When you start your online venture, you need to be aware of how to make use of the credit card(s). Keep in mind that all checks and balances say to pay for the “assets”. In reality, it isn’t unusual for entrepreneurs who are new to the business to overlook checking every aspect of their business’s operations with accuracy. You’re trying to make use of your time by coming up with innovative marketing strategies and trying to attract new customers. The majority of the time, getting your work completed is by no way essential.
What I’m talking about today is making sure you are reviewing your credit card statement. This is essential to have funds available at the time you need them the most. If you’re like many entrepreneurs, at the beginning of your business, you’re running low on cash, and you have to resort to a credit card.
Here are five suggestions you can apply to help manage your company’s finances…
1. Review your monthly statement line by line.
When those statements are in, make sure that you take out the receipts, if needed and then cross them off one at a time. It can be tedious if you’ve used your credit card to purchase everything that ranges from $1.29 erasers all the way to a printer that costs $399. You’ll be amazed at what you buy that wasn’t worth the money.
2. Be cautious when signing up for trials of the latest business tools.
Oh my goodness, I could linger on this for a long time. I was a mess during the beginning of managing my business. I tried every new software I could find on the internet or via an acquaintance.
Every new app and software was the best !… and it has the potential to turn my business into a profitable one. The results are amazing! Wow, this could make the suppliers and creditors profitable for almost four months.
I’ll tell you how. I signed up to try a shopping cart for a trial duration of 30-days… but not just once but twice. For a period of 15 days, I was unaware that I had registered twice with two different email addresses. Also, having multiple email addresses is another matter altogether.
However, I was in the process of paying for my account for two weeks for $99 per one-time fee! I was required to move through the chain three levels to receive just half my money back, despite having never used the software anytime in the trial or later the trial. Therefore, be cautious!
3. Create a monthly or weekly budget to track against.
If you are an entrepreneur, it is important to ensure your budget is set. You can set to buy new software, tools and other equipment for your business. It’s easy to say at the beginning of your business that I require everything! Create your budget for the month based on the items you consider essential to begin your journey.
If you’re studying and mentorship, perhaps via books or free online training and training, you could be able to work on a budget of $500 to $1000, depending on whether it’s an item or service-based business.
4. Don’t get several credit cards.
What I’d suggest you do in the beginning is to determine how much money you could save from your household budget or from a family member or friend. It is possible that you will have to borrow $1,500 or $1,000 in order to attend an online or offline event or to help you get through until the end of next month.
The reason I mention this is that you could quickly ask someone you know to lend your money over a short period of time, with no charges. The credit card’s charge and interest are to be paid every month, and they will add to. The use of a credit card at times gives you the feeling of being limitless in the things you can purchase, and you can pay it back when you need to.
5. Be sure you’re enjoying the maximum benefits of Your Credit Card Company or bank.
When I first began searching for a method to establish my credit for business, I began by looking at the benefits each credit card had to offer. I looked at annual charges if they were any or annual percentage rates, airline miles, or cash-back options.
You should take these factors into consideration since, as an entrepreneur, you would like to reap the greatest profit from everything you undertake.
There is a chance that you will be interested in the cashback option you can make use of at the end of the year for major purchases like a laptop, printer or computer, and even other equipment. You can use your airline miles to make your first trip to a seminar in the year. If you opt for a card that does not charge annual charges or interest rates of zero per cent for the first three months, it is a great way to save money for your company.
Therefore, make sure to consider the benefits of having credit cards or credit cards to grow your business, but be sure you take care to exercise Credit Card Control.
What have you experienced with credit cards in your company, Good or bad?