Constant red means it is set and ready to record messages after x amount of rings. Flashing red means you have a message.
Please always include the model number is such questions and I can find you a manual. Polycom has lots!
https://www.google.com/search?q=Polycom+phone+manual
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hello
This is not a dialing but trying to connect to the IP address setup in the system. Start editing the IP address giving the one that you would have already allocated to the device in the Router (i.e. 192.168.1.99) and then reboot it. It should connect then automatically.
Best regards