Category Archives: finance

3 Essentials for Managing Your Money

If budgeting and preparing expense sheets sound like tasks only an accountant would do, think again. Keeping track of your personal finances – even if you have an accountant – is important to your financial future.

It not only gives you a keen awareness of your money situation, but also increases your chances of making smart spending and investment decisions.

Following these crucial tips will help you create a secure financial future for you and your family.

 

Spend Less Than You Earn

DUH…RIGHT? Although this tip sounds straightforward, you may sometimes find it daunting to actually put it into practice. However, reevaluating where you’re spending money can really help you to live within your means. and help you live within your means.

Ÿ This is one of the first places we start with members of Stiletto Wealth Societies Money Talk Group.  I help members find their necessity number.  This important first step will help you determine the current state of your personal finances.

 

Make Your Money Work For You

This can be as simple as taking advantage of the compound interest offered by most savings accounts.

Making sound investments can help increase your annual income over 5%. You don’t need to invest aggressively to get this kind of return, either. Ask friends and family for referrals to trustworthy brokers to help you get started.

 

Protect Your Money

You MUST  have a plan to protect your assets in case something unforeseen happens. There’s nothing worse than working hard for your money and then losing it due to poor planning.

Ÿ  Beware of any instant growth opportunities or investment clubs that promise overnight fortunes. These may include seminars with “self-made millionaires” that pressure you into signing up with a program that might not be a legitimate source of income. Take the time to research investment opportunities before you commit your money to them.

 

Knowing how to manage your money is a fundamental aspect of any successful long-term personal Financial Strategy.

 

TAKE ACTION:

1.  Make a commitment to go on a healthy financial journey

2. Grab a Pen and your calendar.  

2. Make a money date with yourself  right now.  

3.  Use last month’s bank statements and  bills to determine your necessity number.

 

If you take just a small amount of time to analyze your spending habits, you may surprise yourself with how much money you can save! You can then invest these savings in a way that will help you see returns year after year.

GOT QUESTIONS?

OR

NEED SUPPORT?

BEGIN HERE!

Stiletto Wealth Money Talk Meets Every 4th Thursday in the Evening!

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Four Surprising Things That Damage Your Credit

Hey Financially Savvy Sister

We all know that paying our bills late can damage our credit score. And most of us know that having too much debt is a challenge, too. However, there are some things that seem harmless that can also put a damper on your credit as well.

Here are some surprising things that damage your credit:

  1. Getting the wrong type of credit. Obtaining your financing from the source of your purchase is generally frowned upon. Furniture stores, car dealerships, and more are common sources of this ‘second class’ credit. They’re viewed as credit for those that don’t have options.
  2. Your utilization ratio is too high. A significant portion of your credit score is determined by how much of your available credit you’re using. For example, if your credit card has a credit limit of $2,000 and your balance is $500, then you’re utilizing 25% of your credit on that account.
  3.  Hard inquiries. In the world of credit, there are hard inquiries and soft inquiries. Hard inquiries lower your score for a time, while soft inquiries don’t affect it at all.
  4.  Not using any credit. Perhaps you feel that you’re being financially intelligent if you swear off credit altogether. However, even if you keep your credit cards, if you never use them at all, you’re hurting your credit score. You need to have some sort of payment history.

 

TAKE ACTION:

Sign up for The Stiletto Wealth Credit & Debt Assistance Workshop  on February 25th!

This is a hands on LIVE interactive workshop.

Your credit is worth keeping in mind. So many things are more expensive when your credit is poor. In fact, many things are entirely out of reach if you have a low credit score. Remember the surprising things in this article that can damage your credit and make an effort to avoid doing any of them. Your financial future depends on it!

ENTER YOUR INFO & SIGN UP FOR THE WORKSHOP BELOW:

We’ll send you the  workshop deets!

I’ll see you at the workshop!

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From Indie GoGo to Indie Oh NO!

Today’s Ask The Expert Post is from Dr. Letitia Wright America’s Crowd Funding Strategist!  Be sure to Join us for at Stiletto Wealth Experience 2012 In November where Dr. Wright will be sharing her crowd funding know how on our financial resource panel.

There is nothing wrong with Indie GoGo and using it for crowd funding. But what happens when it all goes wrong? What happens when no matter what you do, you just don’t raise the money? This is really what this article is about. There have been plenty of successful people on Indie GoGo. If you follow a few rules, you will find success there too!

Understand what crowd funding is: Many people think crowd funding is just a bunch of people on social media handing you money. You just put the link on your social media and if 10% of the people click and give, you would be a millionaire! I am not sure how that rumor started but that is NOT how it works. Social media is a part of it, but only a part. You have to understand the strategy behind a successful campaign. You have to know what they did and be able to duplicate it. For example, if someone tells you they had a mailing list of 10,000 and they send each one three postcards. You have to look at your situation and figure out if you have the budget to do the same thing. If you have the budget, you must then find out what they had on each post card and how far apart were the mailings done. If you can’t duplicate that, then that strategy won’t help you as much as it did the other person.

Create a specific plan: For most people the plan is the basic 2 x 2 x 2. You know this plan. They have 2 websites to choose from- Indie Go Go or Kickstarter, They have 2 sets of people to share with- Their family and everyone else, They have 2 ways to get the word out- Emails and Social Media. That plan won’t work, as the millions of people who have tried it. Many people go into crowd funding without a budget, so the 2 x 2 x 2 plan is the only one they can afford. Your plan has to be more specific than that.  There are over 500 websites to choose from and the list grows daily. If you only know of those 2, you have not done your homework. If you are only going to do a few emails and social media then you are making it hard. Most people do not have a large enough list for that to work.

Be sure you can deliver on your gifts: After you raise the money you have to perform. Currently, this is not a huge problem. There are some people who have not performed but no real scandal has happened in the industry. You don’t want to be the first one either! This is your tribe, if you scam them, it’s about you and your brand that is damaged. Almost no one does this intentionally. Be sure you budget enough money to do what you say you are going to deliver. There are a lot of hidden costs to doing crowd funding.

 

Dr. Letitia Wright is America’s Crowd Funding Strategist and has created a video series for those who are about to start crowd funding. You can access these videos at www.acflife.com

So….Who’s Gonna Pay For That?

The Money is Already Here! It has not left the planet.

Contrary to popular belief and the financial doom and gloom stories you here on the news, Money HAS NOT left the planet. The biggest objection I hear from people working with me is, “I would love to, but I don’t have the money”. AND I know it is the biggest struggle you have when landing clients, as well. Out of all the objections for people to get the help, support, coaching, or consulting they need, money is the biggest. I have spent a lot of time finding ways to coach people into reality. The reality is two things:

1) We always have the money to do the things we REALLY want to do.
2) You always get exactly what you need when you need it.

If you believe Universal Truths of Abundance you will know the money is always there. Now, I do know some people do not know where to look for the money and that is where I come in. I thought it would be very helpful to share this with you for two reasons:

First, you might be telling yourself you can’t get the support you need because YOU don’t have the money.

Maybe this will help.

Secondly, it will help you in speaking to clients who say they don’t have the money.

So, here we go – 10 ways to get the money you need every time!

1) Business Loan. There are many small lending institutions (especially locally owned banks) that want to help finance small business because the  entrepreneurs are doing well in this economy.

2) “Business Loan.” This is what I call a job or part time job. I think if you TRULY believe in your dream then you must do whatever necessary to realize that dream. A stream of income will help you go from NEEDING clients to wanting clients. And do not look at it as a job – it is a business loan to fuel your start up.

3) 401ks and other investments. Your accountant will probably tell you this is a horrible idea but is very possible to used some of your retirement as seed money. That money can definitely be used to grow your business. With so many retirement accounts shrinking with the craziness in the market be very aware that one very good investment you could make is an investment in YOU. There are even ways to roll the funds into your business with NO penalties.

4) Low Interest Rate Credit Cards. We have a really messed up view of credit in this country. Debt has been made to seem evil (I could go on for days about this), but good debt is a very useful tool. In fact when structured properly business credit cards will not show up on your personal credit report so there’s no negative impact to your FICO score for having to much debt.  Good debt is debt you incur to finance a project or dream that will give you a return on investment and you have a plan to pay it back. You are using it to learn, grow, and develop to bring in revenue from your business. No one really blinks at student loan debt, but we all get nuts when we, say, put a coaching program or mentor on a credit card. What’s the difference? There isn’t – at all! One has just been conditioned by society to be okay. Check out the Cash Flow & Capital Secrets course.

5) Got Junk? I have had clients (actually right now) finance their dreams by selling gold, putting cool stuff on ebay, or selling a car they no longer wanted or needed. David Neagle, first financed his dream by selling a boat. Suzanne Evans spent a year selling yard sale finds on ebay to pay for a vacation AND her coaches. See how creative you can get?

6) Get Started NOW! Many of you are waiting to have everything perfect or in place to get clients and make money. I guarantee you know enough now to start working with people. Maybe you will have an introductory rate or special for the first 5 clients you work with, but there is no need to wait. You can start making money now!

7)The Bank of Friends and Family. Many times friends and family are happy to help and will charge you a much lower interest or no interest. If you are in the UK, Australia or South Africa, Richard Branson has made this very easy with www.virginmoney.com He has created a program that helps friends and family create loans and have tracking, accountability, and make them professional and organized. He calls them social loans. Crowd Funding is a more widely used term.

8) Make a Cash Flow Change. Look at your full budget and spending – I have never seen one person or family that didn’t have something they could tweak to find money for their business. Is there a tweak that could be made to your daily spending? Hobby spending? Where is there waste in your weekly budget?  Are there services you haven’t used in 60 days or longer that you pay for every month? If so, cancel them. You can always start them again if you need them in the future. It can be amazing how easy it is to find $100 or more a week with small changes.

9) Apply For a Home Equity Line of Credit. Some banks offer home equity lines of credit that let you borrow up to as much as 85% of the appraised value of your home. Depending on the value of your home and what you still owe in other mortgages, that can put a significant chunk of money at your disposal for starting your business. The downside: you’re putting your home at risk. This is not an option for everyone, but it is a great option for some. Always understand your risk and all the details.

10) Make The Decision. You or your clients do not need the money for coaching /mentoring/support until they make the decision to get support and play a bigger game. Anything is possible when you make a decision. Many people think they have made a decision, but here are the facts. A decision is ONLY when there are no other options. There is no failure or stopping buckets to put your balls in. You do whatever it takes. And you will get the support you need to make it happen because when you decide, heaven moves to support that decision.

There is divine provision waiting to fund your dream! Heaven is ready to move on your behalf. The money is already here!

Want to use this article on your website or your own ezine?

No problem! But here’s what you MUST include:

Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful.  To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit”  – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com

3 Simple Ways To Fatten Your Bank Account

MONEY.  Sometimes it might as well be a four letter word.  Have you ever felt if you ignore the topic it will go away? Did That increase your income?  I Here it all the time…Shameca ” how do you do day to day management and monthly management of money in your business”  and that statements if oftern followed by I’m not a financial persona like you.  Shhhh…I’ll let you in on a secret.  I’m not a financial person either.  I had spreadsheets and all that jazz.  And thats why i’ve created simple system that make the money part of business easier.   Let me share a secret with you about money, It loves attention!  I have three ways that will make tracking your money simple and doable.

So, how does a business owner manage money?

Why should you even pay attention to your money? Well, one of the attributes of money that I teach is “Money Loves Attention”.  Just like most relationships, the more love and attention you give money the more of it you will make.  This is true for everyone.  From the person who avoids looking at your bank accounts and bills = a classic avoider.  No worries – you’re not alone,  I used to reside in that camp.

To the person who feels as though you don’t need any money to do what you love – you’re a classic martyr.  Or maybe you just spend every dollar that comes into the door – you’re a spender.  Or finally, you might hoard your money so close to you that you deny yourself pleasure and you aren’t growing – you’re a saver.  No matter where you fall – tracking how much money is going in and out – is going to help you create a better relationship with money.  And that will translate to more green stuff in your bank account and more massages and tasty restaurant meals (whoo hoo – I’m in!)   Here are three ways to start receiving more money today:

ATTENTION: These three tracking mechanisms are not for your accountant.  They are more for you to keep an eye on your money.  What you do for your accountant may or may not be different.

1.  Daily: Track Cash Flow: Create a Cash Flow Tracking Sheet:  Here’s a simple system.  Take out a piece of paper….YEAH  I said a sheet of paper.  Number it from 1-31 on the left – these numbers stand for the days of the month.  On the top, write an inspirational quote for yourself.  For example: “I am a money attracting genius and people eagerly pay me for the transformation I provide.”  Also write down how much money you would like to attract over the next 30-60 days.

For example:  60 Day Goal: May 15th – $8,500.  Now next to each of those numbers you will write down all the money that comes to you from ALL the sources in your life.  It doesn’t matter whether it is business-oriented or not -all means all.  If you find a $20 bill on the street, write it down.  If your grandmother sends you a card with a check, write it down. For those of you that use a shopping-cart, Paypal or merchant account, write down the number that comes in from the day’s total.   Every time you write your daily number down – celebrate, cheer, have a praise party.  Show gratitude.  Create and inviting atmosphere for the flow even more towards you.  Remember, “money loves attention” .

OKAY.  So I know some of you are thinking, “Shameca, I don’t make money every day.  My sheet is going to be totally blank.”  I want to encourage you that this process is almost magical.  By month 5, you’ll be attracting more money than you ever did before.  Why? Because you’ll be giving it attention of course.  And we all know we get what we focus on.  But don’t be misguided. You can’t just sit in your home and wish for the money.  What you’ll find is that you start to get creative about how to attract money here, there and everywhere, namely bec ause there is a part of you that wants to fill your sheet. It’s not that different from the gold star tracking system that our elementary school teachers used.  I mean who doesn’t want more gold stars?

2.  Monthly or Weekly: Track Expenses: Ok, this one isn’t as much fun, but it is necessary.  As a business owner, you also have to be aware of what is going out.  The way that I do this is in excel.  I set up a spreadsheet that has all the categories of my expenses for both business and personal in the first column.  The second column is titled personal and the third column is titled business.  Then I save every receipt everywhere I go – business or personal.  At the end of each week or each month, enter the receipts into the business or personal column.    If you don’t like the data entry of receipts there’s a cool tool called neat receipts that will input it all for you.  That way you can get a sense of your spending for the month in various areas.  You can also hire a bookkeeper to do thi s for you either in Excel, Quicken or Quickbooks.  You can also learn to do it yourself in the software.  It’s up to you.

3. Quarterly:  Evaluate Cash Flow- Income and Expenses and Evaluate Your Money Making Strategy: First, evaluate your expenses: Have you ever looked at your credit card bill and noticed that you are being charged for a club that you totally forgot that you joined?  Or that you haven’t used a software you purchased in three months even though you’ve been paying dues?  It’s good to evaluate your expenses each month and make sure that you are still paying for what is important to you.  You should also do a check on how much you’ve been paying for certain categories.  I noticed once that my restaurant bill had more than doubled and it came with 10 extra pounds!  You can bet I did some more home-cooking after that! It’s not uncommon for me to help my client’s  find $25,000-$50,000 a year in fees and expenses that could have been eliminated.  What could you do with an extra $25,000 – $35,000.

Second evaluate your Money Making Strategy:  What launches worked well?  Which ones brought you less money then you had liked?  For example, I often see practitioners offering retreats where they either break even or make very little money on each client.  When they work with me we figure out a service that takes less time and brings in a higher return on the investment.  Decide what could you do differently over the next 3 months? Then change your Cash Flow Strategy accordingly so that you are doing activities that bring in the most amount of money and give you the greatest amount of pleasure.

In terms of making room for money and increasing cash flow, this is just the tip of the iceberg, but these activities alone can double your Cash Flow if you do them consistently.  Good luck with it all and do let me know how it works for you.  And feel free to tell me how you manage your money in the comments on my Facebook Page.  I’m always open for new ideas

Want to use this article on your website or your own ezine?

No problem! But here’s what you MUST include:

Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful.  To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit”  – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com

3 Simple Ways To Give Your Business A Financial Fresh Start For This Year!

As a woman entrepreneur, whether your business is robustly moving forward or you’re just getting started, its common to have a bit of “emotional baggage” (or negative money B.S. as I like to call it) you may be carrying around, that is slowing you down.  For example, maybe you have debt or perhaps you’re ready to increase your fees. but you’re feeling a slight twinge of guilt or fear that people won’t pay.  Or maybe you see the perfect mentoring program you want to invest in but your spouse is skeptical that it will be a wise investment.  Once thing is certain, if you carry past baggage with you into the new year, you’ll have a much tougher time creating success.  which is why this is the perfect time of the year to give your finances a fresh start.

The mistake that most women entrepreneurs make is not knowing exactly what type of financial actions they should take.  Let’s be real, it just isn’t a topic that is discussed.  which is why i’m sharing 3 of my BEST tips with you on how to give your finances a fresh start as you head into the new year.  And while you may not be able to wave a magic wand or sprinkle a little pixie dust and magically make your debt dissapear or make your husband change his mind, you can create a plan that addresses the emotional and practical aspects that make of every woman business ownere’s financial future.

Tip #1 – Stop Being A Victim of The Past and Falling Prey to Your Money B.S.
Women hold themselves to a level of perfectionism that leaves no room for mistakes.  Trust me we’ve all lent money to people we shouldn’t have, let worrying about what others think keep us playing small, given away our power with money,  or we’ve made decisions to purchase something that we later regretted.  You can’t change the past but what you can do is stop carrying it around with you!  So instead of feeling guilt or shame or blaming fate or circumstances for what’s happened, learn to forgive yourself.  Forgiveness is an act of the will, extreme compassion and understanding for the tiny part of you  that was doing her best when you made those decisions.

Tip #2 – Don’t Let The Debt Demon Stop You From Growing Your Business
I often this from many women entrepreneurs, ” Shameca, how can I invest in growing my business when I have debt?”  Or they’ll say, ” I don’t want to pile on more debt”.  First realize the best way (or chance) to pay off your debt (most likely) will be by growing your business, because you’ll have the increased cash you need to make more than your minimum monthly payments.   Next, understand that investing in growing your business while you may still have debt makes perfect sense if you are committed to taking action and implementing.  I’ve metored hundreds of women entrepreneurs on my simple cash flow debt pay-off strategy and i’ve discovered that those who take massive decisive action in their business are the ones who also pay off their debt faster than others.

Tip #3 – Create Boundries Around Money That Empower You And Others
Women tend to cave in on their boundries because in some way they feel responsible for other people’s feelings.  But giving in means giving up on your self-respect  and losing the respect of others.   And those yucky feelings and negative energy ofter flow through to other areas of your business, impacting your fees, the types of clients you attract, and so much more.  My advice?  Its far better to experience a moment of discomfort while upholding a boundary than it is to untangle a money mess later on.  No I’m not saying you need to be the wicked witch when it comes to maintaining a boundary.  Boundaries are easily upheld from a place of kindness, consideration, and connection, all of which helps you stand in your power with confidence!

Want to use this article on your website or your own ezine?

No problem! But here’s what you MUST include:

Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful.  To get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit”  – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com

I’m Off Vitamins Forever

Just the other day I attended a training call with one of my mentors Adam Urbanski.  I had the most profound AHA after adam made one statement.  He said the problem that most entreprenuers have will selling their products and services is focusing on the process or the details of how they  will deliver to their clients instead of focusing on the benefits. 

Now I’ve heard that before and have implemented focusing on the benefis to my services.  But then he says:

People don’t buy because what you are presenting is something they can do without.  They could wait a couple of weeks, 6 months, or even years.  They feel like they can keep going in their current state with or without your help.  The reason:  YOU ARE SELLING VITAMINS

I thought: He’s absolutely right.  How many people take vitamins everyday even though they know the vitamins are good for them and the vitamins will make their body’s feel better and function more efficiently.

But what If the doctor diagnosed you with a terminal illness and told you that there was a plant in a remote bush town that when broken down and put in an easy to swallow capsule would cure your disease in a matter of months or even weeks..guaranteed. You’d move hell and high water to get that plant.  You know that you can not live without it…right?  You know that without it you would eventually cease to exist.

You’ve all heard me say that the number one reason businesses fail is lack of capital. In fact almost 90% fail withing the first 5 years.  So its definitely inevitable without cash flow, cash, mulah, money, You business will not make it.  BUT what I realized is explaining that to people is in fact just a vitamin because the hope is that somehow the company will make enough money to sustain its self.  Even though the odds are against them, many entreprenuers take that gamble every day.

They would rather struggle on the cash flow roller coaster or Play russion rouletter with the retirement accounts.

The Pill:

How would you like to double your cash flow in 30 days or less.

Here’s what I mean: 

What if your bank account could go from this

 

to this

 

In 30 days or less.  Well that’s what I do for my clients.

 

No more vitamins…Let’s be real…you need a pill!

Apply this principle to your own business and see if you create your own AHA moments.  Remeber how you get theire is virtually irrelevant….the client is asking What’s In It For Me?

A Business Credit Card is Essential

If you are running a business out of your home, then there are many details that you need to keep in mind. You should probably be reading up on as much information that you can get ahold of on having a business at home. One of the most essential pieces of running a bussiness from home that you absolutely need to know from the start is to get a business credit card to use for everything related to your business.

Unfortunately, as a business consultant, I have talked with far too many business owners that come to me after failing at running a home based business. Why?  Poor management of finances. Far too many people use their personal savings, retirement, home equity, and credit and that is a very dangerous thing to do.

I thought that the importance of seperating your business credit and personal credit was obvious, but maybe it is not.   Registering your company with the business credit bureaus and getting business credit cards that don’t show up on your personal credit ultimately allows the home based business owner or Entrepreneur to have the freedom to truly keep their personal finances and their business finances separate. This is essential throughout the year and obviously when it comes to tax season as well.

There is no reason why the finances of a home should be mixed up with the finances of a business. Keeping the credit profiles, credit cards, bank  accounts completely seperate will set you up for more funding options in the long run.

Here’s the bottom line: Entrepreneurs and home based business owners need to separate their business and more so because they usual operate from virtual office spaces or from home. This will be impossible without registering your company with the business credit bureaus and establishing  business credit cards that do not report to the personal credit bureas. So apply  If you want a widly succcessful enterprise you must do what widly succcessful business tycoons do.  It will make a huge difference to the organization and success of your company and ability to raise capital.

 

Why Every Small Businesses Needs Debt Management

 Here’s the deal.  Wealthy individuals, and many who have plans to build wealth, hire financial planners. What is  a financial planner’s job? They manage assets. One of the most common problems that business owners face is not in management of their assets but in managing their debt. The more wealth people have the more debt they usually inccur and in order for the business to grow they must have access to capital (aka Mulah, Money, Cash). Access to capital usually means creating more debt. The key is to properly structue or create the debt.  To do this successfuly requires strategies that most business owners are not trained or prepared to do.

Managing Business Debt is not just about paying your bills on time. When done properly you can create a well oiled machine that turns your company into a widly successful thriving enterprise.

The Goal:

Manage Business Debt Effectively

Leverage ALL  of Your Companies Resources 

Create Assets an Increase Cashflow

A Crash Course In Credit Scores

If  you had no idea that there is a totally different credit scoring system for businesses than there is for people, don’t fret—I’ll explain.

Personal credit scores range from 350 to 850.   All three of the credit bureaus—Equifax, Experian, and Transunion—offer  FICO credit scores using a complex mathematical formula developed by Fair, Isaac and Company, but they each give the scores a different name: At Equifax, the FICO is known as the Beacon credit score; at TransUnion, it’s called Empirica; and at Experian, it’s called the Experian/Fair, Isaac Risk Model.

Business credit scores range for 0 to 100.  The major business credit bureaus are Dun and Bradstreet and Experian Insights. Unlike their counterparts the business scoring system is not complexed.  It is quite simply based on payment history.  Each credit bureau does however, give  the scores a different name.  At Dun and Bradstreet the score is called a PayDex and at Experian it is called an Intelliscore.  Here is the bottom line in this crash course:   Good business credit scores PLUS good business credit scores  gets you access to lots of business funding!

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