Chase Ink BrandVoice: 4 Ways Business Credit Can Help Grow And Scale Your Business
The following are remarks from the general manager of Chase Ink, Jenny Shum. They have been lightly edited for clarity and length.
Growing Your Business In 2023
Small business owners have dealt with tremendous economic obstacles over the last three years. While overcoming a pandemic, they have endured record-setting interest rates, inflation, an unreliable supply chain and a historically tight job market. Suffice it to say, small business owners are incredibly resilient.
Fortunately, the outlook for 2023 appears brighter. Nearly half of small business owners expressed optimism for the national (49%) and global (45%) economy. They expect increased revenue and sales in the next 12 months, leading to greater profits and larger investments to fuel continued business growth.
The benefits and rewards from business credit cards provide unique advantages for growing and scaling a business, compared with more traditional forms of funding like business loans. Below are a few ways credit cards can help.
1. Strategizing To Recruit And Retain Talent
Hiring has never been more difficult for small business owners. While the current labor market presents challenges for businesses of all sizes, small businesses are disproportionately impacted because they often lack the cash reserves needed to offer competitive wages or benefits packages.
Business owners can use credit cards—and the associated cash back and rewards—to offset expenses, freeing up capital to recruit and retain top talent. Fast-growing companies, such as Mvnifest, are growing so quickly that every single penny the company makes is going back into the business.
There is a strong connection between happy employees and a healthy business, and business credit can provide opportunities to invest in culture building. Small business owners might consider using their card rewards to purchase gift cards as a way to recognize their employees’ efforts. Others might consider using their rewards for travel to bring together remote employees for team retreats and gatherings.
2. Investing In Inventory To Offset Inflationary Pressures
The rising cost of materials is creating an increasingly challenging scenario for business owners, nearly all of whom (94%) say inflation has impacted expenses. Whether it’s a product of inflation or seasonality, business owners have to weather the inevitable ebbs and flows of that supply chain to ensure long-term success.
Using a business credit card to pre-purchase inventory and acquire essential supplies can help business owners prepare for sudden growth opportunities. This strategy not only locks business owners into current, known margins during an uncertain inflationary environment, but it also allows contractors and manufacturers to respond to purchase orders more confidently, without fearing that supply chain disruptions could derail a potential deal.
Wholesalers tend to sell products in bulk at discounted prices, so investing in inventory comes with the potential for increased financial savings as well. That stability in a fast-changing economic landscape is a significant competitive advantage.
3. Establishing Connections Through Business Travel
Success often creates opportunities for expansion into new target markets, resulting in a need for more business travel. Business owners can use the travel benefits associated with their business credit cards to attend in-person pitches or sales meetings, meet with manufacturing partners or scout out possible retail spaces.
While business travel is a valuable way to maintain relationships with clients and suppliers, it has also become essential to building camaraderie among remote teams in a post-pandemic job market. More than half (52%) of survey respondents in our 2023 Business Leaders Outlook consider remote work a permanent part of their business model, and business travel—for employees and business leaders alike—will continue to be hugely important when it comes to establishing the team connectivity that will lead to continued growth.
4. Automating Financial Processes To Drive Efficiency
Tools that automate business financial processes are significant for entrepreneurs because they save time, reduce errors and improve efficiencies. Accounting software and applications empower business owners to accept business payments, manage and pay bills and initiate payroll functions in one easy-to-use system.
Similarly, streamlining financial service providers simplifies accounting, expedites timelines and reduces manual processes. Increasingly, business owners are looking for an integrated financial solution like Chase for Business that combines business credit, banking and payment solutions.
Doing so enables business owners to access their money as quickly as possible with no-fee, same-day deposits. It also provides access to value-added services like Customer Insights, which provide businesses with performance analytics to help better reach customers and manage the business’ bottom line.
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