business reporting companies you will recognize, as they have a division that your personal debts are reported to: Experian, and Equifax. The third, Dun & Bradstreet, is a major force in business finance, and has many advantages and benefits for small business owners.

- Dun & Bradstreet

Dun & Bradstreet provides a wealth of information for business owners. The articles, reports, and services are of special help for small business owners who do not have the advantage of large in-house accounting staff, business experts, and financial advisors. Even if you have professional help and business counseling, those sources are not available to you at all times the way corporate employees are for their employers. It is in the best interest of a small business owner to make it their business to learn all they can on top of relying on the help of professionals.

The small business solutions section of the Dun & Bradstreet website offers podcasts, articles, white papers, and many other resources for all businesses. Industry experts from all areas of business finance develop the information provided on the Dun & Bradstreet website. Dun & Bradstreet is a highly respected credit reporting agency as well. Financial institutions use their information to determine whether to give loans to businesses of all sizes.

- Equifax Small Business Financial Exchange

The Small Business Financial Exchange (SBFE) provides credit cards, financial backing, and other backing for small businesses. Equifax is a partner with the SBFE and provides a credit background for any small business seeking credit with a SBFE member institution. Because Equifax is such a respected name in credit information, the members of the SBFE rely on it totally as a means of judgment.

- Experian Small Business Reports

Experian Small Business Reports operates the same as Equifax Small Business Financial Exchange in that it offers its members a method of underwriting loans by using a credit scoring system. Both Experian Small Business Reports and Equifax Small Business Financial Exchange are equal in value to the lenders and leasing agents.

Neither Experian nor Equifax offer the many benefits to the small business owner that Dun & Bradstreet provide. Experian and Equifax exist primarily to benefit their members who are the lenders and financers you do business with to get financing. However, registration with them so that you get a credit rating built up is imperative. It is very important to have a good financial credit score with all of the companies in question so that one does not single you out when you need a reference from another.

Beyond the Beginning

Just like with your personal credit, business credit is an ongoing effort. You need to keep a constant eye on what is going on, make sure all entries on your account are accurate, and prevent your business from incurring damaging reports. You need to get regular copies of your business' credit report so you are aware of what lenders are seeing.

When you set up accounts with vendors make sure they report the good payment records as well as late payments to the credit reporting companies. Make your payments diligently to build up the credit rating that will help your business get loans when needed. Credit is important for other aspects of running your business beyond loans. Any time you wish to lease space, or rent equipment property owners will check your credit worthiness as a way of judging your qualifications.

When To Seek Help

The best way to insure a solid start is to seek professional help when you start your business. Getting off on the right foot can save you many hours of headaches trying to straighten up a mess afterwards. You may never get a second chance to clean up your business credit either. Unlike personal credit that you have a lifetime to work on, make corrections, and recover from a few bad decisions, a business will die when its credit dies. If you cannot recover it fast enough it will not likely get a second chance to develop good credit.

Professional counseling will make sure you truly separate your personal and business finances. It will help you file all the necessary paperwork for the legal issues involved with financial separation. Professional help will also make sure you are registered with all three of the appropriate business credit reporting entities. Professional business credit builders are likely to have a vast network of financial institutions they do business with and your connection to them is easier when your credit counselors open the doors for you.

If you already keep track of your personal credit score, as you should, you already understand the idea behind credit scoring. Those numbers you are accustomed to will throw you for a loop when you begin to track your businesses credit scores, though. The markers are not the same. Personal credit scores are rated from 300 to 850 with a good score being 650 or better. Business credit scores are rated from 1 to 100. A credit score of 75 or better is excellent.

The Big Three

Just like in your personal credit reporting, there are three major business credit reporting companies. These three credit report companies work the same as they do for personal credit. Two of the business reporting companies you will recognize, as they have a division that your personal debts are reported to: Experian, and Equifax. The third, Dun & Bradstreet, is a major force in business finance, and has many advantages and benefits for small business owners.

- Dun & Bradstreet

Dun & Bradstreet provides a wealth of information for business owners. The articles, reports, and services are of special help for small business owners who do not have the advantage of large in-house accounting staff, business experts, and financial advisors. Even if you have professional help and business counseling, those sources are not available to you at all times the way corporate employees are for their employers. It is in the best interest of a small business owner to make it their business to learn all they can on top of relying on the help of professionals.

The small business solutions section of the Dun & Bradstreet website offers podcasts, articles, white papers, and many other resources for all businesses. Industry experts from all areas of business finance develop the information provided on the Dun & Bradstreet website. Dun & Bradstreet is a highly respected credit reporting agency as well. Financial institutions use their information to determine whether to give loans to businesses of all sizes.

- Equifax Small Business Financial Exchange

The Small Business Financial Exchange (SBFE) provides credit cards, financial backing, and other backing for small businesses. Equifax is a partner with the SBFE and provides a credit background for any small business seeking credit with a SBFE member institution. Because Equifax is such a respected name in credit information, the members of the SBFE rely on it totally as a means of judgment.

- Experian Small Business Reports

Experian Small Business Reports operates the same as Equifax Small Business Financial Exchange in that it offers its members a method of underwriting loans by using a credit scoring system. Both Experian Small Business Reports and Equifax Small Business Financial Exchange are equal in value to the lenders and leasing agents.

Neither Experian nor Equifax offer the many benefits to the small business owner that Dun & Bradstreet provide. Experian and Equifax exist primarily to benefit their members who are the lenders and financers you do business with to get financing. However, registration with them so that you get a credit rating built up is imperative. It is very important to have a good financial credit score with all of the companies in question so that one does not single you out when you need a reference from another.

Beyond the Beginning

Just like with your personal credit, business credit is an ongoing effort. You need to keep a constant eye on what is going on, make sure all entries on your account are accurate, and prevent your business from incurring damaging reports. You need to get regular copies of your business' credit report so you are aware of what lenders are seeing.

When you set up accounts with vendors make sure they report the good payment records as well as late payments to the credit reporting companies. Make your payments diligently to build up the credit rating that will help your business get loans when needed. Credit is important for other aspects of running your business beyond loans. Any time you wish to lease space, or rent equipment property owners will check your credit worthiness as a way of judging your qualifications.

When To Seek Help

The best way to insure a solid start is to seek professional help when you start your business. Getting off on the right foot can save you many hours of headaches trying to straighten up a mess afterwards. You may never get a second chance to clean up your business credit either. Unlike personal credit that you have a lifetime to work on, make corrections, and recover from a few bad decisions, a business will die when its credit dies. If you cannot recover it fast enough it will not likely get a second chance to develop good credit.

Professional counseling will make sure you truly separate your personal and business finances. It will help you file all the necessary paperwork for the legal issues involved with financial separation. Professional help will also make sure you are registered with all three of the appropriate business credit reporting entities. Professional business credit builders are likely to have a vast network of financial institutions they do business with and your connection to them is easier when your credit counselors open the doors for you.

http://www.businessfinancecoach.com has helped more than 50,000 businesses successfully build strong business credit scores that separate the company's the owner's personal credit.

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