Small business plays a vital role in today’s economy. It is now easier than ever to establish a new business. According to the US Small Business Administration, small businesses pay over 45% of the US private payroll. Small businesses also employ over half of all private sector employees and provide 60-80 percent of new jobs. With millions of small businesses in the US alone, virtually all financial institutions now offer small business loans to qualifiers for a percentage. So why apply for a small business credit card?
Keep Track of All Your Small Business Expenses
The first and most obvious reason for a small business credit card is to separate personal finances from business related purchases. With your small business credit card, you can make all your transactions by phone, internet or in person. Then get periodic statements detailing all of your business expenses.
Business credit cards are accepted virtually everywhere that you shop. Covering business purchases with employee’s personal money can get very messy. So instead of relying on cash, use a business credit card. Most credit card issuers offer a credit limit for employee cards as well as different methods to monitor how the card is used.
You no longer have to dread the year-end nightmare of trying to track where and when you spent your money. It’s like having all your book-keeping done automatically for you! In a digital world, why should your business have to collect every last printed receipt?
Establish Your Small Business
A credit card with your business name on it gives your business credibility. A business credit card looks a lot more professional than paying from your own wallet. It also gains the respect of financial institutions. Just by owning a business credit card, your business can build credit. So when you need that business loan, you will get the best interest rate and qualify for higher amounts. As your credit builds you might also qualify for a lower interest business credit card.
So even if your business doesn’t have a 6 figure budget, a business credit card could help your business grow. You never know when your business might suddenly need extra money. Office equipment might need immediate replacement. Without a business credit card, financing could drastically interfere with your daily routine.
Earn Rewards with a Business Credit Card
You can also save money and earn rewards. Certain business credit cards give you cash back on all your purchases. Other cards give you varying cash back percentages depending on where you shop…gas stations, grocery stores, office supply stores, etc. A cash back business credit card is a great way to increase your profit margin.
Other cards give you airline travel rewards just for using your credit card. For instance, if your company has frequent business plane trips, then small business credit cards that offer travel miles, hotel accommodations or travel insurance are most suitable. This type of credit card could give you travel discounts, free flights, free companion travel or upgraded flight seating.
Not only does a small business credit card provide convenience and rewards, it also helps to build business credit for the future of your company as you watch it grow! Research the business credit cards available and find the card that best suits your business needs. Finance your business for today and tomorrow.
Before we can begin discussing the benefits of outsourcing especially in small businesses we must fully understand what outsourcing is and what outsourcing is not (as many people often confuse it with off-shoring, a similar but different thing).
So what is outsourcing? A fairly recent addition to business terminology, outsourcing in a business is the delegation of certain non-core operations to other separate entities that specialize in those operations. Put very simply, outsourcing means giving away certain tasks which though imperative to the actual business, can be better managed by another industry which specializes in that task.
Outsourcing entails transferring management control and decision making power to the other industry as well. This means that there is a lot more interaction, and information exchange, coordination and trust between the outsourcer and its client, making it different from the established buyer-seller relationship.
Now that we have established what outsourcing is, let’s focus on what it is not. Outsourcing is commonly confused to off shoring, which is the relocation of an entire or part of a functional unit of the business to another nation, whether it remain in that business’s control or not. Outsourcing is usually limited domestically. In many cases, such as telemarketing, the company wishes to employ the service of overseas call centers. Thus when outsourcing crosses national borders it is called offshore outsourcing.
So why should companies outsource? There are plenty of benefits of outsourcing, especially for small businesses. The main reason for outsourcing is the cut in costs, as they don’t have to provide benefits to their workers, and have fewer overhead expenses to worry about. Many businesses prefer offshore outsourcing, as it allows them to utilize the low labor costs of countries such as India and Malaysia.
Outsourcing also allows smaller businesses to focus on core competencies, and relieve themselves of the peripheral ones. Thus they can concentrate on providing better quality products and service. Even if the quality does not improve, the cut in cost allows for greater productivity. This increases the overall economy in total. Not just that, the business can produce good quality products without having to employ a large amount of people. Thus lowering their overall labor charges and employee benefit.
The best facet of outsourcing though is the ability to employ professionals to get the work done. In areas such as advertising and telemarketing, it is usually more cost effective, and productive to hand over the task to a separate company and pay them accordingly. Thus instead of handling their own affairs in a substandard manner, they can employ professionals to carry out the process efficiently and effectively. And once the outsourcing company is assured that its client is managing perfectly, it can focus on creating better products and services.
For small businesses, outsourcing allows them to work with the minimum of labor and equipment expenditure. For example, a small firm outside city limits can outsource its transport, thus making it unnecessary for it to acquire buses, cutting the cost of fuel and saving its resources. Another prime example is telemarketing and advertising.
Many companies prefer to outsource this facet of marketing to professional call centers and advertising agencies, thus eliminating the need to form an entire unit devoted to this task. Not only that, but because the outsourcing client has a fully established infrastructure devoted especially to the service provided, there is no necessity for a small business to invest in developing its own internal infrastructure to accommodate that service.
As a small business owner, you are a risk taker. There is excitement and challenge in such a venture, but to succeed you need good management information, an ability to be a good manager of people and the intelligence and inner strength to make the right decisions. From unnecessary risk taking, thousands of workers die each year and many suffer injury or illness from conditions at work.
How often does an owner or manager actually see work-related deaths, serious injuries or illnesses in the workplace? In some small businesses, the answer is rarely. For this reason, many owners or managers do not understand why there is controversy about the government having occupational safety and health agencies with enforceable laws. But others have learned why; unfortunately, they have experienced a loss. These owner/managers will tell you that it is too late to do anything once a serious accident happens. They have learned that prevention is the only real way to avoid this loss and unnecessary risk taking.
Reducing losses and risks are goals that you as an owner or manager must set in assuring the safety and well being of all in the business. Small business owners and managers place a high value on the well-being of your employees. Family members and personal acquaintances may be part of the business and even hired employees will become almost like family as time goes by.
Nobody wants accidents to happen in the workplace. A serious fire, a permanent injury, or the death of an employee or owner can cause the loss of profit or even an entire business. To prevent such losses, you don’t have to turn your business upside down. You may not have to spend a lot of money, either. You do need to use good business sense and apply safety prevention policies. There are reasons why accidents happen. An accident always has a cause and a reason why. Once you know why an accident happened, it is possible to prevent future incidents.
There are four basic elements to all good safety and health programs. These are as follows:
1) The manager needs to lead the way, by setting policy, assigning and supporting responsibility, setting an example and involving employees.
2) The workplace needs to be continually analyzed to identify all existing and potential hazards.
3) Methods to prevent or control existing or potential hazards are put in place, maintained, and updated.
4) Managers, supervisors and employees need to be trained to understand and deal with worksite hazards.
Regardless of the size of the business, the plan should use each of these points to prevent workplace accidents and possible injuries and illnesses. Developing a workplace program following these four points is a key step in protecting you and your workers’ safety and health. If you already have a program, reviewing it in relation to these points should help you improve what you have.
Following this four-point approach to safety and health in your business may also improve efficiency. It may help you reduce insurance claims and other costs. The plan will certainly give you a way to express and document your good faith and commitment to protecting your workers’ health and safety.
This approach usually does not involve large costs. Developing a health and safety protection plan does not have to be expensive and generally does not require additional employees, especially in smaller businesses. Safety and health can be integrated into your other business functions with modest effort on your part and will become part of the daily routine.
This is a really interesting article about the recent addition of Subscriptions to Facebook. I have to say I agree with the author – it seems silly that you can’t subscribe to a Page, only personal profiles.
eBay weren’t the first to thing of doing this, but when you see such a big name getting involved, it’s time to take notice.
Is this the future of retail? Who can say. But anyone who owns a real world retail store is probably very familiar with customers who come in to check out their merchandise, then use their Smart Phone to check prices online and buy it cheaper elsewhere.
What do you think? An exciting trend? Or a scary development?
Watch the Video – eBay opens London Store
Is it okay if I share with you the ONE formula that appears everywhere, again and again… and if you keep it in your back pocket every time you assemble a sales letter, create a blog post, make a product, send an email, and even deal with everyday relationships, you’ll always win?
A really indepth article on how to write good copy – definitely worth taking the time to read it, maybe even more than once!
How cool is this? Mind you, I can’t help wondering how you would calculate your return on investment….
Call for small business women to speak outSeptember 27, 2011 – 12:56PM –>
The more than 700,000 women who run small businesses in Australia are being called to speak out in a national online research project.
The Women in Business Poll, to be launched tomorrow, will gather information on women in leadership and management roles.
The Australian Women Chamber of Commerce and Industry (AWCCI) says the research will shine a light on the challenges, rewards and opportunities for women running businesses in regional and metropolitan Australia.
Go to it ladies!!
I want to talk to you today about a tool that you can use to greatly increase your personal productivity.
It’s a free online tool called Remember the Milk. It’s also available on the iphone, ipad and numerous other phones and devices and it’s one of the better task management tools I’ve seen in a long time.
This is a great article about a great tool – Remember the Milk. I use this CONSTANTLY myself, and I have it synced between my computer and my phone, so that I can access it any time. I keep lists like “things to buy” as well as the more traditional to do lists. I have a goals list, a dreams list… the possibilities are endless. Got 5 minutes waiting time? Update your to do list. Think of something while you’re waiting in a queue? Add it to a list. Somebody ask you to do something? Quickly add it to a list so you don’t forget.
BRILLIANT!!! And the desktop version is free. I used the free trial on my phone and was so hooked I paid the very minimal cost to get full access.
Anyway, enough ranting – enjoy the article, Mark explains it all so well!!
Customer engagement is not a passing fad. This one actually seems to be changing and expanding at the same time. The new term that is gaining a foothold is “customer experience,” which is more encompassing than engagement. Forrester Research describes it as a more “outside-in” focus on the customer, where marketers seek the desired customer experience, a deeper understanding of their behaviors and needs, and the development of a customer-centric culture. New touchpoints and data available to marketers are being used to keep customers engaged (and hence the connection between the two terms).
This is one of 10 marketing trends predicted at the end of 2010. How are the other 9 going so far this year? Check out the article to find out!