January 29, 2005
Get Your Credit Score To Soar In The Twinkling of An Eye
Ever wonder how a creditor decides whether to grant you credit For years, creditors have been using credit scoring systems to determine if you'd be a good risk for credit cards and auto loans. More recently, credit scoring has been used to help creditors evaluate your ability to repay home mortgage loans. Here's how credit scoring works in helping decide who gets credit -- and why.
What is credit scoring
Credit scoring is a system creditors use to help determine whether to give you credit.
Information about you and your credit experiences, such as your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts, is collected from your credit application and your credit report. Using a statistical program, creditors compare this information to the credit performance of consumers with similar profiles.
A credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points -- a credit score -- helps predict how creditworthy you are, that is, how likely it is that you will repay a loan and make the payments when due.
Continue reading "Get Your Credit Score To Soar In The Twinkling of An Eye"January 28, 2005
Beware of Bogus Credit Repair Companies!
So-called "credit repair" companies claim they can remove negative information from credit reports. Advertising as "Credit Advisors," "Credit Rating Correction Services" or "Credit Consultants," they trumpet variations on this message: "Turned down because of bad credit We can help!" Many of these companies charge hundreds if not thousands of dollars for the promise to "clean up" bad credit reports. But the truth is, these companies can only do what you could do yourself--at no charge.
Nobody can remove negative information that is accurate from your credit report. No company has a "secret" ability to remove all negative information.
But this doesn't stop their claims. This deceptive quote is from a credit repair company brochure: "Charged-off accounts, collection accounts, judgments, tax liens, repossessions, and even bankruptcies can be removed from your credit records in less than one year (five to seven month average)."
One tactic is to bombard credit reporting agencies with requests to verify information. If a credit reporting agency cannot verify an entry within 60 days, it will remove the information from the report. But if the information is later verified to be accurate, it will go back in the report.
Before you even consider signing a contract with a company that promises to repair your credit, remember these facts:
Continue reading "Beware of Bogus Credit Repair Companies!"January 26, 2005
Surprising Truths About Tax Preparers
Choosing the right tax preparer for your business is a decision best not left until April. A former tax preparer and small business mastermind offers insights into the secret world of tax preparers.
1.All tax preparers are not created equal.
It stands to reason, somewhere in the country is the Worst Tax Preparer. The bad news is you may have already booked your appointment with him. Preparing taxes is a complex activity. So complex that many of us simply throw in the towel, pack up our receipts, and head for the nearest tax office. When you arrive at the office, you fully expect our tax preparer to be highly competent and completely vested in getting you the best deal in town.
Back in my tax preparing days, I worked for one of the big name tax preparation franchises both as a preparer and as a tax return editor. I worked with seasoned professionals and total neophytes. I well remember the first time I stepped up to the plate as a new preparer. I was terrified. Terrified the customer would know I was inexperienced. Terrified I'd make a huge blunder and the customer would pick up on it. Terrified the more experienced preparers would laugh at my mistakes.
I quickly realized that as inexperienced as I was, I still knew way more than my clients did. And because the franchise had great systems, others would be checking and re-checking my work so my mistakes and oversights would be caught before I did any damage to the client.
Continue reading "Surprising Truths About Tax Preparers"January 25, 2005
10 Days to Making More Money
Most of us overcomplicate things. Selling is pretty simple. True we need systems in place, support materials and a contact manager, but when all is said and done what stops us from selling is usually in our head, not in our office.
There are 4 actions when taken everyday for 10 working days with unswerving commitment will increase your sales and put more money in your pocket. Guaranteed!
1 - Set Your Intention There is absolutely no substitute for knowing what you're going after. Research clearly indicates when we set an intention or a goal we subconsciously as well as consciously align our actions and resources to attain that goal. What some folks find as lucky and coincidental is actually the power of intention at work. Few things are as powerful as our thoughts and if our thoughts are not aligned with our actions our thoughts always win. When you set a strong intention it gives your actions a path to follow instead of the other way around.
How many prospects will you contact each day How many sales will you make It is important to keep your intention clearly in front of you throughout the day. Don't worry how all the details will come together just keep focused on what you want to accomplish. Intention does not take the place of action, but action alone can often result in activity and no sales.
Continue reading "10 Days to Making More Money"January 22, 2005
Mediating Out of Financial Crisis: Negation with an "Open Book" Policy Can Mean the Difference Between Financial Stability and Bankruptcy
We've all experienced conflict in our lives, from schoolyard spats to the power play with the ambitious coworker. But when a company experiences a financial crisis, the conflicts that erupt can mean corporate extinction.
According to Dan Dooley, partner with corporate turnaround consultancy Morris Anderson and Associates, negotiation between all business parties is especially important when a company is in financial crisis. "Fundamentally, he says, "a workout is a multi-layered negotiation, because you've got multiple stakeholders, including senior debt, meaning the bank; the people who own the company, often many layers of equity owners; the people who manage the company, and on top of that usually unsecured or trade creditors.
"What often happens during crisis is the CFO or other C-level manager is trying to contain the news that the company's in distress," he says. "But the funny thing is that the vendors, creditors, employees and bankers already sense the distress.Hiding the trouble is the wrong thing to do-it only damages management's credibility."
Continue reading "Mediating Out of Financial Crisis: Negation with an "Open Book" Policy Can Mean the Difference Between Financial Stability and Bankruptcy"January 20, 2005
What is a Commercial Business Loan
A commercial business loan is designed for a wide range of UK small, medium and startup business needs including the purchase, refinance, expansion of a business, development loans or any type of commercial investment.
Finance is the lifeblood of a business. Without it you cannot grow.
Commercial business loans are generally available from £50,000 to £50,000,000 at highly competitive interest rates from leading commercial loan lenders.
A commercial business loan can be secured by all types of UK business property, commercial and residential properties.
Commercial Business Loans can offer up to 79% LTV (Loan to Valuation) with variable rates, depending on status and length of term.
Commercial business loans are normally offered on Freehold and long Leasehold properties with Bricks and Mortar valuations required. Legal and valuation fees are payable by the client.
Continue reading "What is a Commercial Business Loan"January 19, 2005
How to Increase Your Profits Without Spending a Dime!
Whatever the purpose of your web site you have to pay for certain services. As a bare minimum you will need to pay for hosting, for traffic and for an autoresponder account. The costs of these services are fixed irrespective of the number of sales that you can make.
lets say that your total fixed costs for these services are $500 a year and that you sell 50 eBooks a year at $27. That means that your income is $1350 and, after paying your fixed costs you are making $850 profit each year. So your profit represents about 63% of your sales income.
Now, lets say your current conversion rate of unique visitors to sales is about average at 2%. So to get 50 sales you need 2,500 unique visitors.
To boost their sales income, most people will try to increase the traffic to their web site by spending money on Pay Per Click campaigns, advertising in ezines or by investing in banner adverts. If you don't want to spend your hard earned cash, then you will need to invest a lot of time on article writing and other "do it yourself" promotional activities.
What if you could nearly double your profit in a few easy steps
Continue reading "How to Increase Your Profits Without Spending a Dime!"January6, 2005
How To Start A Second SEPERATE Credit File!
Your personal credit file is separated from those with the same or similar names by several factors, including a driver's license number, birth date, or spouse's name. Although these are three important identifying marks, the number one identifying mark on your credit report is your social security number. Since there is no one else in the United States with your number, your file is easily identified. The chances are very small that the social security office in your area will issue a second number just because somewhere down the road you messed up your credit. However, it is impossible that a second personal file would be created.
The second kind of credit file is the business credit file. Business credit files are identified by the business name and by a computer generated and assigned identification number. Your business file is listed with credit bureaus like Dun and Bradstreet and Stanley and Porous, etc. A Company credit record can be built and used just like a personal one. The idea is to take a hobby or trade that you possess, and start a new small business for which you can create a name and a new credit file. There are hundreds of small businesses that can be run from your home. These small businesses have the potential to generate high part-time or full time earnings. I suggest visiting your nearest bookstore or library to obtain a book on the numerous business opportunities available.
Continue reading "How To Start A Second SEPERATE Credit File!"Debt Collection Techniques: Making Tax Season Work for You
Income tax refunds to debtors can be drawn upon to settle a balance when you dun and do a proper follow-up. Indeed, You can actually triple your collection amounts during tax season!
In January, pinpoint the accounts that might have refunds coming. Include a question in the "facts" part of your call as to whether the debtor expects to get a refund. Then keep tabs on them and in your conversations repeatedly confirm that they will use the refund to pay your bill. Watch out for "reduction tactics" which the debtor may try around the time he expects the refund check to arrive -
"I just found out that the refund isn't going to be as much as I thought/" (sounding sincerely disappointed.)
You should then request immediate documentation of this lower figure and inform the debtor that further collection procedures will now be implemented. Then discuss other ways the debtor can come up with the money.
If the debtor becomes evasive or doesn't respond to your messages around the time he expects his check don't hesitate to call him at work. If you haven't been "ceased" from doing this (see pages 24-25).
Continue reading "Debt Collection Techniques: Making Tax Season Work for You"January5, 2005
Reverse The Risk And Boost Your Profits
As a business owner or marketer, if you don't reverse the risk in your product and/or service offerings, you're really missing out in what can be one of the most powerful weapons in your marketing arsenal.
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Risk Reversal Defined
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Risk Reversal, in essence, means that you, the business owner, assumes all the risks associated with the business transactions, and your customers none.
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Why Reverse The Risk
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The main reason that you'll want to reverse the risk is so that you may boost your sales and profits.
Risk Reversal can easily be achieved by providing an Extraordinary Guarantee. An example would be an iron-clad, no-questions-asked money back guarantee.
Continue reading "Reverse The Risk And Boost Your Profits"What Does Financial Freedom Mean To You
Most working people dream of this thing called financial freedom. It certainly sounds like something we'd all want. But have you ever stopped to really think about what it means It can mean different things to different people, so before you spend time looking for it, maybe it's worthwhile to examine what the concept really means to you. After all, it's hard to find something if you don't know exactly what it is!
Time and money are inversely related. This means that in most cases, one can be traded for the other. And if you think of how that applies both to your everyday life and to the way business is conducted, it's true. For example, you can spend your own time cleaning your house or mowing your lawn, or pay someone to do it for you, and free up the time for yourself. You can spend time researching on your own, or you can pay some money for someone else's specialized knowledge in that same field.
With that idea in mind, financial freedom may be defined broadly as reaching the point where you no longer have to trade your time for money in order to provide for what you want in life. There are two key phrases in that idea - "no longer have to trade" and "what you want". These are what you have to define for yourself, in order to determine what financial freedom means to you.
Continue reading "What Does Financial Freedom Mean To You"January4, 2005
10 Days to Making More Money
Most of us overcomplicate things. Selling is pretty simple. True we need systems in place, support materials and a contact manager, but when all is said and done what stops us from selling is usually in our head, not in our office.
There are 4 actions when taken everyday for 10 working days with unswerving commitment will increase your sales and put more money in your pocket. Guaranteed!
1 - Set Your Intention There is absolutely no substitute for knowing what you're going after. Research clearly indicates when we set an intention or a goal we subconsciously as well as consciously align our actions and resources to attain that goal. What some folks find as lucky and coincidental is actually the power of intention at work. Few things are as powerful as our thoughts and if our thoughts are not aligned with our actions our thoughts always win. When you set a strong intention it gives your actions a path to follow instead of the other way around.
How many prospects will you contact each day How many sales will you make It is important to keep your intention clearly in front of you throughout the day. Don't worry how all the details will come together just keep focused on what you want to accomplish. Intention does not take the place of action, but action alone can often result in activity and no sales.
Continue reading "10 Days to Making More Money"Do You Make These 7 Deadly Cash Flow Mistakes
Managing cash flow is every small business owner's most important function. Avoid these seven deadly mistakes to make sure you aren't creating cash flow problems in your business.
1. Using the "Fly By The Seat of Your Pants" Accounting Method.
When tax time rolls around do you find yourself pawing through piles of paper on your desk looking for credit card receipts from your business trip Or are you upside down digging under the seat of your car trying to figure out where all your gas receipts are Are you wondering if that coffee stained piece of paper is an invoice from a supplier Do you have a vague feeling that someone, somewhere owes you money but, you just can't remember who it is If so, you're probably guilty of operating with the "Fly By the Seat of Your Pants" accounting method.
Using this accounting method has a tremendous impact on your business's cash flow.Unless you have a system to track your business finances, you'll always be operating in the dark and in danger of imitating George of the Jungle as he slams into a tree.
Continue reading "Do You Make These 7 Deadly Cash Flow Mistakes"