Business Information for Entrepreneurs by an Entrepreneur

Avoiding the Pitfalls of Company Credit Cards

As your business grows you may find that you need to trust some of your employees with a company credit card. For some small business owners, it is hard to imagine that their trusted employees would do anything amiss with the card, but it does happen.

When you issue cards to your employees, there are a few steps that you can take to be sure that there is no misunderstanding about the proper use of the card.

Have a Policy

First, you will need to develop a clear policy about how the card is and is not allowed to be used. This will be different for every situation, so you’ll need to put a lot of thought into what types of expenses the employees will be allowed to charge.

Some business owners want the cards to be used strictly for business travel. Charges for office supplies or local business lunches are not allowed. Others want the card to be used solely for entertaining clients.

Whatever expenses you decide to allow, be sure that the employee receives a written copy of the credit card policy prior to being issued a card.

Keep a signed copy of the policy in the employee’s file.

Track Card Usage

Secondly, you will need to track how the card is used. A quick scan of the monthly statement is all it should take to help you be sure that the cards are being used properly.

You can do this yourself, or have your accountant keep an eye on it.

It’s also a good idea to set some type of limits on the card. You may choose a daily or monthly dollar limit. Some choose to also limit the number of transactions per day or per month.

By spelling out a clear credit card policy and keeping your eye on the monthly statement, you will find that issuing business credit cards will make things a little easier for both you and your employees.

Starting a New Business? You Can Never Learn Too Much!

What if you could get advice from someone who had successfully run a business of their own, get online lessons about marketing, increasing sales and mentoring?

Better yet, what if you could get these services at no cost?

Well you can.

There is a wide variety of free resources available to small business owners.

SCORE

SCORE stands for the Service Corps of Retired Executives. This offshoot of the SBA (see below) offers free counseling to small business owners.

You can also attend SCORE meetings available at hundreds of locations around the country.

Small Business Association

In addition to providing small business loan guarantees, the SBA also offers lots of helpful resources, including online training, and help with business plans.

MoreBusiness.com

MoreBusiness is jam packed with resources and tips specifically for small business owners and entrepreneurs.

In addition to business plans, marketing plans, templates and business advice, the site also has an extensive library of helpful articles, and the blog you are reading now.

Getting Valuable Information

With each of the resources listed above, you will find information on preparing yourself to qualify for business credit, how to become a freelancer, sales and marketing and much more.

Because the Internet is becoming the norm for doing business, Internet entrepreneurs will find MoreBusiness.com particularly helpful.

Business Resources for the Entrepreneur

Whether you take advantage of SCORE’s live counseling with a retired executive, or visit on of the other business sites to learn how you can grow your small business, make sure you take advantage of every learning opportunity.

It can mean the difference between having a successful small business or not.

Participating in ‘Take Our Daughters and Sons to Work’ Day

Each year the fourth Thursday in April is designated for ‘Take Our Daughters and Sons to Work’ Day.

Originally, the program was called “Take Your Daughter to Work Day” and was intended to show girls that they could be valued members in a variety of workplaces.

Millions of small businesses take part in this event each year by allowing their employees to bring their children to work for the day.

The children shadow their parents and get a chance to see what they do all day while they are at work.

Doing Good Works

The reason that participating in the event is a good idea for your small business is that it is a simple and inexpensive way to boost morale and show your employees that you care about them and their families.

If you have never hosted this event in the past, then start this coming year. It can be as simple as allowing the children to tag along as their parents work, or you can take it a step further by having special activities for the children and, perhaps, a pizza luncheon for everyone.

The recommended age range is 8-18. You should appoint a workplace coordinator to organize activities, get the head count and act as a point of contact for employees who wish to participate.

Use this event as a way to go all out and show your employees how much you appreciate them. If you need ideas for activities, or more information on the event you can visit www.daughtersandsonstowork.org.