Does your business need a credit card? Although I’ve definitely heard of many arguments against having a business credit card, I do think that one is helpful to have in today’s internet-based business world where buying online is fast and convenient. Between payroll, Paypal, and credit cards, I rarely need cash in my business… and it’s probably the same for many of you.
So, if you run a business, how can you find a good credit card to use? In an article posted at BusinessInsider.com, article writer Shira Levine gives 8 things to consider when you get a credit card for your business. It’s a good list, even if there are no surprises here. You should read the full article but basically she advises that you think about:
- Reward programs
- Fees
- Fraud Protection
- Time
- Online Access
- Credit Unions
- Signature vs. PIN
- Acceptance
From my own experience, I would also suggest the following:
- Look for just one credit card; don’t get a big stack of cards.
- Keep the credit limit low. A thousand might be sufficient for most businesses, or if you travel, maybe a couple thousand.
- Put a little money onto your card even if you don’t owe anything. A small “bank” of a couple hundred is sometimes a nice cushion to add during good times and can help out when things get tight.
- Don’t just use your personal credit card, even if you are a sole proprietor. Keep things nice and simple and separate. It’s easier to monitor.
- Schedule 5 minutes every month to double-check your purchases: Make sure you got what you paid for and make sure that it’s providing you the value you want it to provide.
Jessica Routier, IAC-EZ
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Stack Posted in: Just Blogging
It’s nearly the New Year and you know what that means! Resolution time! While some of your resolutions might be related to other aspects of your life (stop smoking, exercise more, you know all the regular ones!), doubtlessly there will be a handful of resolutions related to your business. But how many of those resolutions are related to your business’ financials? You should have business goals, that’s rarely a problem for business owners; but what is more often a problem is making some of those goals FINANCIAL goals! No one likes talking about financials so financial goals get swept under the carpet. However, it’s the financial goals that can make or break your business!
We want you to be fully equipped with all kinds of ideas and habits BEFORE the bell strikes midnight and we discover that it’s the New Year! So this blog is going to be some “required reading” that you need to do before 2010 so you can prepare a few financial resolutions for your company.
Geekery for Rent: Five Accounting Tips for Small Businesses as they Enter 2010: This article isn’t easy to find but it’s a gem! Good, solid advice for business owners including ways to track your finances, reduce your overhead costs, manage relationships, reduce bills, plus a way to help you borrow money.
The Microenterprise Journal Blog: How to Select and Use Small Business Credit Cards: You may need to borrow money next year and credit cards are a type of loan (but a high interest loan!!!). This article shows you exactly what the title promises, empowering you to get a business credit card that is right for you.
WebWorkerDaily: How to Plan for a Successful New year: This article doesn’t seem to be related to finance at first, but it is, in fact, closely related to generating revenue from projects you like to do. It’s a step by step exercise that is well worth doing!
MintLife Blog: 8 Tax Strategies to Consider Before 2010: This article lists some smart ideas to help you get higher tax deductions or pay less tax. Now all of these ideas will apply to everyone, but even a few of them will make a difference on your tax return.
About.com (Small Business): 6 Year End Small Business Tax Tips: If the MintLife blog was more about finding tax deductions in your personal life, this article at About.com is about gaining some tax advantages in your small business.
Happy New Year!
- Jessica Routier, IAC-EZ
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