Just in case you didn't see this story in BusinessWeek, be on your guard: credit card issuers are getting very aggressive about raising credit card rates. Very likely they are responding to the credit crunch and deciding to get what they can, while they can, before things get any worse. The problem is when they double interest rates, minimum payments rise, and consumers get backed into a corner -- with bankruptcy as the only solution they see.
If your credit card issuer has raised your rates, please let me know!
And in the meantime, here is a recent webcast I did for ABC-TV in Sarasota. You'll get seven strategies for cutting credit card costs.
Friday, February 15, 2008
Tuesday, November 06, 2007
A Great Stocking Stuffer
I've talked before on this blog about how Gene Mark's Small Business Book of Lists is one of my absolute favorites. I've found it incredibly helpful and refer to it often. It's like a huge directory of the best business tips from the top experts all in one place. No fluff, no theory, just practical useful information.
Now Amazon has it on sale for an incredible price! I am planning on stocking up on extra copies and speaking of "stocking" this book is way too big to fit into a stocking but it would make a great, treasured holiday gift. Something your business clients would definitely use and appreciate.
Check out the Amazon deal!
Now Amazon has it on sale for an incredible price! I am planning on stocking up on extra copies and speaking of "stocking" this book is way too big to fit into a stocking but it would make a great, treasured holiday gift. Something your business clients would definitely use and appreciate.
Check out the Amazon deal!
Tuesday, October 30, 2007
Solution to Business Credit Cash Crunch
An excellent article on SmartMoney.com's Small Business Site describes how the credit crunch is hitting entrepreneurs hard -- and right before the holiday season when many need to load up on inventory, hire additional staff, or find their business is in a lull until next year.
She also quotes Curtis Arnold, one of my trusted colleagues, and the provider of our best business credit card list.
The recommendations for dealing with this credit crunch are all good, but I would add that there are alternatives to factoring that don't require $1 million in receivables. We've recently been talking with an Inc. 500 company, for example, that can offer cash advances against your credit card receivables which does not affect your personal or business credit, because it is not a loan. This solution is popular with many businesses, including restaurants (which find financing difficult) and auto repair shops (as in the example in the story. We'll write more about this option soon, but in the meantime feel free to call us at 888-227-3158 if you'd like to learn more about business cash advances.
She also quotes Curtis Arnold, one of my trusted colleagues, and the provider of our best business credit card list.
The recommendations for dealing with this credit crunch are all good, but I would add that there are alternatives to factoring that don't require $1 million in receivables. We've recently been talking with an Inc. 500 company, for example, that can offer cash advances against your credit card receivables which does not affect your personal or business credit, because it is not a loan. This solution is popular with many businesses, including restaurants (which find financing difficult) and auto repair shops (as in the example in the story. We'll write more about this option soon, but in the meantime feel free to call us at 888-227-3158 if you'd like to learn more about business cash advances.
Thursday, October 25, 2007
SmartMoney TV
While in New York last week I had the opportunity to talk with SmartMoney TV Small Business Editor Colleen DeBaise about business credit. Click here to watch the interview.
Congrats to BusinessCreditSuccess Member Scott Walker!
Congratulations to BusinessCreditSuccess.com member Scott Walker, co-founder of DigitalGolf.biz. You can read Scott's start up story on this blog. He was also featured today in a front page story about business credit on the very popular website Small Business Review! (If you don't get their newsletter, you should!) I was glad to be able to hook Scott up with reporter Gary Stern for the interview.
Friday, September 28, 2007
Business Credit Success Story
Business Credit Success Story: DigitalGolf.TV
If you are an ESPN SportsCenter fan, the name Scott Walker should ring a bell. Scott was a reporter for the popular show for four years when he decided the travel was taking its toll. He wanted a career that would allow him to spend more time at home with his wife, Nicole Neal Walker, an attorney. Initially they started a television production business, but by the end of 2004 they had developed a bigger vision.
With their knowledge of television production, they decided to build the premier interactive golf website. With DigitalGolf.TV, golfers get access to exclusive content on top-ranked golf courses featuring 18-hole interactive views from every tee box, fairway and green, as well as an expansive library of popular video instructional tips to help golfers of all skill level improve their game.
With over 750,000 visitors a month, the Walkers have decided it’s time to turn it up a notch. They are introducing The Ultimate Test Drive(sm), which allows members to test drive a club -- brand new or like new -- for as long as they like.
“Golf equipment is so expensive,” explains Walker.” We want people to be able to have access very quickly to the best equipment. And if they don’t like it, they can send it back to us. We don’t want people to get stuck in a product that is not right for them.” Walker says it’s “like Netflix for golfers.”
With a membership of only $34.99 a month, golfers can check out a club and have it sent to their door with free shipping. Two clubs at a time are available for $54.99 per month and a full set is available with a monthly membership of $99.95. Members keep clubs as long as they like, and either purchase them or return them and try something else.
But in order to bring this popular program to its members, DigitalGolf.TV must invest in a lot of golf equipment, and the Walkers want to do it the right way – using business credit whenever possible.
To do that, the Walkers been following the BusinessCreditSuccess.com program and have been meticulous about following the steps in the program. “For us, the most important thing were the basics,” Walker explains. “From the business perspective, business credit is befuddling. But the time you’ve put into it really does save you a lot of heartaches.”
Success Steps
Like many entrepreneurs, the Walkers have used both personal and business credit cards to grow their business. Though very pleased with their success so far, they wish they had used more business credit. "I wasn't aware of some of the things that were available to me with business credit. I would have taken a little more time in building the business, and taking the steps that would provide a better foundation for success. What we have learned now through BusinessCreditSuccess.com has helped us improve our foundation."
Advice For Entrepreneurs
Scott Walker’s advice to other business owners?
“Work the steps (in the business credit building program) and don’t try to skip any. We just applied for the DUNS number in the end of July. We made sure we had walked through the steps first, such as getting the phone line in the name of the business and getting it listed with directory assistance.” It takes a little time, he points out, but is worth it. “All that work is coming to fruition and the bank is pleased.”
And no doubt many golfers, who now can virtually tour the best courses in the country, lower their handicaps and hit the links with their dream equipment, will be too.
If you are an ESPN SportsCenter fan, the name Scott Walker should ring a bell. Scott was a reporter for the popular show for four years when he decided the travel was taking its toll. He wanted a career that would allow him to spend more time at home with his wife, Nicole Neal Walker, an attorney. Initially they started a television production business, but by the end of 2004 they had developed a bigger vision.
With their knowledge of television production, they decided to build the premier interactive golf website. With DigitalGolf.TV, golfers get access to exclusive content on top-ranked golf courses featuring 18-hole interactive views from every tee box, fairway and green, as well as an expansive library of popular video instructional tips to help golfers of all skill level improve their game.
With over 750,000 visitors a month, the Walkers have decided it’s time to turn it up a notch. They are introducing The Ultimate Test Drive(sm), which allows members to test drive a club -- brand new or like new -- for as long as they like.
“Golf equipment is so expensive,” explains Walker.” We want people to be able to have access very quickly to the best equipment. And if they don’t like it, they can send it back to us. We don’t want people to get stuck in a product that is not right for them.” Walker says it’s “like Netflix for golfers.”
With a membership of only $34.99 a month, golfers can check out a club and have it sent to their door with free shipping. Two clubs at a time are available for $54.99 per month and a full set is available with a monthly membership of $99.95. Members keep clubs as long as they like, and either purchase them or return them and try something else.
But in order to bring this popular program to its members, DigitalGolf.TV must invest in a lot of golf equipment, and the Walkers want to do it the right way – using business credit whenever possible.
To do that, the Walkers been following the BusinessCreditSuccess.com program and have been meticulous about following the steps in the program. “For us, the most important thing were the basics,” Walker explains. “From the business perspective, business credit is befuddling. But the time you’ve put into it really does save you a lot of heartaches.”
Success Steps
Like many entrepreneurs, the Walkers have used both personal and business credit cards to grow their business. Though very pleased with their success so far, they wish they had used more business credit. "I wasn't aware of some of the things that were available to me with business credit. I would have taken a little more time in building the business, and taking the steps that would provide a better foundation for success. What we have learned now through BusinessCreditSuccess.com has helped us improve our foundation."
Advice For Entrepreneurs
Scott Walker’s advice to other business owners?
“Work the steps (in the business credit building program) and don’t try to skip any. We just applied for the DUNS number in the end of July. We made sure we had walked through the steps first, such as getting the phone line in the name of the business and getting it listed with directory assistance.” It takes a little time, he points out, but is worth it. “All that work is coming to fruition and the bank is pleased.”
And no doubt many golfers, who now can virtually tour the best courses in the country, lower their handicaps and hit the links with their dream equipment, will be too.
Tuesday, September 25, 2007
Could Your Business Be At Risk for Identity Theft?
We have all heard the statistics about identity theft and they are not pretty. But what is less well known is that your business could be an identity theft victim. Read this post on Creditbloggers for some important tips on how to spot it and what to do to protect yourself.
Monitoring your business credit reports is one essential, as is checking your corporate filings and monitoring your business bank accounts.
Monitoring your business credit reports is one essential, as is checking your corporate filings and monitoring your business bank accounts.
Thursday, September 20, 2007
SBTV
Congrats to Susan Wilson Solovic, CEO and Chairman of SBTV.com who has been honored with a national award
by Women Impacting Public Policy or WIPP. In addition to leading the first
and only video news and information destination site for American small
businesses, Solovic has worked tirelessly to expand opportunities for women
in business.
If you haven't been watching SBTV, you're missing out. There's a lot of fabulous information for small business owners (we've contributed some articles too!)
Congratulations Susan on the award and the terrific job you're doing with SBTV!
Subscribe to:
Posts (Atom)
.jpg)
