Hello Alice Introduces Small Business Health Score Tool
A FinTech that helps small business access capital is introducing a new tool. This week, Hello Alice announced the debut of the Business Health Score. Available to Hello Alice platform users, this new score is the first product to come from the Equitable Access Program, which finds the brand partnering with Global Entrepreneurship Network, as well as Wells Fargo, JPMorgan Chase, Mastercard, and the Kauffman Foundation.
Hello Alice’s Business Health Score is provided via a self-assessment questionnaire that entrepreneurs can find on the Hello Alice site. To arrive at the overall number, the assessment will look at three aspects of a business: financial and business management practices, financial performance and position, and credit history. With their scores, small business owners will be able to make more informed decisions about how to improve their finances as well as reach their business goals. This includes tools for increasing revenue, improving cashflow, and more.
According to Hello Alice, the new scores can also help the platform’s partners, such as financial institutions, better understand the needs of small businesses. In turn, this could assist them in creating educational content as well as tailoring their services and solutions. Furthermore, the site says the score could serve as another data point in a business’s risk profile alongside a traditional credit score.
Speaking to the idea behind the Business Health Score, Hello Alice’s co-founders Elizabeth Gore and Carolyn Rodz said in a statement, “Over the last two years, Americans have applied to start 10.5 million new businesses, leading to a surge in the small business economy and more entrepreneurs who need support to properly grow their businesses. We recognized data was missing from the market that would give enterprise partners and financial institutions a clearer picture of the potential that small business owners possess for massive growth and investment.” The duo added, “We are providing unparalleled visibility through the Business Health Score that will empower small business owners to make more strategic decisions and optimize their growth while giving partners and institutions the insight to best help them through personalized service and product recommendations.”
Meanwhile, Global Entrepreneurship Network founder and president Jonathan Ortmans said of partnering with Hello Alice on the project, “Entrepreneurs are well-equipped to deal with disruption and changing dynamics, but while talent is plentiful, opportunity is not. The Equitable Access Program and Business Health Score will open doors for small business owners to better manage and grow their businesses, which will lead to more strategic partnership and funding opportunities.”
It’s clear that Hello Alice has lofty goals for its new Business Health Score. Of course, while it remains to be seen if the intended implications will become reality, there is likely a benefit to small business owners going through the questionnaire to see how they’re doing. In fact, the platform recommends that businesses update their scores quarterly in order to monitor their progress. Overall, the addition of the Business Health Score could be another reason for businesses to look into what Hello Alice has to offer.