Top 5 Tips posts from the SME Blog are always full of hints and tips for small, home & micro business owners.
1. Using a credit card is actually a sensible thing for a business to do, provided they are going to be paying it off in full each month. Doing this helps to build a solid credit history.
2. The card should be used for small purchases at first to allow you to improve your credit rating. As your credit rating improves you will be allowed to borrow more money.
3. Don’t pay for too much all at once on credit. Plan your purchases carefully and stagger them across multiple months if possible.
4. If you must buy things on long-term credit, shop around for a good interest rate and don’t be afraid to chop and change lenders to get the best deal.
5. Make sure that any employees who will be able to buy things on the company credit card understand what should be paid for on credit or upfront.