How to improve your credit rating

How to improve your credit rating

A RECENT report commissioned by credit card provider aqua and carried out by Cranfield Business School makes grim reading for anyone with a poor credit rating.

The report, ‘The Cost of a Poor Credit Rating’, by Dr John Glen claims that middle income households whose rating isn’t all that it might be are spending around £1,200 a year more on every day items than those whose rating is spotless.

Examples cited by Dr Glen where poorly credit rated families might pay more include mobile phones, energy bills, car loans and white goods. You can read the full report at aquacard.co.uk/pdf/the-cost-of-poor-credit-rating.pdf.

It’s clear that a poor credit rating is no good for anyone, so how do you improve yours – or not get a bad one in the first place. Your Money has some ideas.

The first thing to do is find out if you do actually have a bad rating. Companies such as Experian and Equifax offer a free 30 day trial which will enable you to obtain your credit score for nothing. Just remember to cancel the subscription if you don’t want it before they start charging you.

Hopefully your score will be fine and there will be nothing to worry about. If it isn’t …

Join the electoral roll. This is one of the first ports of call for any lender and is a good way of proving stability. On the same note, try not to move house too often. This can give a bad impression.

If at all possible, never miss a bill payment. Late payments are recorded and will damage your score. Avoid the risk by taking out a Direct Debit. If possible, try and pay off your credit card in full every time. Only paying off the minimum can make you appear less credit worthy.

Get some credit! Ironically, one of the ways to improve your credit score is to obtain some credit and pay it back on time. Companies like to know that anyone they lend to has a good track record and if you’ve never had credit there is no proof you’ll be a responsible borrower.

But not too much. Lenders like to know that you are in control of your borrowing and if your credit cards are max’d out and your overdraft has reached its limit you’ll be seen as a greater risk. As a rule of thumb, try not to use more than 75 per cent of what’s available to you.

Don’t apply for too many loans or cards. If you are in danger of maxing out your cards, you might think taking out a new card, especially one with 0% interest, would be a good idea. In one sense you’d be right, but too many applications will have a damaging effect on your score, particularly if you should have the misfortune to be rejected. Two applications every six months is about as much as your record will stand.

Be careful when you move house or leave a relationship. Many people have financial arrangements with partners, house mates and so on. If and when you move on, be sure to stop all these. Having a joint mortgage, bank account, even electricity bill can hurt your rating, and this is certainly the case if your ex other half or house mate suddenly stops paying their share.

If you’ve moved away, you might not find out until it’s too late, so sever all financial ties and make sure your credit report is up to date.

Even if you think you’re fine, it’s worth checking your score every so often. Details such as a wrongly spelled name, incorrect date of birth or old address can all have an impact on your score.

Read more: http://www.cambridge-news.co.uk/Business/Your-money/How-to-improve-your-credit-rating-20140304103347.htm#ixzz2v5927OFi

Small business tips: how to write the business plan

The second part of the business plan should focus on the bigger picture. Just what are you working towards? Photograph: Pornchai Kittiwongsakul/AFP/Getty Images

While the executive summary is a chance for entrepreneurs to provide potential investors with a snapshot of their money-spinning venture, the second part of the business plan is a chance to flesh out some of the background behind the idea and explain what a product or service is in more detail. We asked the experts for their advice on how to write ‘the business’ part of a plan:

Tom Elgar, founder of the business blogging tool Passle

While detail is important to any business plan, when pitching to prospective investors you also need to put a key emphasis on the bigger picture. Just what are you working towards? How is this going to end? What massive problem is it going to solve?

The bottom line is that you need to create a buzz in order to get would-be investors onside. So be enthusiastic. Make the investors excited about your business and be clear right from the start about exactly why it’s unique and how it’s going to change the sector you’re in – or even, if it’s a biggy, the world.

A combination of enthusiasm, hard numbers and facts, and the potential for scalability should make investors feel as though they have no option but to get onboard. But without the dream-end scenario you put in their mind’s eye, it’s hard to get them to buy in. You need to be emotive in your pitch, as much as pragmatic and focused on the details.

Clearly, if you talk about your big goal, then you need to know exactly how you plan to get there. What are your targets and where do you hope to be in one, five and 10 years? You have to back up the grand plan with microscopic detail.

Lawrence Jones, chief executive at cloud hosting company UKFast

This part of the business plan is really about who you are as a company, what you stand for, how you came to be and where you want to go. Before you put pen to paper, you need to fully understand your core values and carve out a purpose for your business. This makes it easier to map out your business goals and the customer needs you aim to fulfil.

So what do you as a person value? What are your traits? Whether you’re buying or selling, you need to embody these values and build them into everything you do. Decide what your company’s purpose is. A purpose is a goal you can never hit because it always demands more, driving you and preventing you from ever giving up.

Mike Odysseas, founder and managing director of Odyssey Systems

Whether they are a bank or a private interest, investors need to know that they are more than likely going to get a return on their money, or they simply won’t give their backing. This section of the plan is all about your business, and while you obviously do need to clearly set out precisely what your company is, what it does, and why it will work, it’s equally important that you demonstrate to investors that you are a good bet and will deliver a suitable return on their money.

The best way of doing this is to show that you have a financial stake in your business, which is equal or greater to the amount you are looking for. If you can demonstrate to investors that you have put substantial funds into your own business, you will be much more likely to secure their backing. Why should investors hand over their money if the business owner is not willing to do this as well?

Chris Lane, head of entrepreneurial businesses at chartered accountants and business advisers Kingston Smith LLP

The business part of the plan should give the audience absolute confidence in the people within the business. Whatever else is in your business plan, it will be down to you and your management team to deliver it. So, it is vital that you communicate the right balance of the strengths of your team, which are essential to the delivery of your product or service.

Demonstrate your team’s credibility by conveying their experience, their ability to deliver, their passion and, significantly, a realistic financial projection. If you don’t have all of these key skills within the business already, make sure you identify the right specialists and include them in your plan.

So many business plans fall down because they fail to convince the audience that they can achieve what they set out to. While it can be difficult to put these skills down on paper, it is worth investing the time to get this crucial part right at the outset.

Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.

Latest financial, market & economic news and analysis | theguardian.com

http://www.easybranches.eu/european-news/1590665.html

6 Tips for Getting Your Audience’s Attention and Keeping It
Read more at http://www.business2community.com/content-marketing/6-tips-getting-audiences-attention-keeping-0791020#PyCopkl3HOj2FJuy.99

There are literally thousands of new articles posted to the Internet every day. Obviously, you’re not going to read all of them; no one is. It’s not just that we don’t have the time, but also that we don’t have the attention span. Simply put, as the Web becomes increasingly inundated with content, readers are becoming choosier about what it is they choose to read. The uphill battle that content marketers face is not only grabbing the attention of their audience, but also holding it, from the headline all the way down to the call to action.

Take blogging, for example. You can write a blog entry every day, each one better than the last; you can give away incredible information that enhances your brand and adds real value to the reader experience. If you don’t have any readers, though—or if they tune out after they get past the first couple of sentences—then what good is it doing you?

There is no magic spell or secret blueprint that guarantees you’ll have the attention of your audience—but there are a few strategies that can help you stack the deck in your favor.

1.     You don’t start with the body of your post; you start with the headline. The headline is the first thing readers will see, and if it’s not a good one, then it will also be the last. On average, five times as many people read the headline as do the body copy. Begin crafting your post with a headline that powerfully and concisely addresses the reader, promising immediate value; let them know that if they take the time to read this post, they will not only be intrigued, but they will also come away from it with helpful actionable information.

2.     Keep to the one-idea-per-post rule. Every diversion you take in your blog post—every side road you go down, veering away from your main point—is like an exit ramp for your readers. To keep attention from wandering, set a clear thesis and then stick to it throughout your supporting points.

3.     Throw in a quote or two, as appropriate. People like inspiring or authoritative quotes from people in the know. Bringing a well-known, credible expert into your post might keep your reader’s attention piqued for a bit longer than it might be otherwise.

4.     Streamline your post, keeping it appealingly lean and concise. Pretend you’re writing it as an email to a friend. Take out the language that’s extravagant, flowery, or overly technical. Stick to the important things, and don’t overwrite.

5.     Make each post scannable. You’re going to get some readers who simply aren’t going to go through every word of your post, no matter how enticing you make it—but if you can persuade them to at least skim the post, you may still come out with a social media share or a response to your call to action. Use subject sub-headings and/or bullet points and numbered lists to smoothly guide readers and skimmers through your content.

6.     When in doubt, call in a professional. At Grammar Chic, Inc., we are well versed and highly experienced in penning blog posts that get—and keep—attention.

Read more at http://www.business2community.com/content-marketing/6-tips-getting-audiences-attention-keeping-0791020#PyCopkl3HOj2FJuy.99

How to kickstart your career with work experience abroad

Glasgow University's student travel ambassador addresses the important issue of gaining work experience abroad

WHEN asking friends what their plans are in a few months after the anxiously-awaited graduation, it is increasingly rare the answer includes a life-plan, complete with grad-schemes and confidence. Ours in a generation born into adulthood amidst a market of few jobs; where a degree is no longer sufficient to securing employment.

Now more than ever before we’re asking ourselves what else employers look for: and there’s something that’s becoming progressively more important - experience abroad.

STA Travel, a worldwide travel agent that caters directly for students/young people with travel ambitions, are accelerating growth in the number of opportunities on offer to spend time working abroad.

There are now countless opportunities to make time spent abroad worthwhile to our future. Just one of the ways this is being achieved is with internships abroad.

As a generation prone to extended trips overseas, it seems logical to combine that thirst for travel with the daunting first job, where there’ll not only be opportunity to do make some money in between sightseeing, but a chance to contribute some interesting material to the CV, as well as having that excuse to familiarise yourself with the ins and outs of another culture/country.

This capability to adapt to a new life seems to be becoming an attractive aspect to employers more and more, and STA Travel’s purpose is to help you bring your travel vision to life.

Naturally, the overwhelming obstacle inhibiting this vision is the financial commitment. However, with STA Travel catering directly to students, there has never been a better time to get involved with what’s on offer.

Besides student discounts, from now until the 7th March, STA Travel are running an competition called 'Mentor Me' to win one of eight exciting one-month internships in none other than the beautiful South Australia. They’re even throwing in the flights and accommodation for free.

It’s not a case of delaying the bigger picture, but kick-starting it with serious gusto. To be in with a chance to have some fun, interesting experience in Adelaide or Kangaroo Island - amongst others - head to www.statravel.co.uk/mentorme and enter this once-in-a-lifetime competition.

Upload your CV and select your preferred internship - there’s something for everyone. STA Travel will then choose candidates to invite for an interview.

There is nothing to lose. Terrified of the 9-5? Do it like they do down under!

http://www.journal-online.co.uk/article/11452-how_kickstart_your_career_with_work_experience_abroad

6 Tips for Surviving Changes in Your Industry

Nearly all businesses in the health care industry — hospitals, practitioners, insurance agencies, pharmaceutical companies, among others — have been affected by the terms of the Affordable Care Act. While this particular law has brought about widespread changes and instability for health care, other industries aren't immune to the effects of government decisions.

"Any industry can be affected by legislation at any time," said Mike Stahl, senior vice president of HealthMarkets Insurance Agency. "The takeaway for companies is to remain focused during times of change, and provide protection and assurance to their customers and employees."

Regardless of their industry, small business owners should be prepared to handle legislative changes that could shake up their field. Stahl offered six tips for surviving in the face of uncertainty. [10 Things Every Small Business Should Know About the Affordable Care Act]

• Educate employees and other individuals affected by the changes. Take the time and resources to educate employees during times of change. Keep them informed and confident in your company'sefforts to remain successful and strong. Understanding what is causing the changes in an industry will allow for better preparation and adaptation.
   
• Maintain consistent branding and service. Just because the industry is changing doesn't mean your brand should; consistent branding implies a sense of stability during a tumultuous time. The quality of the services a company provides should also never diminish, no matter what obstacles are encountered.
   
• Uphold your company's mission. A company's mission should never deviate from its original goal. When adapting to any changes, refer to your mission, and let that guide your decisions.
   
• Stay true to your business plan. While you may need to make a few adjustments on the path to your ultimate goal, a solid but flexible business plan should help your company withstand any industry changes.
   
• Focus on what you can control. Understand how the legislation will affect your company, and then try to control what you can.Focusing on impacts that are out of your hands is a waste of time. By narrowing in on what you can control, including your business proposition and high-quality customer service, you allow yourself the opportunity to succeed.
   
• Budget accordingly. Plan for the worst, and hope for the best. It is better to be prepared for unforeseen expenses than to scramble to cover them.

Originally published on Business News Daily.

http://www.businessnewsdaily.com/5966-survival-tips-industry-changes.html

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4 Tips for Managing Your Business’ Online Reputation

It’s essential that you know what is being said online about your business and that you are diligent to protect its reputation. Otherwise, you could be losing potential customers and not even know it. Here are four tips to help you manage your business’ reputation.

Focus on Reviews          

Angry customers or ex-employees not only tell everyone they know how unhappy they are with a business, but they now do it online. They may vent their frustrations on their social media pages, but sometimes they take it to another level. They may post a negative review of the company either with their version of the truth or with complete lies. While you can defend yourself, it’s not that easy to overcome bad publicity.

You do still need to reply to negative criticism, but you also need to establish a policy of asking happy customers to provide positive reviews for you. The more good reviews you have, the less people will pay attention to the bad ones.

Monitor Your Company Name

The sooner you find out about negative publicity about your business, the faster you can deal with it and the less damage it can do. It is important to do a search on your company’s name at least weekly. In fact, you can set up an alert on Google for each time your company name is mentioned. This will help you know when you need to take action.

If your company operates under multiple names or uses various versions of the name, you will need to set up a search for each one. If this becomes too time-consuming, you can also hire a reputation management company to do the monitoring for you. Before you decide that’s too expensive, think about the revenue you can lose with bad publicity that isn’t dealt with.

Act, Don’t React

When you discover something negative that has been publicized on the internet, don’t do anything about it. Instead, take some time to think about your response. You want to make sure that the action you take is well-thought out and shows a side of your company that you want others to see. Posting an angry response to a blog comment or review only makes your company look bad and can actually give credibility to the attacker.

Create Good Content

Make sure that the first results a person sees when they search for your company are all good. You can do this by creating content that is both helpful and positive. Guest posting and setting up social media networks also help improve your ranking on search engines. Since most people only browse through the first page of search results, if you can keep everything on that page a good reflection of your business, then your online reputation will benefit.

The most important thing for you to remember about protecting your online reputation is to not ignore it. Even if you serve local customers with a brick and mortar building, you undoubtedly have an online presence. It is imperative to your business that you know what it is.

Read more at http://www.business2community.com/crisis-management/4-tips-managing-business-online-reputation-0790489#R24aUscYi4cZqJLQ.99

Conflict, urbanization pose threat to food security in Asia, Africa: FAO

Conflict, rapid population growth and urbanization as well as heavy reliance on food imports are posing challenges for food security in West Asia and North Africa, UN's Food and Agriculture Organization (FAO) said on Monday.

The Rome-based agency said Algeria, Jordan and Kuwait in the two regions have met the target of the first Millennium Development Goal (MDG) by halving the proportion of their population experiencing chronic hunger.

But a full picture of the two regions reveals that the number of undernourished people remains high at nearly 43.7 million, or 10 percent of the population, while 24.5 percent of children under five are stunted due to chronic under-nutrition, according to a FAO assessment.

Micronutrient deficiencies are common in both affluent and less affluent countries, having a number of serious consequences for school enrollment, productivity and public health, the report said.

Conflicts and civil strife remain the driving factor for food insecurity in West Asia and North Africa in recent years, the report said, adding that hotspots included Iraq, Sudan, Syria, the West Bank and Gaza Strip and Yemen.

In Syria alone, an estimated 6.3 million people are in need of sustained food and agricultural aid.

At the other end of the malnutrition spectrum, the FAO report, nearly one quarter of people in the two regions are now obese, which is double the world average and nearly three times the obesity rate of developing countries as a whole.

On top of long-standing structural challenges, climate change and emerging animal diseases are also undermining food security in the two regions. The regions' heavy reliance on imports of food to meet its consumption needs makes it extremely vulnerable to increases in and volatility of international agricultural commodity prices, according to the assessment.

"This dependence on external food sources is projected to intensify over the decades to come," it says.

http://www.globaltimes.cn/content/844577.shtml#.Uw0DjoUlqOA