Business Planning

What Is Risk Management? – Find Out How To Manage Risks in Business

Soumava Goswami

Business Planning September, 09 2023

What is risk management? – Simply put, it is the process by which businesses identify, assess, and control the various risks that threaten the growth, capital, and earnings of the organization. The risks for the organization can come from a variety of sources, both internal and external. These can be financial problems, legal problems, management errors, accidents, tech issues, economic problems, disasters, and many more.

In this article, you will learn about risk management in general and will get a good understanding of its essentiality in business. Furthermore, you will also learn the importance of risk management and how it can shape a business. Finally, we will share with you some of the best practices of risk management, with the help of which you can ensure a proper risk management system in place.

What Is Risk Management?

According to IBM.com,

“Risk management is the process of identifying, assessing and controlling financial, legal, strategic and security risks to an organization’s capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents, and natural disasters.”

Risk management is important for situations when an unforeseen event (internal or external) pushes the organization into a threatening situation. It can also be an economic situation where an unexpected surprise in the market can heavily impact your business. Hence, having a risk management framework for your business is really essential.

The risk management framework will help you mitigate the risks in a better manner. Even if the risk affects your business, the risk management system will enable you to deal with that risk better.

External risks are out of your control, and you cannot do a lot to receive the impact of the risks. However, you can do many things to stop and mitigate the internal risks for your business. You will need to anticipate and prepare for the risks, despite the size of the business or the level of impact of the risk in the business.

Why Is Risk Management Important?

According to Investopedia,

“Risk management has always been an important tool in running any business, particularly when a market experiences a downturn. In any economic environment, an unexpected surprise can destroy your business in one fell swoop if you don’t have the right risk management strategies in place to prevent, or at least mitigate, the damage from that risk.”

There are many risks that have enough potential to destroy the business and its operations. Hence, as a manager or CEO of the organization, you will need to identify what are the risks that pose threats to the operations of your business.

It does not matter whether the business is a startup or an established one. Risks can impact the business a lot. Even if a risk starts impacting a business, a business that is well-prepared can minimize the impact of the risk on the business’s earnings. With the impact of the risk, the business can also lose a lot of time, productivity, and even customers.

Hence, the identification of the risks of the business should be a key part of the business’s strategy and planning. You can identify risks in a number of ways once you implement a proper risk management system in the organization. What strategies you will employ to identify those risks should rely on the specific business activities of the company.

What Are The Best Ways To Manage Risks?

Having a proper risk management system in place is one of the major necessities. However, people still have their own biases.

According to Harvard Business Review,

“Multiple studies have found that people overestimate their ability to influence events that, in fact, are heavily determined by chance. We tend to be overconfident about the accuracy of our forecasts and risk assessments and far too narrow in our assessment of the range of outcomes that may occur.”

Here are the steps that you will need to take to ensure that you have a proper risk management system in place:

1. Risk Prioritization

If you have multiple risks, prioritizing the top ones will help you to deal with them as per their impact and possibility of impact.

2. Having A Business Insurance

Once you purchase insurance, you are transferring the risks of the company to insurance companies. Furthermore, you are not paying a lot of costs.

3. Becoming An LLC

If you do not want to be personally liable for the debts of the company, change your company’s structure to a Limited Liability Company (LLC) or a Corporation.

4. Quality Assurance

Quality assurance of products and services will help your business in increasing its reputation. Ensure to test them before customers purchase them. This will allow you to make all the necessary adjustments beforehand. Also, ensure that your testing methods are foolproof.

5. Get Away From High-Risk Customers

Implement a policy in your organization that the company will not entertain customers with poor credit. Even if the company deals with them, the customer must pay ahead of time. This shall lower the complications for the business in the long run.

6. Growth Control

Training your employees is of the highest importance here. To sell your products and services, if you set big goals for your employees, they shall be tempted to take uncalculated risks. This can make things go wrong and damage your company’s reputation.

7. Risk Management Team

Apart from paying an outside company to manage the risks in your business, consider having a risk management team of your own. To do this, you can appoint some of your current and experienced employees to work in risk management.

Final Thought

What is risk management? – Risk management basically creates insurance for the company from within and is really important to ensure the success of the organization. If you want to implement a system within your company, consider following the aforementioned steps.

To shape a better strategy for your business, you will need to get a better idea of the business and the industry by diving deeper. Do you have any more recommendations regarding better risk management strategies? In that case, consider sharing your thoughts and views with us in the comments section below.

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Soumava Goswami

A passionate writer and an avid reader, Soumava is academically inclined and loves writing on topics requiring deep research. Having 3+ years of experience, Soumava also loves writing blogs in other domains, including digital marketing, business, technology, travel, and sports.

Importance Of Capital Goods – What Role Does It Play In The Industry?

Do you want to know whether the Capital Goods are the future or a threat to future investment? If yes, you have to understand the reality of Capital goods before drawing any conclusion over it. You must know some of the fundamental aspects of Capital goods before understanding their functions and importance in the Industry. Without knowing the basics, you cannot draw any conclusions about it. Without an adequate supply of Capital goods, Industry cannot grow on the right track. Therefore, you must possess the correct amount of capital goods to increase the chances of your business growth. What Are Capital Goods? The physical assets of a company that is used in the process of production by a company are known as Capital goods. The consumers will use all these products and services produced by the company using these goods. Different forms of capital goods are equipment, machinery, tools, and buildings. Most importantly, they are not finished products; instead, they are used to prepare them. Importance Of Capital Goods Capital plays a vital role in the modern productive system. Without the use of Capital, you cannot be able to run your business successfully. Therefore, every essential aspect of your business is dependent on the application of capital goods. Also Check: Canned Packaged Goods: Everything You Need To Know 1. It Is Essential For Production Without capital, the production of goods and services is hard to imagine. However, nature cannot provide you with all the furnished goods and services to human beings. Machinery for farming, mining, forestry, and ashing can make things easier and more effective for your production process. However, if a man has to work with his bare hand for agriculture, then productivity will be low. Even in the primitive age, the application of the tools was there for plowing the agricultural field. In the modern age, the application of sophisticated machines has made people's lives more accessible and has increased the rate of efficiency. 2. Enhances The Productivity With the enhancement of technology and specialization, the application of capital goods has become much more important than before. Therefore, within a limited time, more goods can be produced. It's like machinery has made the life of the people easier today. In addition, extensive use of capital has made the USA one of the strongest economies in the world due to the high productivity rate. Many developed countries of the world today are primarily dependent on Capital Goods. So you have to make your choices in the correct direction while improving your business. 3. Importance For Economic Development In the process of economic development, capital occupies a central role. This is because the core of economic growth is capital accumulation. A country’s economic development is solely responsible for the usage of capital goods. Roads, railways, airports, harbors, and other essential facilities we use today are part of the capital. Economies of the USA, Russia, And China are developed because they have a high amount of capital to build their economy. Without the application of Capital goods, no economy can flourish in the long run. 4. Creates Employment Opportunity One of the vital roles of Capital goods is creating employment opportunities in any country. Therefore, creating employment opportunities in a country increases when you use Capital goods. Therefore, employment generation is the actual cause for which its use is crucial. It creates the employment opportunity in two ways or, better to say, in two stages- Firstly it creates employment opportunities when workers are hired to produce the machinery, which will help construct dams, roads, and railways. Secondly, workers will be required to handle the machinery for producing the finished products using the capital goods. Many factories will crop up in completing the dam projects, and many people will get employment opportunities. Thus, the capital formation can increase the chances of employment generation in a nation. First, however, you have to understand the ways before using capital goods to develop your nation's economy. 5. Helps To Convert Raw Materials Into Finished Products No factories in the world can flourish only with adequate raw material. The sales of an organization will increase when with the help of machinery, a company's raw materials will be converted into finished goods. Only by selling the finished goods, the asset side of the balance sheet shows a better figure for the organization. Therefore, the profitability of an organization is heavily dependent on the use of Capital goods. You have to understand the co-relation between Capital goods and their usage in modern-day business. Then, proper planning with the help of adequate execution can make things simpler for your organization. Also Read: Boxed Packaged Goods: The right Guide To uplift Your Business Functions Of Capital Goods There are several functions of Capital goods that many of us are not aware of in the correct order. Some of them are as follows:- It ensures an adequate supply of raw materials for your business. The supply of appliances and heavy machinery can help you increase your production level. Capital goods provide the means of subsistence to the workers. You can enjoy the provision for transportation like Railways, motor trucks to make the supply of your products and services smoother. Employment creation and employment generation for the workers increase when you use capital goods. Thus, capital goods form a vital part of the economy that you cannot ignore at your end. You have to admit the importance of Capital goods in your life. Developed countries of the world have focussed on Capital formation first to develop their economy. Final Take Away Without applying capital goods, no economy can prosper in the long run. Therefore, developed economies of the world make extensive use of the capital to improve their economy to the next level. You can share your comments and opinions if you feel that my opinion is correct. For example, today, the demand for Capital goods has increased due to increased orders. If your company has a higher capital margin, then the chances of the growth of your organization increase. You have to understand the facts before deciding to invest in Capital goods. More Resources: Should You Buy GMER Stock? Everything You Should Know Should You Buy GS2C Stock? Everything You Should Know Is PHI Stock A Good Buy? Everything You Should Know

Techniques for Boosting Liquidity and Unlocking Cash Flow in Your Business

Businesses today are highly competitive. There are challenges galore, like fluctuating market conditions, effective finance management, and rising expenditure. Let's go for the techniques for boosting liquidity and unlocking cash flow. However, organizations can boost business liquidity by implementing the right techniques and improving their cash flow. Moreover, the new approaches can improve the organization's financial stability and agility. In this guide, we'll discuss some of the most proven methodologies and strategies for optimizing cash flow, enhancing financial liquidity, and, finally, navigating liquidity crises. Understanding Business Cash Management One of the cornerstones of financial health for any business is effective cash flow management. It involves vigilance in the flow of cash in and out of the business organization. In addition, cash management can successfully meet short-term obligations and maximize returns on surplus funds. Business organizations must implement efficient capital management practices and employ robust cash flow analysis methods for boosting liquidity and unlocking cash flow. One of cash management's essential requisites is cash flow forecasting. With the help of the most accurate prediction, future cash inflows, and outflows, businesses can understand liquidity gaps in the organization. In response, they can take the required measures to address the issue. However, businesses can streamline the forecasting process by using advanced financial planning tools like SAP or QuickBooks. Also, businesses can provide the most real-time insights into the trends in cash flow. It can help companies to make the most informed decisions. Strategies for Boosting Liquidity There are some great strategies through which organizations can successfully boost liquidity in business. A. Build Cash Reserves Building adequate cash reserves is one of the most fundamental aspects of robust financial management for businesses. It also takes into account the accumulation of surplus funds. As a result, it assists in creating a financial cushion that can be tapped into during times of need or opportunity: 1. Assess Financial Position: First, you need to conduct a thorough assessment of your company's current financial position. Review cash flow statements, balance sheets, and profit and loss statements. This will help you understand your organization's cash inflows, outflows, and overall liquidity position. 2. Set Clear Goals: Secondly, the business needs to establish clear objectives for maintaining cash reserves, which are based on the business's goals, financial projections, and tolerance of risks. Determine the desired level of reserves. Your cash reserves must be enough to cover operating debt obligations, operating expenses, and potential contingencies. 3. Develop A Plan: A structured plan is a must for businesses as it outlines finding accumulation goals for building cash reserves. Moreover, you need to consider factors like frequency, fund sources, amount of contributions, and any restrictions for boosting liquidity and unlocking cash flow. Techniques like premonitions or structured frameworks governing reserve management are also useful. 4. Allocate Profits: You must work to segregate the profits of the organizations towards building cash reserves frequently. Besides, you can do it with the help of retained earnings or by setting aside a predetermined net income percentage after taxes and other expenses. 5. Control Expenses: Organizations need to practice managing rising expenses and making the best use of cash flow. It will help in building reserve accumulation. Hence, you must evaluate and renegotiate contracts with suppliers and discretionary spending. Also, you need to explore opportunities for cost savings across different business operations. 6. Explore Investment Options: Determine the investment vehicle that suits your organizaton. It is important for your cash reserves based on your liquidity needs and risk profile. Also, you must consider investment options like short-term certificates of deposit (CDs), money market accounts, or, say, low-risk investment funds. This helps offer competitive returns while maintaining liquidity. 7. Monitor And Reevaluate: You should monitor your progress toward building cash reserves closely. Moreover, you must periodically assess your financial strengths, goals, and objectives. You need to adjust your reserve-building strategy in response to market conditions, business performance, or unexpected events. 8. Stay Disciplined: Adhering to your reserve-building plan must be consistent discipline. Yes, you need to do it even during the period of financial growth and stability. Besides, you must say "No" to putting your hands into reserves for non-essential expenses and prioritizing long-term financial security over short-term gratification. B. Implement Short-Term Liquidity Strategies Short-term strategies on liquidity are helpful in focusing on cash flow optimization within a limited timeframe. It helps to address the shortfalls and address immediate financial needs. Here are some of the points through which businesses can implement short-term liquidity strategies effectively: 1. Negotiate Favorable Payment Terms: Businesses can come to the negotiation table with with suppliers or the payment terms. This can help them secure discounts for early payments. Moreover, by negotiating payment terms, businesses and organizations can steadily uplift the cash flow by deferring outgoing payments. Simultaneously, they can preserve relationships with suppliers. 2. Accelerate Accounts Receivable Collections: Procuring accounts receivable with utmost promptness is the key to enhancing the flow of cash. Businesses can make good use of early customer payments through discounts or penalties for late payments. In addition, businesses can implement automated invoicing and payment reminders. This can help them streamline the collection process and expedite cash inflows. 3. Leverage Short-Term Financing Options: Short-term financing options, such as lines of credit, merchant cash advances, and invoice factoring, can offer adequate liquidity cash flow shortages. These financing options can offer the right flexibility and quick access to funds. As a result, businesses can meet short-term obligations without depletion of cash reserves. 4. Optimize Cash Conversion Cycle: You must look to optimize the cash conversion cycle. It can help businesses pinpoint the organization's weak and inefficient areas in managing working capital. However, by reducing the conversion time from inventory into cash and procuring receivables, business enterprises can free up cash flow and improve organizations' liquidity. 5. Monitor Cash Flow Proactively: Monitoring cash flow is essential for identifying potential liquidity gaps and taking preemptive action. The business organization can optimize the forecasting tools and financial dashboards to provide real-time visibility into cash flow trends. This helps businesses to make the most informed decisions to make the most of the liquidity. 6. Streamline Expense Management: Analyzing and bringing down discretionary expenses can help you free up cash flow in the short term. Besides, businesses can pinpoint cost-saving opportunities by scrutinizing expenditure expenses, which include non-essential purchases, travel, and entertainment. Implementing expense management policies and controls can help enforce cost discipline across different organizations. C. Enhance Operational Cash Flow Operational cash flow is any business's lifeblood. They represent generating cash from businesses' core operating activities. Hence, a business must be proactive in maximizing operational cash flow. This is essential for sustaining daily operations. Moreover, enhancing the flow of cash helps meet financial obligations, which in turn drives business growth. A comprehensive strategy breakdown can help enhance operational cash flow. 1. Optimizing Working Capital Management To enhance operational cash flow, a business must have efficiently managed working capital. This involves effective management of accounts payable, cash receivable, and inventory levels. This can help bring down the cash that is tied up in working capital. Businesses can achieve this by: Streamlining invoice procedure and collection processes. It can help accelerate cash inflows from customers. Negotiating favorable terms of payment with suppliers can extend the payment deadlines. Moreover, it can help in preserving cash. Implementing techniques in inventory management, such as demand forecasting and just-in-time inventory, can help bridge down excess inventory. Moreover, it can help reduce carrying costs. 2. Reducing Inventory Levels Excess inventory can tie up the valuable cash. It can increase storage costs. However, businesses, by optimizing the level of inventory, can free up cash for other operational needs. They can achieve it by: Conducting regular inventory audits to identify slow-moving or obsolete inventory items. Implementing inventory turnover ratios to determine optimal stocking levels and reduce excess inventory. Utilizing inventory management systems and ERP solutions like Odoo or Shopify to automate inventory control processes and optimize inventory turnover. Cleverence, the Inventory and Warehouse Management Software for Your Accounting or ERP System, provides comprehensive solutions for business. It is effective for businesses that want to streamline their inventory management processes. Cleverence's solutions are masters in tracking inventory, managing multiple warehouse locations, scanning barcodes, and mastering complex manufacturing. Businesses are showing their preference for using this easy-to-use solution. With Cleverence, you can extract more value from your existing system. When business inventory moves in and out of your operational workflows, your current system updates automatically. As a result, it gives you the right insight into COGS, the true landed cost, and the cash flow impact. 3. Streamlining Business Processes Streamlining business approaches can be helpful in improving operational efficiency. Furthermore, it can bring down reduced costs. Besides, it can accelerate cash flow. You consider these approaches effective in boosting liquidity and unlocking cash flow. Businesses can achieve this by: 1. Pinpointing the bottlenecks and the weak areas in business. It is key to the operational processes and implementing improvement processes. 2. Automating the redundant activities and tasks workflows. Furthermore, it can help elevate productivity and lower the cost of labor. 3. Using the right technology solutions, like ERP systems. These developments help integrate and streamline business operations. From order processing to fulfillment, ERP solutions are effective. 4. Negotiating Favorable Payment Terms Negotiating favorable payment terms with customers and suppliers can be the approach to boosting liquidity and unlocking cash flow. It can have quite a significant impact on the flow of cash. Businesses can: 1. Offer huge discounts for early payment. It can help incentivize customers to settle invoices with utmost promptness. 2. Negotiating terms of extending payment with suppliers. It can help to align payment deadlines and cash flows. 3. Establishing clear payment terms and conditions can help evade discrepancies and disputes regarding delays in the payment process. 5. Implementing Cash Flow Monitoring And Analysis Regular monitoring and analysis of cash flow are essential for identifying trends, potential cash flow gaps, and areas for improvement. Businesses can: Utilize cash flow forecasting tools and financial reporting systems to track cash flow trends and projections. Conduct variance analysis to compare actual cash flows with forecasted amounts and identify discrepancies. Implement cash flow monitoring dashboards and reports within ERP systems to provide real-time visibility into cash flow metrics and key performance indicators. Navigating Through Liquidity Crises Even the most well-managed businesses may encounter liquidity crises due to unforeseen circumstances such as economic downturns or supply chain disruptions. During such times, it's crucial to have a robust contingency plan in place to mitigate the impact on cash flow and preserve financial stability. When faced with such challenges, it is imperative to initiate a thorough assessment of cash flow requirements and available resources. This assessment should encompass a meticulous examination of current liabilities, upcoming expenses, and potential sources of liquidity. Once the cash flow landscape is comprehensively understood, the next step involves identifying opportunities for cost reduction and implementing austerity measures where necessary. This may entail scrutinizing operational expenses, renegotiating contracts with suppliers, and optimizing resource allocation to prioritize essential activities. Furthermore, exploring alternative financing options becomes paramount during liquidity crises. Businesses may need to consider tapping into lines of credit, seeking asset-based lending arrangements, or even contemplating equity injections to infuse much-needed liquidity into the organization. Each option should be evaluated meticulously, considering factors such as cost, risk, and impact on long-term financial stability. Continuous monitoring of business liquidity is essential throughout the crisis period. Utilizing sophisticated ERP systems like Infor or Tally enables real-time tracking of cash flow metrics and facilitates data-driven decision-making. By staying vigilant and proactive, businesses can swiftly identify emerging challenges and adjust their strategies accordingly to navigate through the crisis effectively. Conclusion In conclusion, effective liquidity management is essential for sustaining business operations, fueling growth, and ensuring long-term financial stability. Businesses can navigate through challenges with confidence and agility by adopting a proactive approach to cash management, leveraging advanced financial planning tools, and implementing targeted strategies for boosting liquidity. Remember, the key to success lies in continuous monitoring, strategic planning, and adaptability in the face of changing market dynamics. Read More: Top 10 Effective Applications of AI in Fintech 5 Essential Aspects That Every Small Business Needs How To Start A Concession Stand Business? – A Complete Guide

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?

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

What Is Risk Management? – Find Out How To Manage Risks in Business

What Is Risk Management?

Why Is Risk Management Important?