Credit cards are a great way business owners can manage expenses. Often times, it is much easier and faster for start-ups to open a credit card account than to establish a secure line of credit from the bank. When paid on time, credit cards are a good way for business owners to establish credit in a business’s name. If you own a small business, it is wise that you carry more than one business credit card so as to maximize the potential of each one for the overall benefit of your business. For example, consider having one card with 0% APR offer or a low interest rate for carrying balances, and a second card for expenditures that you will repay fully at the end of each month. Having these two types of credit cards can help you manage costs and avoid debt in the long run. There are many choices out there when it comes to credit cards, but the key is how you plan to use them for your business. To start off on the right foot, determine your spending habits and how you plan to pay charges each month before you sign up for any credit card account. There are perks to owning business credit cards. For example, if you are carrying balance and have good credit some card issuers offer a low interest rate. Others, on the other hand, have fixed rates which can benefit you as an entrepreneur when the rates rise. Don’t hesitate to research the credit cards that are out there. Know exactly what they offer and how payments will be made. Read the fine print and if you need help in determining which credit card for you don’t hesitate to ask. Strategy is key when using credit cards. Over time, business credit cards can help your small business build a credit history with business credit bureaus so that your business will have a credit history of its own, instead of being linked to your personal credit history. Good luck!
After having studied top achievers and peak performers over the past 35 years, I’ve concluded that these unique men and women have, in most cases, mastered what I call the Seven C’s of Success.
1. Clarity – Eighty percent of success comes from being clear on who you are, what you believe in and what you don’t.
2. Competence – You can’t climb to the next rung on the ladder until you are excellent at what you do now.
3. Constraints – Eighty percent of all obstacles to success come from within. Find out what is constraining you or your company and deal with it.
4. Concentration – The ability to focus on one thing single- mindedly and see it through until its done takes more character than anything else.
5. Creativity – Flood your life with ideas from many sources. Creativity needs to be exercised like a muscle, if you don’t use it you’ll lose it.
6. Courage – Most in demand and least in supply, courage is the willingness to do the things you know are right.
7. Continuous learning – Read, at the very least, one book a week on business to keep you miles ahead of the competition. And just as you eat and bathe, organize your time so you spend 30 minutes a day exploring e-mail, sending messages, going through websites, because like exercise, it’s the only way you can keep on top of technology. If you get away from it, you’ll lose your edge.