Monday, October 20, 2014
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Now more than ever before, it’s important for small business owners to get the most return on every dollar they spend. After all, as the backbone of the American economy, the small business owner’s success spells good news for everyone.

“Small business owners recognize the value and importance of making their money work harder for them,” says John Durrant, Card Marketing product executive for Bank of America. “And with close to 25 million small businesses across the country, this critical segment of the economy is looking for simple, easy-to-use tools to make the most of their dollars.”

From cashing in on rewards programs to learning smarter management practices, here are some tips for small business owners looking to stretch their dollars:

Credit Card Rewards

The credit card industry virtually pioneered the rewards program concept now widely used by companies from hotels, rental cars and airlines to restaurants and online retailers. Companies are making it easier than ever to redeem rewards.

The latest innovation is a business credit card that gives small business owners double points for items they need most - like taking that important client out to a restaurant, making sure they can always fill the gas tank for their top sales producer or getting all their business supplies for the office. Bank of America’s WorldPoints Rewards for Business has no annual fee and offers two points per every dollar spent at restaurants, business supply stores and gas stations, and one point per dollar spent for all other purchases. It also allows small business owners to transfer points between personal and business WorldPoints rewards cards.

In addition, they can earn bonus points by shopping at well known brand name merchants through the WorldPoints Mall. There are over 750 point redemption options, including merchandise, cash, travel, gift certificates, unique experiences and signed memorabilia. And through the MyConcierge service, cardholders have complimentary access to anything from a restaurant reservation to hard to find event tickets for an important client. Visit your local Bank of America banking center to apply for the rewards card with the double points feature.

Save a Bundle with Bundled Products

From phone, internet and cable for the home or office to insurance carriers who offer discounts for multiple policies, small business owners can easily make their money work harder for them by leveraging the bundling bandwagon. Often, a packaged deal is a significant savings over what you would pay for each component separately. Plus, buying bundled products can save small business owners valuable time they would otherwise spend investigating individual product alternatives.

Don’t Do it Yourself

Initiative and self-motivation are the hallmarks of every great entrepreneur, but for many small business owners, doing everything themselves might not make the most business sense. If obligations such as payroll and accounting are taking a small business owner’s time away from aspects of their business that generates revenue, then they are actually losing money. Every hour wasted adds up to actual dollars off the bottom line.

“In today’s market, small business owners have access to a wide range of products and services that can help them more easily manage their financial affairs,” said Durrant. “Bank of America offers a full portfolio of products that help small business owners reduce the time spent managing finances from hours to just minutes.”

A competitive and highly technological marketplace means more opportunities than ever for small business owners to save money. Doing so spells success not only for them, but for the American economy as well.

- Courtesy of ARAcontent

Category: Economy




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