Enjoy this guest post by Mike Nagle, General Manager, Ink from Chase
Chase Card Services
The small business market is one of the most powerful, driving forces behind the U.S. economy. Small businesses spend $5 trillion each year. This purchasing power, combined with the entrepreneurial spirit and vision of the more than 27 million small businesses in the U.S. is what will drive our country’s economic recovery.
Crucial to that end, we need to focus on freeing small business owners up to focus their energies and talents on their customers. We want to help them work on the business instead of in the business.
Here are five time-saving tips that every small business owner can use to get started:
- Create a Cash Flow Forecast.
You’ve got a major steamer maintenance coming up quickly. If you plan for it, you can manage your cash to ensure your dry cleaning business isn’t affected. A good forecast model can anticipate problems so you can take action to avoid them.
- Bank Cash, Use Credit.
Your law firm receives a sizable check for a recent case, days before you leave for a lengthy business trip. By depositing the check and using your business card for travel expenses, you keep the cash flowing (and don’t have to worry about saving receipts). As soon as the cash comes in, bank it. Charge travel, meals and minor expenses to free up cash and simplify tracking your expenses with itemized statements.
- Write Fewer Checks.
Your growing dental practice needs supplies from a dozen different vendors this month. Ditch your checkbook and use your business card. Not only do you consolidate your check writing from twelve to one this month, but you earn rewards, benefit from purchase protection and don’t have to worry about tedious bookkeeping — online reports include itemized monthly statements and quarterly management reports.
- Take Advantage of Business Specialists.
This Mother’s Day, focus on building bouquets for Mom, not bookkeeping for your flower shop. Take advantage of resources offered by your business card services — Chase offers direct access to dedicated business card specialists 24/7 to help free up time when you’re the busiest.
- Stagger Payments.
Don’t jeopardize or delay your latest construction project by back-loading payment. Stagger your payments — the first comes when stage one is completed, the next when the second is finished and it proceeds through various agreed payment points to increase cash flow for your small business.
Additional information about small business credit management and the Ink(sm) from Chase suite of small business cards are available at www.inkfromchase.com.