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How to Responsibly Use Credit Cards for Your Business

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According to a recent Tower Group report, over 2/3 of small businesses use a credit card for expenses but only 40% of companies use a business card exclusively. Many small businesses fall into debt due to poor credit management strategies.

However, before establishing a business line of credit, make sure your personal credit rating is in good shape. Secondly, define how much credit you actually need. Some other tips offered by Inc.com is to avoid mixing personal and business expenses (particularly for a start-up), establish company financials on a monthly basis, and take on debt only if it increases revenue.

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