Things You Need To Know About A Successful Business
(But Probably Had No Idea Of How Important They Are)
The following is a summary of the service a business owner receives by running a free business success scan and the instruction received to complete and optimize all the items scanned.
Those items are:
#1 – Lender Compliance
These are items that lenders use to categorize businesses as higher risks of default based on history default data already collected by a large number of lenders. Things such as; not having a USPS listed business address, using a cell phone number as the primary business number, using a free email account for the business, not having a website, and 16 more just as simple.
Scan: Checks 20 compliance items that lenders most commonly use in their risk of default assessment, underwriting guidelines, and determination of amount, rate, and term.
Service: We provide each business with a list of all Lender Compliance items to be completed, why they need to be completed, and the resources required to complete them.
#2 – Reporting Trade-Lines
In order for a business to show how they pay their debts, there must be a recording and available report of that history. Each business needs at least 10 lenders and/or vendors that are reporting each month on how the business pays its debts.
Scan: Business credit agency databases are checked to validate the existence of business credit reports, that the business has a profile, and that it has business credit scores.
Service: Each of the major business credit reporting agency listings are verified, corrected, and consolidated as needed to ensure one accurate file from each.
#3 – Business Credit Scores
Much like a 700+ FICO score, with business scores 70 is good, 80 is better. A 70 score is developed by having at least 10 reporting trade-lines and paying those accounts on time. A score of 70 indicates that the business pays on time, a score of 80 indicates that the business pays debts 10 days early.
Scan: Looks at the business credit reports for the current number of reporting trade-lines that are a vital part of the business credit history.
Service: Assisting each business in obtaining a minimum of ten (10) business credit reporting trade-lines on their business credit reports.
#4 – Bank Rating
Bank rating is a measure of the ability of the business to debt service. This is the measure of the average daily business bank balance over the prior three months. A Low 5 is the minimum goal. Low indicates the balance began with a 1, 2, or 3 and the 5 rating indicates the balance had 5 digits. Therefore a Low 5 Rating indicates the business maintained a daily balance of between $10,000 and $39,999.
Analysis: Validation of the business current Bank Rating.
Service: Assist the business in obtaining and maintaining a minimum of a Low 5 Bank Rating.
#5 – Pre-Qualified Funding
The system contains the base lending approval underwriting guidelines on over 4,000 business lenders. It also contains the data on over 3,000 vendors that are extending Net 30, 60, and 90 day payment terms on every product and service imaginable. Both of these databases can be scanned and matched during assessments.
Scan: Matches the business and its owners to funding programs that they are pre-qualified for now and shows where the business falls short on other funding programs and why. Let’s business owners leverage their working capital by utilizing Net 30, 60, or 90 day vendor credit for the products and services they use in their daily operations.
Service: Go through an optimization process for the top business funding programs so that the business has the option to execute on as many as possible. Identify all areas in the business where vendor credit can be used to replace the use of pre-payments with valuable working capital.
#6 – Local Directories
There are over 40 local listing directories that are used by consumers and more importantly that are used by Google and Apple to determine placement on their online and map search engines. Any truly successful business needs to make sure they are correctly listed on all 40+.
Scan: Completes a real-time scan of the business listing status, placement, and content on over 40 local online listing directories.
Service: Have the business correctly listed on all 40+ directories that we scan for.
#7 – Search Engine Placement
The high value and quantity of links leading to a site greatly impact local, mobile, and SEO placement. Search engines and mobile map services place a high value on who links to a business. Community organizations carry a high value as do press organizations and independent reviewers.
Scan: A detailed analysis of how the business currently ranks for SEO on the major search engines, for what keyword phrases, and how it rates versus the competition.
Service: Identify the top ten (10) keyword phrases that are uniquely used to search and locate the business client’s core business focus and create 10 optimized content pages for those.
#8 – Reviews & Star Ratings
Anything less than four stars can greatly affect the gross revenue of a product or service business. In today's markets consumers have become wary of businesses that do not have excellent customer reviews. If the business does not have many reviews then just a few negative reviews can drag the star ratings down and many potential customers may stay away.
Scan: A full scan of current online business reviews and reputation star grades is displayed with real-time notifications of positive or negative reviews.
Service: Provide each business with a platform for creating and maintaining high quality reviews and optimized star ratings and assist with the initial star rating boosting.
#9 – Social Media Engagement
Social media can be an important part of your business marketing. Social media can help you listen and connect with your customers, increase awareness about your products and services, and boost your leads, customers, and sales.
Scan: An in-depth website analysis that shows how you are currently engaged with social media and what prospects and customers may be saying.
Service: Make sure that your business is represented on all the major social media platforms with the story you want told about your business and why consumers should become customers.
#10 – NAP Validation
The Name, Address, Phone of a business must be local, unique, and for a business, not a residence or cell. If the business Name is conflicting, or not unique from other already listed businesses, it will most likely not pass NAP validation. The address must also be unique and to pass NAP validation it cannot be a residence or a mailstop. The phone number must also be unique, it must be local by prefix, and it must be listed by the FCC as a business number. Those businesses that do not pass NAP validation cannot be listed on the GPS and mobile map services such as; Google maps, Apple Maps, OnStar Maps, and most local directories.
Scan: Completes a real-time scan of all 10 Sat-Nav GPS mapping services and returns both the current placement and the NAP validation status.
Service: Have the business correctly listed on all 10 Sat-Nav GPS mapping services that we scan for.
#11 – Mobile Map Listings
Connected cars, smart phones, and voice searches are changing the way consumers search and find businesses. The number of these search services continue to grow which makes it ever more important for your business to be found on all these.
Scan: Checks the major SAT-NAV map listing services, such as; Google, Apple, Tom-Tom, Facebook, Uber, On-Star, etc. Also looks at your business positioning on the voice search services such as Alexa, Siri, Bixby and the many other to come.
Service: Make sure that your business is found and accurately represented on the major map listing and voice search services.
#12 – Owner's Discretionary Earnings
A successful business always has its exit in mind. In order for a business to produce the value necessary to meet ownership's exit goals, planning for exit, whether that be in 2 years or 10+ years, driving earning increases are critical. The key determining factor in establishing a valuation for a business is its Owner's Earnings. Optimizing value starts with taking steps to achieve the highest multiple at sale by having all key success elements completed and optimized.
Analysis: Owner's Discretionary Earnings are represented by the amount of compensation to the owners. This includes retirement plans, health insurance, company car, and both cash and non-cash expenses paid for the benefit of the owners. Controlling Owner’s Discretionary Earnings is the key to maximizing the value of your business.
Service: The goal is optimizing Owner’s Discretionary Earnings and to place it in the best light of what a new owner can reasonably expect and therefore get the maximum value multiple when you elect to sell.
Run A Free Key Success Element Scan On Any Business
Most business owners simply have never been educated as to the importance of the above items.
By running a Free Business Success Assessment Business Owners see exactly where their business stands right now for each of these items and are provided with instructions on how to complete and optimize each one to give their business the very best opportunity to succeed.