Axis Capital Business Funding Group Review - Many young entrepreneurs struggle to create their online presence. As the fierce world of competition extends to the internet, building an audience and sustaining virtual communities can be a great challenge. Yet, these business amateurs have no option but to try. We have passed the time when social media is only one of the go-to options for marketing, a good addition to the tool box. Now, social media is a must-go-to, a necessity for success.
It’s not even just start-ups who struggle to maintain their online presence. Many already established companies spend millions of dollars for online marketing campaigns, even engaging with their clients through these platforms. Online advertising is already one of the biggest expenditure of both start-up and established companies, and in which ample amount of budget is allocated.
In an international seminar event attended by Axis Capital Group Business Funding, one of the sources of credit loans for small business owners across America, Sophia Clark, Marketing Operations Manager, has given some pointers for aspiring new entrepreneurs who attended the event in Kota, Jakarta, Indonesia. Based on the panel discussion with her, here are some of her emphasis on Social Media and how it can be overcome:
1. Know which Strategy to Use
Going into the business with innate knowledge of how the product is being produced is not enough to compete. It takes a lot of time, effort and more studying. It is the same for using social media. The worst that can happen for a company is to take whatever platform is available and cram it with whatever contents. You have to pattern your social media usage to the business you are doing, the people who mostly use the social media network and the image you are targeting. Diversity of usage is what is important. You can connect to more professionals through LinkedIn, give out in depth information through Twitter and show the company’s culture through Facebook.
2. Use SM for feedback
Social Media is one of the greatest tools to know what the audience wants the most, their dislikes, and their preferences. You can see negative and positive reviews and suggestions, their complaints and their opinions with brands. There are ample amount of things to be learned from them from which you can outline the best possible technique to use.
3. Content is King
Always and always, people, no matter if they are minimalist or not, will look into the content. This is the most basic rule in building an online presence. People would know who you are on the way you market yourself. They can read between the lines and know if it seems like a scam. After all, content is what people are looking into these platforms
To get a good deal of loan nowadays, a good credit score is needed. The only way to know your credit score is to check your credit report.
Not only will reviewing your credit report help you get an idea of what your credit score may be (you do have to pay for your actual credit score), it will also allow you to confirm that all the information is correct. One small mistake on your credit report could seriously affect your credit score and potentially cause your rates to skyrocket.
There is only one place to get your free, federally mandated credit reports, also called an “educational credit report,” which this is AnnualCreditReport.com. You are allowed a free credit report from the three major consumer reporting agencies in the U.S.: Experian, Equifax and TransUnion.
A warning is also set for business owners for a lot of advertisers and commercials who offers “free credit report”. Be aware that these companies will give you a free credit report and/or credit score initially, but they will also most likely also ask for your credit card number. If you don’t cancel within a certain time, they’ll charge you for membership.
Checking your credit report is called a soft inquiry, and you can check your credit as much as you want without it negatively affecting your credit score.
Keep in mind that while you’re entitled to a free credit report, you will have to pay for your FICO score, which is the most common credit score. You can go to FICO’s Web site, and your score will probably cost around $40. A situation in which you may want to buy your credit score is when you’re shopping for loans. Your credit score can affect your rate, so knowing your score from each agency may help you decide who will give you the best rate when you borrow money.
These credit scores are only available in some states in Asia and the websites may differ when your business is located in other developing countries. Cities like Singapore, Jakarta, Indonesia and Beijing, China have their own local credit scoring and you may inquire from your business lending company for information.
Above all, it’s important to use credit responsibly. A good credit history and credit score can be the difference between being able to purchase a home, buy a car, or pay for college. Proactively managing your credit report is a great way to stay in control of your finances, and ultimately achieve your goals.
More than three quarters of Americans live in credit. Your credit score can mean the difference between being denied or approved for credit, and a low or high interest rate. But many nationalities and migrants are not that aware of it. Here is how Axis Capital Business Funding, a credit source offering small companies loans for their business in over 10 states in America explains what credit score really is.
What It Is
Your credit score is a three- digit number generated by a mathematical algorithm using information in your credit report. It's designed to predict risk, specifically, the likelihood that you will become seriously delinquent on your credit obligations in the 24 months after scoring.
There are a multitude of credit-scoring models in existence, but there's one that dominates the market: the FICO credit score. According to myFICO.com, the consumer website for the FICO score developer, "90 percent of all financial institutions in the U.S. use FICO scores in their decision-making process."
FICO scores range from 300 to 850, where a higher number indicates lower risk. There are also other existing online systems but mostly, if you encounter a site which asks you to pay, it may be a scam.
Cities like Singapore and Jakarta, Indonesia is now currently developing a new system similar to FICO to trace local credit scores and information. However, patronage remains to be a big problem as these cities are rarely using their credits.
Payment history: (35 percent) -- Your account payment information, including any delinquencies and public records.
Amounts owed: (30 percent) -- How much you owe on your accounts. The amount of available credit you're using on revolving accounts is heavily weighted.
Length of credit history: (15 percent) -- How long ago you opened accounts and time since account activity.
Types of credit used: (10 percent) -- The mix of accounts you have, such as revolving and installment.
New credit: (10 percent) -- Your pursuit of new credit, including credit inquiries and number of recently opened accounts.
Personal or demographic information such as age, race, address, marital status, income and employment don't affect the score.
Different score impact for same missteps
How much does a specific change affect a credit score? The answer is usually "it depends," and for good reason. Credit score developers don't reveal the exact point deductions. The weight of any given activity can also vary for different credit histories. You might want to review all your spending and the way you handle your credit card to get a high credit scoring.