Business Planning

Business Continuity Plan – What Is It, And How Does It Work?

Soumava Goswami

Business Planning Sep 08, 2023

Your business can come across a disaster or a host of negative situations for the business, which negatively affect the work processes of the business. In such cases, business continuity planning is one of the most necessary things to have. A business continuity plan will enable you to stay prepared for any kind of negative situation for the business. This shall further ensure that the business is able to work the same.

In this article, you will learn about a business continuity plan and what are its major features. In addition to that, you will also learn how a business continuity plan works for a business. Furthermore, we will also discuss the major benefits of having a business continuity plan for your business. Finally, we will guide you with a step-by-step procedure on how to create such a plan for your business and stay prepared.

What Is A Business Continuity Plan?

According to Hubspot.com,

“A business continuity plan outlines directions and procedures that your company will follow when faced with a crisis. These plans include business procedures, names of assets and partners, human resource functions, and other helpful information that can help maintain your brand’s relationships with relevant stakeholders.”

The major goal of a business continuity plan is to deal with the situations that disrupt the business. These disruptions can be both minor and full-blown threats. The plan allows you to plan for contingencies ahead of time.

Such plans, as well as preparations according to those plans, can allow your business to continue operations even at times of high risk. Having a plan will help you to deal with the risks and either prevent or mitigate them.

Some of the major disruptions that can affect the business include a natural disaster, a man-made disaster, a network breakdown, a cyber attack, and various other factors. These situations are large enough to disrupt organizations of any size. In such situations, a business continuity plan benefits the business by providing it with a procedure, processes, and tools. These will help the business to operate properly and recover within a short span of time.

How Does A Business Continuity Plan Work?

According to VMWare.com,

“Business continuity planning is critical because without it, an organization faces downtime and other problems that could damage its financial health. In major disasters, a lack of a business continuity plan could cause irreparable financial harm that might ultimately force a company to permanently close.”

In a business continuity plan, the business defines all the risks that can affect the operations of the organization. Hence, the plan becomes an important part of the risk management processes of the business. Some of the major risks include disasters, network breakdowns, cyberattacks, and more.

Since threats and disruptions include a loss of revenue and higher costs for the business, it can lead to a loss of business profits. Furthermore, it is also not a great thing for your business to rely on insurance alone. Also, since the business does not cover all the necessary costs, as well as the ones associated with customers, a business continuity plan is necessary to deal with such situations.

What Are The Benefits Of Having A Business Continuity Plan?

The disasters in a business can be of any size and degree and can even be catastrophic for the business. Hence, a business continuity plan is one of the most essential things you can have for your business. The plan will help you to identify all the major risks that can affect the work processes of your company.

According to Investopedia,

“BCP is typically meant to help a company continue operating in the event of threats and disruptions. This could result in a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can’t rely on insurance alone because it doesn’t cover all the costs and the customers who move to the competition.”

The following are some of the major benefits of a business continuity plan:

It helps to continue operating even in times of disaster. However, it is different from a disaster recovery plan.
Helps in improving risk management of the company.
It can stop disruptions in the organization from spreading.
Helps to mitigate downtime of business technology and networks.
It helps to save a lot of money, time, and resources.

Business Continuity Plan – Steps To Create

Here are some of the major steps you will need to follow if you want to create a business continuity plan:

1. Business Impact Analysis

According to Investopedia,

“An important part of developing a BCP is a business continuity impact analysis. It identifies the effects of disruption of business functions and processes. It also uses the information to make decisions about recovery priorities and strategies.”

Here, your business managers will need to identify the functions of the plan as well as related resources for the business, especially the ones that are sensitive to time.

2. Recovery

In this portion of the plan, the planner will need to identify the steps and implement them. This will include the steps for recovery as well.

3. Continuity Team

You will need to create a continuity team here. The job of the team will be to devise a plan to manage the disruption of the plan.

4. Continuity Training

You will need to train and test the continuity team here. The members of the team will also need to complete various exercises for the application of the plan.

Summing Up

Hope this article was helpful for you in getting a better idea of what a business continuity plan is and how it can allow your organization to recover quickly from disasters or, in the best cases, prevent them. The plan is a great option to keep your personnel prepared, save your assets, and ensure the business starts functioning fast.

However, you will need to test your business continuity plan from time to time to ensure that there are no gaps in it. To find out gaps, you can create dummy situations or drills with your employees. Do you have any more recommendations on how to create the best business continuity plan? Share your ideas with us in the comments section below.

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Soumava Goswami

Inspired by The Social Network, Soumava loves to find ways to make small businesses successful – he spends most of his time analyzing case studies of successful small businesses. With 5+ years of experience in flourishing with a small MarTech company, he knows countless tricks that work in favor of small businesses. His keen interest in finance is what fuels his passion for giving the best advice for small business operations. He loves to invest his time familiarizing himself with the latest business trends and brainstorming ways to apply them. From handling customer feedback to making the right business decisions, you’ll find all the answers with him!

Matrix Organizational Structure – What Are Its Pros And Cons?

In a matrix organizational structure, the teams within an organization try to bring different roles within the team together. Doing so, unlike a traditional hierarchical structure, they develop a grid-like reporting structure. Basically, the organization combines two or more structures from within. Here, both the traditional hierarchy of management as well as inter-department management is combined. In this article, you will learn in general about a matrix organizational structure and how it works within an organization. In addition to this, we will also discuss the major pros and cons of this organizational structure. Apart from that, we will also discuss the major roles within a matrix organizational structure. Hence, to learn more about such an organizational structure, read through to the end of the article. What Is A Matrix Organizational Structure? The matrix organizational structure basically combines two or more kinds of organizational structure. For example, let’s say you combine project management and functional management. According to Indeed.com, “Additionally, the matrix structure is composed of both a traditional hierarchy of management, where employees are managed by a functional manager, as well as additional project managers who can manage employees across different departments. These two or more managerial systems intersect on a grid or matrix.” In this organizational structure, different management styles are used - where the functional management as well as the divisional management are combined. Here, functional management consists of the traditional hierarchical structure based on the job function and the organization’s department. On the other hand, a divisional manager is the one who presides over the cross-functional team, which consists of representatives of both teams. An organization with a matrix structure has team members reporting to different managers. There might be a hierarchical manager while the team members may also have to report to their project manager. This type of structuring is important for companies trying to create new products without the hassle of realigning their teams. The matrix organizational structure combines the functional and the divisional managers. This helps the work processes to be done faster. According to the Wall Street Mojo website, “In a matrix structure, team members provide information to a project leader and their department head. This management structure might assist businesses in developing new goods and services without reorganizing teams.” The matrix organizational structure was started in the aerospace industry. This was the time when many firms wanted to get into a contract with US Government employees. They needed to create certain charts that show the structure of the project management team. How Does A Matrix Organizational Structure Work? This structure is best understood with the help of an example. According to ChartHop.com, “At the simplest level, an example of an organization using a matrix structure would be one that has set functional teams (e.g. Marketing, Sales, Customer Success) as well as more divisional teams with members from different functional areas that work together on specific initiatives.” A common example of a matric organizational structure is Nike. The company has teams that operate the functional management like merchandising and HR, as well as divisional teams that operate based on location, demographics, and product. Companies and their employees can get a lot of advantages with the matrix structure, especially with the ways that they work within the organization. The teams can share knowledge with each other and can make more informed decisions. Apart from that, the best thing that they will have is better morale within themselves. However, there are problems that you can find inside a matrix organizational structure, too. Some of them include conflict, slowdown of processes, lack of clarity, and more. Here’s how a Matrix organizational structure works – The employees report to two managers simultaneously. A functional manager is responsible for their overall role in the department. Their project manager, on the other hand, is responsible for the overall role in the department. The project manager is also responsible for a specific role or a project. When team members report to two different managers, the organization automatically breaks down its structure in a different style. What Are The Pros Of A Matrix Organizational Structure? There are different pros and cons of using Matrix organizational structure. It offers flexibility, adaptability, and advantages when matching changing customer needs. This type of organizational structure helps maintain work efficiency and matches market conditions and strategic goals. By creating cross-functional teams working on different projects, these companies can use the Matrix organizational structure to their advantage. According to LinkedIn.com, “One of the main advantages of a matrix structure is that it allows for more flexibility and adaptability to changing customer needs, market conditions, and strategic goals. By creating cross-functional teams that work on specific projects or tasks, a matrix structure can leverage the diverse skills, knowledge, and perspectives of employees from different departments, and foster innovation and creativity.” The intricacy of the matrix organizational structure is one of its main characteristics. You can see from the above sections that the employees are answerable to two managers - functional and project managers. This is because the allocation of resources is in such a way that the human resources are utilized at their highest. The following are some of the major pros of a matrix organizational structure: The departments are able to coordinate better, as the structure brings highly competent team members from different departments to one place. One of the major characteristics of a matrix organizational structure is that it combines the operational and project management frameworks. The communication between two or more departments gets better with the implementation of the matrix organizational structure. What Are The Cons Of A Matrix Organizational Structure? Like most management structures, the matrix organizational structure also has its drawbacks. Here are some of the cons of the matrix organizational structure that you will need to be aware of: There is a continuous need for clarification for the managers regarding their positions, and there are ambiguities in some cases. Hence, there is always a need to define the power dynamics between managers. Apart from the managers, the teams also need clarification regarding their roles in the structure. The individual team members should have a good idea of what their role is at the functional level and what their role is at the project level. This helps in reducing miscommunication between the members. In some cases, due to the involvement of different teams and departments, the decision-making processes can get a bit longer. Apart from that, time is taken since decisions regarding processes need to be made through two different managers. Hence, processes such as quality assurance slow down due to the presence of multiple supervisors. Read More: Entrepreneur : Who Coined The Term ‘Entrepreneur’? Tips: Use Matrix Organizational Structure to its Fullest Potential If you are planning to use the Matrix organizational structure, it’s best to start by outlining different roles within the project. Here are several tips to try when utilizing Matrix organization structure in an organization to its fullest potential. Manage Expectations While outlining the responsibilities of different roles within the project, the best approach would be to understand the expectations of each manager. A project manager might be expecting the performance of the overall project. On the other hand, the marketing manager might only be concerned with campaign performance. It’s important to manage the expectations of different managers and work accordingly. Keep People Accountable for Their Work The best way to ensure efficient project delivery; it’s important to make people accountable for their work. Workplaces with systems in place to increase engagement in their work can boost accountability. Companies can have a weekly report template for the employees accountable for different tasks. Communication Between Employees and Managers It’s important to keep communication seamless and transparent between employees and managers. There can be a weekly chart outlining the completion of tasks. In addition, the managers should also provide employees with feedback. Companies can do it in person or through chat and communication apps used in the organization. Inter-Department Relationships Projects requiring co-dependencies from different departments often face operational hurdles. It can happen due to a lack of collaboration and inter-team communication. However, it’s important to deepen interdepartmental relationships to avoid misunderstanding during collaboration. Wrapping Up Hope this article was helpful for you in getting a better idea of what a matrix organizational structure is. This structure is best suited for large organizations or organizations that deal with multiple projects. Due to the multiple needs of the organization, the managers can shuffle teams and bring personnel from different departments to work together. The matrix organizational structure helps in better coordination between departments and ensures a better quality of products and services. Do you have anything to add regarding this type of organizational structure? Share your thoughts and ideas with us in the comments section below. Read More: What Is Social Entrepreneurship? – Steps To Become A Successful Social Entrepreneur What Is a Franchise, And How Does It Work? – Examples, Benefits & More What Is A Venture Capitalist, And What Are Their Functions?

The Resources You Need To Start Your Business

What do you need before launching your business? If you've been working toward it for a while, you might be wondering whether the simpler question is what don't you need? While the run-up to starting your company might feel increasingly frantic as you get closer to opening your doors, whether they are physical or virtual, if you've done your research, have a solid business plan, and have made sure that you have ample supply of the resources below, you should be ready to go. Details About Resources You Need To Start Your Business 1. Knowledge There's really no limit to the amount of knowledge that can be useful to you as an entrepreneur, but at some point, you do have to set aside the research and take those first scary real-world steps. Think of knowledge acquisition as an ongoing thing. There's a reason that some professions have continuing education requirements. It would be best if you never stopped learning about your industry, about business in general, and about ways you can improve. But what about the necessary elements in order to get started? First, you need to know your industry. Ideally, you've already got some experience in it; if not, then you'll have a much steeper learning curve. You can take courses, read books, look at online talks, and chat with other entrepreneurs to help you learn more. You need to know about basic business concepts and structures. This can help prevent a situation where you take a very circuitous path to solve problems that actually have fairly standard solutions. Knowledge really is power, and being well-informed about your industry and the forces that act on it will put you at the head of the pack. 2. Funding Having enough funding is critical for every new business, but you also need to know the types of funding and how much you need. Don't underestimate. Even a home-based endeavor will have costs such as setting up a website, physical or virtual storage and printing up business cards and similar items. There are a variety of funding sources that may be available to you, including loans, grants, and investors. Keep in mind as well that funding can be a staged process. You may need a certain amount just to get up and running, and after that, you can look for additional money that is accessible with the aid of Philippine debit cards. In fact, some loans and grants are only available to entrepreneurs who are already in business. 3. Location And Equipment When you hear the word resources, physical items may be the first thing that you think of, and you can't start your business without a place to operate from and things to help you do your job. If your enterprise is virtual, you still need to carve out a space online and have someplace to work, even if it's only a corner in your house or bedroom. If you're selling a product, of course, you will also need to have that actual product. Some resources will be specific to the type of business that you're running, but don't assume that because you are small, you don't need to have certain tools. In fact, you probably face the same challenges that larger companies do, albeit on a smaller scale. This can be the case for companies that have a small fleet. You might think that just because you only have a handful of vehicles, your fleet management challenges will be smaller. However, fleet tracking for small businesses is just as important as it is for large ones. A great way to simplify your operations and increase efficiency is with GPS tracking. In general, the process of accumulating the necessary equipment can add up to big costs, so you need to carefully evaluate your needs. However, don't make the mistake of trying to skimp on necessary hardware and software. This may look economical in the short run, but it will catch up with you eventually. Read Also: 6 Tips For Growing Your Small Business And Boosting Your Bottom Line 4. People Human resources usually refer to employees, and this is certainly one important element of success if your company is big enough to employ more people than just you. Find great candidates through personal referrals or working with a recruiter, and make offers that will attract top talent. However, people will be useful to you in other ways as well. Finding a mentor with who you can bounce ideas and who can offer guidance is invaluable. People extend to the support systems in your life as well. You'll need both professional and personal support. Are you involved with any local professional organizations? Are your family and friends on board with what you're doing? These sources of support can provide ideas and encouragement and can help keep you on track when your energy is flagging. Read Also: Top Signs Your Boss Is Threatened By You Effective Ways To Track Your Employees’ Work Is Natural Gas Distribution A Good Career Path?

6 Brilliant Business Ideas Worth Exploring In 2024

In 2024, the business landscape continues to evolve at a rapid pace, driven by technological advancements, changing consumer behaviors, and a global push toward sustainability. These shifts present a fertile ground for innovation, offering aspiring entrepreneurs a chance to tap into new markets and meet emerging needs. Particularly noteworthy is the opportunity for businesses that not only aim for profitability but also consider their environmental impact and contribution to societal well-being. The selection of a business idea should not only reflect current trends but also anticipate future consumer demands. In doing so, entrepreneurs can position themselves at the forefront of innovation, carving out niches in markets that are beginning to burgeon. From eco-friendly solutions to tech-driven services, the potential areas for growth are vast and varied. Let’s explore brilliant business ideas worth exploring in 2024: Cannabis-Infused Beverages The normalization and legalization of cannabis in various parts of the world have opened up new avenues for consumer products, particularly in the realm of cannabis-infused beverages. This emerging market caters to consumers looking for alternative methods to enjoy the benefits of cannabis, such as relaxation and pain relief, without the stigma or health concerns associated with smoking. As interest in wellness and natural remedies continues to grow, cannabis-infused beverages represent a significant opportunity for innovation in both product development and consumer experience. Entrepreneurs eager to tap into this growing trend might consider partnering with specialists in the field, such as looking for experts manufacturing liquid THC drinks. Collaborating with established manufacturers can help ensure that products meet the highest standards of quality and safety while also allowing for creative experimentation with flavors, dosages, and branding. By entering the market with a well-researched and carefully developed product, businesses can attract health-conscious consumers and those curious about cannabis, positioning themselves as leaders in a niche yet rapidly expanding market. Sustainable Packaging Solutions As awareness of environmental issues continues to rise, consumers are increasingly seeking products that align with their values, particularly regarding sustainability. This shift has spotlighted the need for sustainable packaging solutions across all industries. Traditional packaging, often made from single-use plastics, contributes significantly to pollution and waste, prompting both businesses and consumers to search for eco-friendly alternatives. By offering biodegradable, compostable, or reusable packaging options, companies can meet this demand and differentiate themselves in a crowded market. Entrepreneurs can capitalize on this trend by developing innovative packaging materials that minimize environmental impact without sacrificing functionality or aesthetic appeal. Whether it's through the use of plant-based plastics, recycled materials, or novel design approaches that reduce waste, there are numerous opportunities to reinvent packaging. Success in this space requires not only a commitment to sustainability but also a deep understanding of the technical and regulatory challenges involved. Telehealth Services The acceleration of telehealth services has been one of the most significant shifts in healthcare delivery in recent years. Catalyzed by the pandemic, telehealth has proven its value in providing accessible, efficient, and cost-effective care, especially in remote or underserved areas. This model of healthcare delivery has opened up new possibilities for patient care, from routine consultations to mental health support and chronic disease management. As the healthcare industry continues to evolve, telehealth services are expected to play an increasingly prominent role, driven by technological advancements and changing patient expectations. Starting a telehealth service company requires a keen understanding of the healthcare landscape, including regulatory requirements and patient needs. Entrepreneurs should focus on creating user-friendly platforms that facilitate seamless communication between patients and healthcare providers. Additionally, there's an opportunity to specialize in niche areas of healthcare or to serve specific demographic groups, further personalizing the care experience. By leveraging technology to break down barriers to healthcare access, telehealth services can not only thrive as a business but also make a meaningful difference in people's lives. Smart Home Installation And Consultation The adoption of smart home technology has surged, driven by consumers' increasing desire for convenience, security, and energy efficiency in their living spaces. From smart thermostats that optimize heating and cooling to security cameras that offer peace of mind, the demand for integrated smart home systems is growing. This trend presents a lucrative opportunity for entrepreneurs skilled in technology and customer service. By offering smart home installation and consultation services, businesses can help homeowners navigate the vast array of devices available, ensuring seamless integration and functionality. To succeed in this field, entrepreneurs should focus on building expertise in the latest smart home technologies and understanding the specific needs and preferences of their clientele. Offering personalized solutions that enhance the comfort and efficiency of a home can set a business apart in this competitive market. Personalized Nutrition And Fitness Plans The health and wellness industry continues to evolve, with a growing emphasis on personalization. Consumers are seeking tailored solutions that cater to their individual health goals, dietary preferences, and lifestyles. This shift has opened up new avenues for businesses specializing in personalized nutrition and fitness plans. By leveraging advancements in technology, such as mobile apps and wearable devices, companies can offer bespoke wellness programs that track progress, adapt to changing goals, and provide ongoing support and motivation. Entrepreneurs venturing into this space should consider partnerships with nutritionists, fitness experts, and technology developers to create comprehensive programs that address the holistic needs of their clients. Emphasizing the importance of data privacy and security will also be crucial in gaining consumers' trust. Offering a service that combines convenience with customization could be the key to standing out in the crowded health and wellness market, providing clients with the tools they need to achieve their health objectives in a way that fits seamlessly into their daily lives. Educational Technology And Online Learning Platforms The demand for online education has never been higher, with learners of all ages seeking flexible, accessible ways to acquire new skills and knowledge. This trend has spurred interest in educational technology and online learning platforms that offer a wide range of courses and learning materials. Entrepreneurs can capitalize on this demand by developing platforms that cater to niche subjects or underserved audiences, providing quality education that is both engaging and effective. Creating a successful online learning platform requires a deep understanding of educational pedagogies, digital marketing, and user experience design. Collaborating with educators to develop curriculum and content that meets high educational standards can ensure that the platform offers real value to learners. Conclusion The landscape of business opportunities in 2024 is diverse and ripe for innovation. From tapping into the burgeoning market for cannabis-infused beverages to meeting the growing demand for smart home technology and personalized wellness plans, entrepreneurs have a wealth of avenues to explore. Each of these business ideas not only addresses current market trends and consumer preferences but also offers the potential for significant growth and impact. Read More: What Is Network Marketing And How To Do It In 2021 How To Open A Small Restaurant With Less Budget?

Best Business Credit Cards For Startups In 2023

Best business credit cards for startups can make your life easier for getting short-term loans instantly. Credit cards can help you to build a good business credit score. Your repayments on time can make your CIBIL score better in the long term. If you are a sole proprietor, then also you are eligible for a credit card. A social security number does not have a significant revenue history. If you are looking for the lowest interest rates, then Credit card history matters a lot. Cashback rewards and other perks offer a good credit card score. Your startup needs to succeed at times to make things happen in your favor. Best Business Credit Cards For Startups Available In 2023 Great business credit cards will offer you high limits for credits. Cash back rewards, balance offers, and travel facilities. Your credit card must suit your goals with complete ease. Try out the best options that can make things happen in your way. 1. Chase Ink Business Cash Credit Card For business owners who are looking for better finances, Chase Ink is one of the best options to avail. It is one of the quality business credit cards for startups. The welcome offer for them is $750. The recommended credit score ranges between 670 -800 to get the maximum benefits of this credit card. Features Of This Credit Card Are As Follows:- The best bonus-earning categories involve phone service, internet, cable, and office supplies. With Chase Ultimate rewards, it is highly compatible. You will receive 1% cash back on all other purchases. 2% cashback, you can redeem on the first $25 spent on restaurants and gas stations. Your contribution margin needs to be in good shape. It will offer you the best options to explore things with ease. 2. American Express Platinum Business Credit Card The American Express platinum business credit card is another best credit cards for startups. You will get the welcome offer of 120K points and an annual fee of $695. The recommended credit score ranges from good to excellent. You must be well aware of it. If your business requires frequent travel to distant places. Some of the core features of this credit card are as follows:- $100 statement for credit entry and global entry for $85 in case of TSA precheck. Extensive travel and shopping protection. You will get upto 5X membership reward points. Minimal non-travel bonuses. Compared to other cards high annual fee. 3. Chase Ink Business Unlimited Credit Card The Chase Ink Business Unlimited credit card is one of the best small business credit cards. You will receive a welcome offer of $750. The recommended credit score must range from good to excellent. You do not have to pay any annual fee and 1.5% cashback rewards you will receive from these credit cards. Some of the key features of the credit cards are as follows:- You will receive unlimited cashback earnings. On a new purchase, you will receive unlimited introductory 0% APR for 12 months. For getting a high sign-up bonus, you will receive a low spending rate. Only foreign transaction fees can apply. Limited protection on travel costs as well as purchases. No presence of bonus categories. Similar kinds of information are present in HubSpot too. You can go through it once for better understanding. 4. American Express Business Gold Card American Express business gold cards will offer you 70K points. You will get an annual fee of $295K points. The recommended credit score ranges from good to excellent. Each billing cycle ranges between $150K. You can earn one point per dollar for expenses. Some of the core features of this credit card are as follows:- You will receive flexible reward and redemption options. With the inclusion of the integration of books, it will deliver you expense management tools. There are no foreign transaction fees are essential. No credit statements. Offers high annual fee. It is not applicable for the lower spending business. Sometimes for ERTC qualifications, credit cards play a vital role in getting the loans on time. 5. Chase Ink Business Preferred Credit Card The Chase Ink business preferred credit card is also the best business credit cards for startups. It offers a welcome bonus of 100k points. The annual fee of $95 fees you will receive from these credit cards. The recommended credit score ranges from good to excellent. You will have the privilege to earn three points for every dollar spent. Some of the core features of the Chase Ink business credit card are as follows:- You will receive multiple bonus categories. Phone and travel protection is possible. There are no requirements for foreign transaction fees. It comprises annual fees. If you want to get a high sign-up bonus, then you have to pay High spend requirements for the sign-up bonus. 6. Blue Business Plus Credit Card From American Business The blue business plus credit card from American business credit cards will help your small business to grow at a rapid pace. You will receive the welcome offer of 15K points. Your requirement to pay the annual fee is $0. The recommended credit score ranges from good to excellent. Some of the core features of the Blue Business Plus credit card from American Business are as follows:- You will have multiple transfer partners. On all purchases, you will get flat-rate earnings. Delivers your generous welcome offer. You can apply for foreign transaction fees. $50K bonus earning cap. 7. US Bank Business Triple Cash Reward The welcome bonus offer you will receive is $500. The annual fee of $0 you have to pay for getting this business credit card for start-ups. The recommended credit score ranges from good to excellent. You will receive business rewards. For a long introductory APR period, you will have to go through it once. You will receive 3% cashback for all the categories. Some of the core features of this best business credit card are as follows:- $100 statement credit for recurring software subscriptions. Upto 5% cash back that is booked on the US bank travel portal. No travel rewards you will receive from this credit card. Low rate outside all the bonus categories. Best Small Business Credit Cards There are several small business credit cards that you can opt for in 2023. Some of the best small business credit cards are as follows:- Chase Ink Business Preferred Credit Card. American Express Platinum Card. Capital One Spark Cash for Business. American Express Blue Business Cash Card. Discover it, Business Card. Wells Fargo Business Platinum Credit Card. U.S. Bank Business Platinum Card. Your business's net operating income also matters a lot here. Try to consider this fact as well from your end. Final Take Away Hence, these are the best business credit cards for startups in 2023. You need to take care of the reality while you want to get short-term loans for your business. It is impossible to make your choices all of a sudden. You can share your views and comments in our comment box. It will assist us to know your take on this matter. Try to develop a better solution that can make things work perfectly well in your favor. Read More Busuiness Related News By Clicking Below!! ERTC Qualification Step-By-Step Guide Top 7 Best Business Ideas For Teens In 2023 What Is Safe Harbor 401K? Benefits And Types

Business Continuity Plan – What Is It, And How Does It Work?

What Is A Business Continuity Plan?

How Does A Business Continuity Plan Work?

What Are The Benefits Of Having A Business Continuity Plan?