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Business

Unlock Growth: How A Strong Business Score Fuels Your Wine Shop

A strong business credit score serves as a valuable asset for wine shop owners. Specifically, it opens doors to financial opportunities, builds trust with stakeholders, and supports long-term success. At Gild Insurance, we have outlined below why a good business credit score is crucial for wine shop owners: 

Securing Funding: 

  • Loans and Lines of Credit: Wine shops often require capital for various expenditures like purchasing inventory, expanding the store, or launching marketing campaigns. A strong business credit score increases the chances of qualifying for loans and lines of credit with favorable interest rates and terms. Conversely, a poor score can lead to loan denial or high-interest rates, hampering growth and profitability. 
  • Merchant Cash Advances: Even if traditional loans are out of reach, alternative financing options like merchant cash advances may still require a decent credit score for approval. 

Negotiating with Suppliers: 

  • Favorable Payment Terms: Suppliers like wineries and distributors often offer extended payment terms or discounts to businesses with good credit history. This can improve cash flow and free up resources for other investments. 
  • Early Access to New Products: Suppliers might prioritize relationships with creditworthy businesses.

Building Business Reputation: 

  • Vendor Relationships: A positive credit score reflects responsible financial management and trustworthiness. Thus leading to stronger relationships with vendors and fostering a positive reputation in the industry. 
  • Customer Confidence: While less direct, a good credit score can indirectly contribute to customer confidence.

Other Benefits: 

  • Lower Insurance Premiums: Some insurance companies offer lower premiums for businesses with good credit, potentially reducing operating costs. 
  • Utility Services: Certain utilities like electricity or internet providers might require a credit check for new accounts or service upgrades. A good score can expedite this process and secure favorable terms. 

Remember, maintaining good credit involves responsible financial practices like timely bill payments, managing debt effectively, and monitoring credit reports for inaccuracies. If you need help with your wine business, your friends at Gild Insurance are only a click away! 

To learn more: 

Building Your Business Credit: A Friendly Guide to Financial Success

Securing Your Cellar: Essential Insurance for your Wine Shop

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Business

Must Have Tools For Small Business Hiring Success

The U.S. Chamber of Commerce Small Business Index has shown that the fourth quarters are essential to the profitability of small businesses. Quick hiring often ensues to support the increased demand on small business’s operations during this time. Increased growth is welcomed by these small businesses, which may come with increased anxiety.

Here are four must have tools to support hiring needs and address the increased risks of a growing company.

HR Platforms

Bringing on employees is more than saying “you’re hired.” Employee onboarding and training, company policies, and labor law compliance are all a part of being a small business owner. Some examples of HR compliance platforms are Bambee or Rippling. They provide small businesses resources and tools to automate and simplify the employee hiring and retention process.

Worker’s Compensation Insurance

It is essential to consider a workers’ compensation policy if your business is hiring employees. Worker’s compensation is a form of insurance that provides protection to small business owners and their employees when work-related injuries or illnesses arise.

Employment Practices Insurance

Employment practice liability insurance provides protection against the risks associated with hiring, firing, and employing workers and staff. Small business owners have obligations under state and federal employment as well as meeting labor laws.

Employee Spending Accounts

Offering employee benefits, through flexible or lifestyle accounts, may be what someone may need to accept your offer of employment. Organizations such as HSA Bank and Peoplekeep are developing unique solutions geared toward small businesses and the needs of their employees.

Therefore, with the right tools and resources, small businesses can leverage fast-paced growth as a winning strategy. The careful orchestration of modern tools and traditional risk mitigation processes can support potential fourth quarter growth. This can alleviate the uncertainty of acting as an employer. Utilizing tools and resources provides the foundation for sustainable small business growth in the fourth quarter and beyond.

To learn more check out:

Worker’s Compensation

Gild Insurance is a digitally native independent insurance agency serving small businesses nationwide. Gild’s online quote-to-bind services digitally provides the knowledge, personalization, and trustworthiness of a local agent, available 24/7/365. From the creatives on main street to the home-based business, Gild Insurance has you covered. Schedule time with a Gild Agent by clicking HERE!

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Business

A Guide to Online Marketing: Small Business Edition

Most small business owners rely on traditional marketing methods to grow their business. Think print ads, community events and word of mouth. But if you feel that your business isn’t scaling as quickly as you desire, then it may be time to invest energy into online marketing. The great thing about online marketing is that you can implement most of these strategies with little to no upfront cost. Let’s explore several different internet marketing strategies that you can use to help scale your small business.

Create an Email List

The first step is to create an email list to reach your customer base. Do you have an email list comprised of warm leads? Are you using it to reach out to prospects to drive your sales? Once you’ve created an email list, here are some strategies to leverage it to better position your business to customers.

  • Create a pop-up box on your website – have you ever gone to a retail website to start shopping and been greeted by a pop-up box promoting you to enter your email address in exchange for something? “Sign up to receive free alerts”, “be the first to know” or “join our newsletter” are commonly used phrases. Customers love to be part of something bigger. Entice them to give you their email address by providing the allure of exclusivity. Alternatively, you can offer a free PDF, downloadable guide, or video that ties in with your business.
  • Use ads to direct prospects – Similar to a pop-up box, a more elaborate version consists of using targeted ads to direct prospects to a landing page. Remember, pop up boxes hold limited amounts of information. Imagine being able to direct your potential clients to page that will hold as much material as you would like. The ability to grab the customers attention with pop ups is the start while the landing page is meant to offer more information.
  • Collect email addresses in person – Heading to a local small business networking event? This is the perfect opportunity to try and collect some email addresses. You can use low tech options like a clipboard and paper or track emails on an iPad. Including QR codes on your business card are also a popular option.

Create Email Funnels 

After you have your list of contacts, start reaching out to them with a series of email flows. You can write the emails yourself and use software, like Marketing 360 to automate the send-outs, or you can hire a professional copywriter or agency to do it for you. Start small and see what works for you!
 
You also may be wondering what the magic number is for the amount of emails you should send. That will vary depending on your business, your preferences, your customers, and your budget. If you are an online or brick and mortar store that sells physical goods, you may want to write several emails a week detailing discounts, promotions and giveaways. Maybe you are a fitness studio and are more interested in sending biweekly or monthly newsletters to keep your clients engaged. Remember, marketing starts as trust building and educating.

Consider Paid Advertising

Though commonly expensive, paid advertising can be the single most effective way to attract new customers to your business. The average cost for small to medium size business is approximately $2500 to $12,00 a month. It’s important to note that paid advertising isn’t the same as using a social media page to promote your business. While you can certainly post content on your business’s Facebook or Instagram to help promote your business, paids ads can extend your business’ reach!

Conclusion

The items listed above are just a sample of the many ways you can generate revenue through internet marketing. Many business owners find the rabbit hole of internet marketing is actually quite deep, and the rewards can be profound.

At Gild Insurance we always like to say that having insurance is the best way to prepare your business for future scalability, and in many ways, internet marketing is very similar.  After all, that’s one of the great things about the internet era: the next best thing is never more than a click away!  

To learn more about the tools and resources available to the Gild Community, check out Gildhall!

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Business

Building Your Business Credit: A Friendly Guide to Financial Success

Let’s dive in to the exciting world of building your business credit. It’s like giving your business a financial high-five and opening doors to new opportunities. Here’s the nitty-gritty of how you can build a stellar business credit score!

How To Build Business Credit

Register Your Business: like planting a seed, you need to have a solid foundation. Make it official – register your business. Get the necessary licenses. And create a separate business bank account. This step is like setting up the roots for your financial tree.

Get An EIN (Employee Identification Number): think of this as your business’s social security number. It’s unique to your business. It is crucial for separating your personal and business finances. It’s your business’s way of saying, “I’m independent!”

Open A Business Bank Account: this is where the magic happens. Having a dedicated business bank account makes you look professional. It helps keep your business finances organized. It’s like having a tidy room – everything is in its place.

Buy Business Insurance: Credited by Gild Insurance helps build your business credit score with on-time business insurance premium payments.

Pay Your Bills On Time: this one’s a golden rule. Just like meeting deadlines, paying your bills on time boosts your business credit score. It shows that you’re reliable and trustworthy – qualities everyone loves in a business partner.

Apply For A Business Credit Card: a business credit card is your financial sidekick! It can help make necessary purchases and establish credit for your business. Remember, responsible credit card use is the key here – it’s like having a trusty sidekick who always has your back.

Building A Business Credit Score Fast

Building your business credit is a journey, not a sprint. Stay consistent, be responsible, and watch your business credit score soar. Remember, it’s not just about the numbers; it’s about creating a financial legacy.

To learn more about business credit, check out:

“Credited by Gild Insurance”

“Exploring the World of Business Credit and Your Business Credit Score”!

If you need help with your business, your friends at Gild Insurance are only a click away! We combine the latest technology with experience to provide business options that fit your business!

Categories
Business

Exploring the World of Business Credit and Your Business Credit Score

Let’s chat about something essential in the business realm, business credit and the ever-mysterious business credit score. You may be wondering, what is the difference between my personal credit score and a business credit score?

What Is A Credit Score?

A personal credit score assists lenders to determine what products to offer you and on what terms. A personal credit score considers many different factors. For examples, credit card balances, timely payments and length of credit history. The higher your score, the better credit opportunities. personal credit score is about an individual.

Think of your business credit score as your business’s financial reputation, completely separate from your personal one. It shows how reliably your business makes payments. Like a personal credit score, a business credit score gives lenders a quick snapshot of your business.

Here’s what’s important to a business credit score:

  • Your Bills: timely payments build a strong business credit profile.
  • Credit Utilization: the amount of available credit on business credit cards.
  • Credit History: the more transactions on your credit profile, the more reliable you appear to lenders.
  • Public Records: legal issues, liens, or bankruptcies related to your business.

Where Is My Business Credit Score?

Similar to personal credit, there are business credit bureaus. These credit bureaus aggregate data about businesses to determine their creditworthiness. Here are the main business credit bureaus:

Is My Business Credit Score Important?

Yes! A business credit score allows your business to secure business loans, lines of credit, or trade accounts. Creditors or trade partners may access your business credit score to determine whether your business is creditworthy. A higher business credit score will lead to lower interest rates and better contract terms for your business.

To learn more about business credit scores, check out “Building Your Business Credit: A Friendly Guide to Financial Success”.

There you have it, a friendly guide to business credit and business credit scores. Gild Insurance is the first insurance agency to use business insurance premiums to help build your business’ credit score! Credited by Gild Insurance uses on-time insurance premium payments to help build your business!

If you need help with your business, your friends at Gild Insurance are only a click away! We combine the latest technology with experience to provide business options that fit your business!