A credit card could enable business development opportunities
Attending or exhibiting at trade shows and industry conventions is the lifeblood of many new business development strategies. Nevertheless, the cost of travel, registration, swag, and other promotional materials can drain cash fast—especially when sales don’t materialize until after the event. A business credit card might be just what your business needs to help your company successfully capture these important growth opportunities.
It’s important to understand how business credit cards work, their advantages, and whether they are a good fit for your business:
Business credit cards. These are a great option when your business needs a smaller amount of funds quickly and also needs them easily accessible. You also have the option of having multiple cards, in case you have multiple employees.
Advantages. Your business would receive access to money quickly, with less stringent lending criteria, and few, if any, restrictions on how the money is used. Plus, the debt is not on the books for long periods of time.
Disadvantages. The balance does not need to be paid off right away, but you will most likely end up paying a high interest rate if you do choose to carry a revolving balance on the card.
When considering your convention and trade show expenses, plan carefully to make sure increases in revenue will occur safely within the timeframe of being able to make your credit card payments on time. You don't want a trade show to end up setting your business back financially in the long run.
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