How To Finance Business Growth – Part 6

Sometimes you need to access additional funds to grow your business – to obtain new materials, expand production lines or purchase vehicles.

Use our blog series to understand the methods of financing business growth, and the advantages and disadvantages of each option.

Part 6: Business Credit Cards

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A business credit card allows purchases to be made in the same way as using a personal credit card.

Some companies prefer having an expenses system or making payments only with money received in.

However, business credit cards can be useful to cover day to day expenses, and can be issued to staff, such as sales executives, for networking and business development meetings.

Advantages

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  • Can be issued to multiple staff
  • Keep ownership of your business
  • Often unsecured
  • Offer incentives such as 0% interest, air miles, cashback, insurance, rewards, discounts
  • Itemised billing for monitoring and controlling cashflow
  • Manage different expenses for company and employees
  • Separate business and personal expenses
  • Eliminate expense claims
  • Build a business credit profile
  • Fraud protection and insurance options
  • Up to 56 days interest-free credit
  • Easier to use online or by phone
  • Convenient for travel abroad
  • Eliminates the need for petty cash

Disadvantages

Continue reading How To Finance Business Growth – Part 6