In an important contribution to National Small Business Week, Better Business Bureau and Capital One Financial Corp. have partnered to create a unique set of free resources to help small businesses learn how to effectively use and manage their credit. Recognizing that not every credit cardholder is the same, BBB and Capital One are pleased to announce the addition of a new free online Guide with tips and useful advice to help meet the unique credit and money management needs of small businesses.
“Faced with the realities of the economic downturn, millions of small businesses have been forced to take a second look at their finances, including examining their spending habits and how they use credit,” said Blair Looney, president and CEO of the BBB. “Regularly examining your business’s finances, including how and why you use credit, is important. BBB’s Managing Credit – Made Simpler provides easy-to-follow tips, checklists, and advice compiled to help small businesses better handle and successfully build their business’s credit record.”
Most small business owners understand the need to manage credit effectively, however there is no “one size fits all” model of how to do it. Managing Credit – Made Simpler provides a clear set of guidelines that will help them make wise decisions on their small business credit and identify strategies to help small business owners take charge of their business’s financial condition.
“Used wisely, credit can be an invaluable tool. Small-business credit cards can provide much-needed cash flow, and many business cards offer special record-keeping resources and valuable rewards programs that really make a difference,” said Rajsaday Dutt, Sr. Director, Capital One’s Small Business Card division. “Armed with basic information about credit, including understanding of card agreements and knowing what's expected of business cardholders, small business owners can make better choices about how they’re using their cards. Our goal is to empower small business owners to take control of their finances and benefit from card features that can really work for their business.”
The new guide, Managing Credit — Made Simpler: Small Businesses, is available at www.bbb.org/credit-management and includes practical advice and checklists to help small business owners choose the right type of card to meet their business needs. The guide outlines some of the most common features, benefits, and issues to consider before choosing a card, including: