Credit Control

It's difficult to imagine life without them - credit cards. They have enabled the ease of transactions in business and consumer markets. On the dark side, they have been a finance crippling tool if used incorrectly. Almost 50% of small businesses are relying on credit cards in tough times, according to a recent NSBA survey. New legislation is being crafted to help small business better manage credit cards. While the bill revision for greater transparency is pending, there are steps you can take such as using your grace period.

The majority of small business credit cards offers a 21-day grace period before you have to make payment on your purchases. Improve your cash flow using a credit card instead of checks since the new Check 21 act creates quicker clearing of checks.