8 Reasons Your Business Credit Score Matters

(Shared by Amanda Walter, Business Intern with OSU South Centers)

By Kali Geldis, Nav

Most business owners are familiar with their personal credit scores. You’ve probably used your personal credit score to get credit cards, buy a home, or to rent an apartment. But now that you’ve started your business, you can start building a credit history that shows lenders your business is a good bet.

Business credit scores are similar to personal credit scores in many ways. Your business’s history of applying for credit, paying suppliers on time, and how you handle lines of credit or loans all factor into your business credit scores. That data is reported to business credit bureaus like Dun & Bradstreet, Experian, and Equifax. (You can check your business credit data for free every month at Nav.)

Here are some reasons why a business credit score matters – the doors it can open can be game changing for your company.

1. You can’t get some SBA loans without it.

2. You have more loan options once you establish a business credit history.

3. Other businesses use it to check up on you.

4. It helps you protect your personal credit.

5. It can save you money on financing.

6. It can help with cash-flow problems.

7. It can save you money on insurance premiums.

8. You can’t get trade credit with some big players without one.

To read the full article, follow this link.

 

Strategies for direct marketing

(Shared by Amanda Walter, Business Intern with OSU South Centers)

Written by Tim Berry of Palo Alto Software

About Direct Marketing

As we discussed in Direct Marketing Fudamentals, direct marketing includes various approaches in which the producer of goods or services directly contacts the end-user. Direct marketing encompasses face-to-face selling, direct mail, catalogs, kiosks, telemarketing, and more. Regardless of the form you choose, there are some critical considerations.

Targeted Campaigns

The criteria for direct marketing begins with a reliable customer database. Other factors include offering greater customer value through a more customized and personalized approach for product and service offerings, distribution processes tailored to meet the needs of customers, and the opportunity to build customer loyalty.

One of the first criteria for direct marketing is to have a consistent customer profile available which describes the dominant target markets. This information must have sufficient detail to support a customer database.

For the rest of the article, please follow this link.

10 Phishing Examples in 2017 that Targeted Small Business

(Shared by Amanda Walter, Business Intern with OSU South Centers)

Written by:  

Did you know 60 percent of small businesses that have been hacked go out of business within six months of the cyber-attack? With phishing scams on the rise, businesses need to be aware of the various attacks in circulation and how to be prepared if they fall victim to a malicious cyber-attack.

Phishing Examples

Take a look at the following ten phishing examples in 2017 that targeted small businesses.

The ‘Shipping Information’ Phishing Scam

In July this year, internet security company Comodo disclosed a new type of phishing scam specifically targeting small businesses. Phishing emails were sent out to more than 3,000 businesses, including the subject line ‘Shipping Information’.

The email noted a forthcoming delivery by United Parcel Service (UPS) and included a seemingly innocent package tracking link. When the recipient clicked on the link it contained malware, potentially releasing a virus.

WannaCry

On May 12, 2017, WannaCry exploited a weakness in Microsoft’s operating systems to deliberately infect computers. When the worm was infiltrated, it encrypted the infected operating systems, rendering them unusable. The hackers subsequently demanded a ransom for unlocking the encryption. Small businesses void of up-to-take IT infrastructure were particularly exposed to the WannaCry attack.

 

To read the full article, please follow this link.

10 Characteristics of Successful Entrepreneurs

(Shared by Amanda Walter, Business Intern with OSU South Centers)

Written By Shobhit Seth | Updated December 15, 2017 — 11:44 AM EST

Do you have what it takes to be an entrepreneur? Here are 10 characteristics that set successful entrepreneurs apart:

  1. Passion and Motivation
  2. Not Afraid to Take Risks
  3. Self-belief, Hard Work and Disciplined Dedication
  4. Adaptable and Flexible
  5. Product and Market Knowledge
  6. Strong Money Management
  7. Effective Planning (Not Over-Planning) Skills
  8. The Right Connections
  9. Exit Preparedness
  10. Ability to Question Themselves – But Not Too Much

Do you have what it takes to be an entrepreneur? Instead of worrying about fitting the image, check in with your gut. Is it on board?

To read the full article, follow this link.