Equifax

Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter

 

Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Avoid the Top Five Mistakes Every Small Business Owner Makes

Written by Ilyce Glink on December 19, 2013 in Small Business  |   No comments

If you’ve been pondering the idea of starting a small business for some time now, you’re not alone. According to the Small Business Administration (SBA), the number of small businesses in the U.S. has increased 49 percent since 1982, and small businesses have added 8…

starting a small businessIf you’ve been pondering the idea of starting a small business for some time now, you’re not alone. According to the Small Business Administration (SBA), the number of small businesses in the U.S. has increased 49 percent since 1982, and small businesses have added 8 million new jobs since 1990.

As you start and grow your small business, keep in mind the top five mistakes small business owners make—and how you can avoid making them yourself.

Mistake 1: You have an idea, but no customers.

People sometimes believe they can run a business off an idea, but that is not enough, says Brad Farris, principal advisor at Anchor Advisors and publisher of EnMast, an online resource that provides business owners with an array of tools and advice. According to Farris, you must know your target customer base and understand your customers.

“An idea is not a business at all. An idea is an idea,” Farris says. In order to have a business, he adds, you need customers to buy into your idea and your product or service.

Farris has found that small business owners who don’t sell their businesses to a target customer base usually end up with a business that never takes off.

How to prevent it: Before you start, find your customers.

Farris knows a lot of successful entrepreneurs who sell ideas before they’ve produced the product.

“If you can get people that are actually that are willing to buy it, then you can go figure out how to do this,” Farris says. “Lots of businesses start out like that.”

As a small business owner, you’re also a salesperson, Farris explains. The sooner you come to terms with this, the faster you can start honing your sales skills and getting customers interested in your product.

Mistake 2: You don’t have a clear budget and don’t properly keep your books.

During the early stages of building a small business, Farris says that an owner usually has a good idea of where all of the money is going because, most likely, he or she is the one signing all of the checks and making the deposits. But as the business grows and more responsibilities crop up, many owners lose track.

“If you don’t have that good set of books, or a budget and some way to track your financials, then it’s really easy to no longer know where your business stands at all,” Farris says.

How to prevent it: Create a budget and track it often.

It’s important to start with a good foundation, Farris explains. Start your business with accurate bookkeeping and track your expenditures and deposits against your budget, expectations, or goals. By doing so, you’ll make sure you know your business’s financial standing at all times.

Mistake 3: Not having job descriptions in place for employees.

A business may start out with just a handful of employees, but as more people are hired, the duties of who does what may become blurry. Early on, it’s important to make sure that everyone has specific responsibilities in order to avoid any confusion that may ensue as the business expands.

“As that business grows, having everybody do everything becomes really inefficient, and you can’t really hold anybody accountable,” Farris advises. “You have to give up flexibility in order to gain accountability. And the earlier you start to implement that, the better.”

How to prevent it: Create job descriptions for all current and future positions.

Even if you have just one or two employees, create job descriptions for both current and future positions. Some workers may end up having more than one job description until more employees are hired.

“[Job descriptions] make clear what someone’s responsibilities are, what success looks like, and how you know they’re doing a good job,” Farris says.

Mistake 4: Having a desire to become friends with your employees.

When they first start a business, many small business owners may act more like peers than bosses to their employees, believing—incorrectly—that if their employees like them, those employees will want to work harder.

In many instances, this is not the case. Employees should want to do their jobs well, get results, and show improvement because they care about their work and want to increase their salaries. Often, bosses who act like peers to their employees offer little direction, leaving employees frustrated rather than motivated.

If a personal relationship is used as a substitute for accountability, this could eventually become a problem, Farris says.

“You’re going to need to make some business decisions about people’s performances or what people are getting paid,” he notes. “And that just gets a lot more complicated when you have more of a friendship or social relationship, rather than just being a professional.”

How to prevent it: Conduct a formal hiring process.

Often, small business owners may choose to hire a person they know or an acquaintance they think is going to be a good fit for the job.

“I’m always really in favor of going through a more formal hiring process, where you create a job description, post that job, [and] attract a group of candidates,” Farris advises. “That way, you’re looking at a variety of candidates, and the more candidates you look at, the more likely you are to find the best candidate.”

Mistake 5: Lack of determination.

Running a business is hard work, and you must be determined to succeed.

“You need to be willing to be going through some hard times,” warns Farris. “Sometimes, you’re not making a lot of money and there are late nights. A lot of people that start businesses aren’t really ready to do that. They haven’t really made that commitment.”

How to prevent it: Have the will to stick it out.

According to Farris, there is a high correlation between successful business owners and people who’ve been fired multiple times. That’s because, in many cases, those who’ve been fired from many jobs believe there is no going back.

“If you burn your boats, this is a one-way trip. You’re going to do whatever it takes,” he says. “You’re going to walk across hot coals, you’re going to crawl under barbed wire—that is what it takes to make it work.”

Ilyce Glink is the author of over a dozen books, including the bestselling 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In! Her nationally syndicated column, “Real Estate Matters,” appears in newspapers from coast-to-coast, and her Expert Real Estate Tips YouTube channel has nearly 4 million views. She is the Managing Editor of the Equifax Finance Blog, publisher of ThinkGlink.com, and owner of digital communications agency Think Glink Media. In addition to her WSB radio show and WGN radio contributions, she is also a frequent guest on National Public Radio. Ilyce is a frequent contributor to Yahoo and CBS News.

No comments yet


Leave a Comment


Name :


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.