Bank of America – Banking on Small Business with Business Credit Cards

The Bank of America has been building on its existing small business lending portfolio over the past years. Three years ago, it was already one of the top small business lenders in Florida with over $1.5 billion in small business loans and over half that amount being micro-loans under $100,000. With its recent acquisition of credit card issuer, MBNA, the bank has moved into the growing small business credit card market.

Business caution about the economy has not managed to dampen the dynamic growth in the small business credit card market. Having banked on small business for some time now and having a big credit card operation under its wing, Bank of America is looking up their activities through small business credit cards.

Their business credit card package affords small businesses the opportunity to schedule electronic payments ahead of time, thereby freeing up a time consuming administrative task on the part of the business owner. Business credit card holders also get purchase protection, which doubles the manufacturer’s warranty period on purchases made by up to an additional year.

Credit lines for business credit card holders are flexible, and can go up to $25,000. The business’ everyday business purchases earn discounts and cash backs too.

The bank has taken line of credit for business credit cards one step further. The small business credit card holders can now link their checking accounts in the bank with their business credit card. In the event that your checking account suffers an overdraft, the bank automatically extends its overdraft protection benefit. This means they will transfer funds, in multiples of $100, from your business credit card account to cover the overdraft.

This automatic loan against the business credit cards’ line of credit should save small business owners a lot of embarrassment. The bank will extend this protection provided that there is sufficient credit remaining in the business credit card account and if the account is not in default under the Business Credit Card Agreement.

If your business credit card account cannot cover the overdraft, you may still have a problem though. To address that possibility, the bank will release sufficient funds even if it will cause your business credit card account to breach the pre-set credit limit. The business will be expected to settle this loan during the next payment period, but this facility can lift a heavy load from the business owner’s shoulders.

You may be concerned about financial charges. First of all, after the zero percent APR during the 9-month introductory period, your business credit card will be imposed a regular rate of prime rate plus either 6.99% or 9.99% APR (some other versions of the Bank of America business credit cards impose variable APR of either 15.24% or 18.24%).

Business credit card cash advances are subject to prime rate plus 15.99% APR, with a minimum of 19.99%, plus a cash advance fee of 3%, with a minimum $10 fee. If the cash advance causes the business credit card account to exceed the credit limit, you will be levied an over-credit limit fee, as specified in your Business Credit Card agreement.

How to Identify and Break The Self-Destructive Habit of Complacency In Your Business

One of my favorite Will Rogers quotes is: “Even if you are on the right track, you will get run over if you just sit there.” And this is so applicable to what I am seeing in too many businesses today. In fact, it has been a major topic of conversation in the coaching of one of my major clients that is very concerned with complacency in their company. Complacency can be absolutely poisonous to businesses chances for success. Complacency is confirming that you and your business are in a rut and you have decided to stay there. Well, just as Will Rogers warns us about sitting on the right track and getting run over, if your business stays in a rut it too will remain stuck and will get run over too.

Now, let’s look at what happens to us when we are not complacent, but are really in a challenging situation. Think about how your senses are heightened and how you experience a rush of adrenalin that gives you an energy boost. And wouldn’t you agree that it is amazing how efficient and successful we can become when we recognize and act in response to the challenge? So why do we wait for those dire circumstances to kick us out of complacency?

Wherever complacency exists in a business, there will be great resistance to change. We know that certain changes in the human body will trigger the body’s immune system. Well, the same thing happens within businesses and organizations. Only in this case, it is people who resist and try to fight off the change. Resistance can be good if it defends the health of your business, but resistance can do serious damage or may even prove fatal if the resistance is against desperately needed changes in your business.

How can we identify and respond to the deadly and destructive habit of complacency? Complacency is the sense of security and comfort that derives from the belief that the success you have had in the past will continue indefinitely. Complacency loves blindness, inertia and the status quo. This powerfully destructive habit creates a formidable barrier to the successful growth of you and your business. If you or others in your business suffer from this habit, then Your Strategic Thinking Business Coach urges you to try one or more of the following preventions and cures immediately!

1. A clear-eyed, disciplined approach to strategic planning will go a long way in preventing complacency. Develop a clearly defined and focused vision for your business, as well as a mission statement, a list of core values or guiding principles and goals and objectives for your business. Share this with the entire company to motivate everyone to focus on achieving the vision and mission for the company.

2. Complacency is exhibited by continuing to employ under performing individuals because it appears costly to replace them. The business owner and management look at the time to interview new hires, training, the uncertainty of a new individual in the company, and many other costs associated with a new employee. But more important than these costs is the truth that, if an individual in your organization is dragging down the company or significantly impeding its growth, it is never too soon to plan and facilitate an exit for that individual and therefore thwart complacency in your business.

3. Complacency in your business marketing efforts can also result in serious
damage or even have fatal results for your business. Commit to making continual business marketing improvement for your company. Develop a strategic Integrated Marketing Communications (IMC) Plan and use that document to help drive the strategic marketing efforts of your business. This is a powerful and proven tool to keep your marketing efforts focused and on track.

4. Recruit and retain a business coach, a mentor and possibly a peer advisory group. These people will provide encouragement, guidance and motivation for you and your business to grow and to be successful and will help you and your business avoid the destructive habit of complacency.

5. Commit to holding yourself and others accountable. Develop a system of accountability by using performance standards related to the achievement of established goals and objectives. This commitment to being held accountable will prevent complacency.

6. Develop a strategic client relationship management system, which includes a plan for keeping in touch with your clients and customers, your prospects, and your stakeholders. A commitment to listen and respond to your clients and customers will not enable you and others in the company to become complacent.

7. Develop a set of goals and objectives and send a clear message that a “business as usual” or a “maintaining the status quo” attitude will not be supported and will have financial and other consequences. Develop a recognition and reward system also.

8. Good customer service is the lifeblood of any business. Good customer service will help generate customer loyalty and repeat business. With each satisfied customer your business is likely to win many more customers through recommendations. And remember, if you are not taking care of your customers, your competition will. A Customer Satisfaction survey will not only help you identify problem areas, but will also demonstrate to your customers that you care and are proactive in looking for ways to improve the service that you provide to them. Complacency will not occur if you commit to developing and implementing a customer satisfaction survey program and to taking necessary actions to respond to any deficiencies in your customer service.
9. Don’t let success lull you into complacency. Continuously search for new ideas. Commit to an attitude of continuous improvement and complacency will not exist nor will it be able to survive.

10. Commit to being a lifelong learner. Obtain more education and seek out new knowledge through reading, taking a teleclass, attending a workshop or seminar or taking a college course. Seeking more education also provides opportunities to be introduced to new people and ideas, which often sparks creativity and prevents complacency.

Your strategic thinking business coach encourages you to fully realize the benefits of business coaching to strategically prevent complacency in your business and your personal life. If you would like to learn more about how a strategic thinking business coach can facilitate and guide you in that endeavor, please contact Glenn Ebersole today through his website at or by email at [email protected]

Home Based Business For Under 100.oo Start Up – The Best Choices For Success

The best home based business option these days is to find a business you can start and operate part time while continuing your job, until you are making enough to quit and devote full time to your business. You should start your search by making a list of all the potential choices that appeal to you. Then evaluate each one carefully and realistically. The best home based business for under 100.oo start up, for you is already out there … you just have to find it!

Now a days, people who wish to stay at their homes can still earn a lot of money. You can choose from a wide range of products and services that you can market online, and all of them promise to provide you big income. So whether you are a stay at home mom, prefers to work at home or just wanting to add more income, there is a good home based business for you.
Have you ever considered starting a home based business, but just can’t decide what’s the best home based business for you? You are not alone! Many, many people have dreamed of having their own work at home business. But of course the “dreaming” is the easy part. Choosing exactly which and what kind of business to start is quite another matter.

A home based business that needs only an Internet connection to run, is a good business for you to own. The startup cost is low, no inventories to maintain and so on. This means that the risk involved is very low, You can join a MLM program and spend months with nothing happening. At this point, most people decide to quit and start looking for some other program or, even worse, some people will simply give up on trying to make money on the Internet.
The important point is that an Internet based business can earn you a very decent income, just like a regular business. You have to work hard in your home based business just as you would in a regular business. Making money on the Internet is no easier than making money in the conventional way. The harder you work, the better your chance of financial success. The basic difference between an internet business and a regular business is that, in online business, you have a lower risk involved as it is very possible to set up a home based business for under 100.oo start up cost.

The ability to create a passive income this to me is a big one. Just the thought of making money while I am asleep gives me great joy, I wake up every morning anxious and rush to my computer to see how my business grew during the night.

The benefits to starting your own online home based business are almost endless (I am sure there are many advantages you can think of that are not listed here in this article) but there is a couple for you to think about.

Here is a couple of things you can start with, when your online adventure is just starting and it has to be a home based business for under 100.oo start up.

A possibility is to start selling your own ebooks. Ebooks are books in electronic format. This means your customers can instantly download your ebook from your website. No need to wait days waiting for the ebook to arrive. Your customers can be anywhere in the world.
They can still download your ebook once their payment has been processed.You don’t have to have special training to be able to do this business. This is a simple business anyone can operate. It is a business where you can start with little investment, and still become hugely successful.You can always find a hot subject to write about and people will always buy information. Especially when they can get it
If you don’t have the time or desire to create your own ebook, you can make money by purchasing resale rights to someone else’s products. It lets you start selling the product right away. All you have to do is make the necessary changes to the sales page, upload it to your server and start making sales.
So, you have to advertise. You have to drive traffic to your website. If you don’t advertise and drive traffic to your website, no one is going to buy your ebook. Advertise your ebook through search engines, ezines, articles, forums and any other means available to you.

Start up a home based business by selling things on E-bay. Find a niche that is hot in E-bay, find a dropshipper that sells those kinds of products, and start selling on E-bay. Learn the tips and tricks of how to effectively sell on E-bay and how to maximize your profits.This way you also can benefit from building yourself a list of prospects you can sell to later on.

Another home based business for an entrepreneur to start up is a service-based business. Maybe you know how to get a complete idiot’s site to the top 10 search engine rankings for a certain keyword. There are people will pay money for that, you just have to position your business in front of them. Maybe you can give consulting services in a certain area, or can do other services that people
For totally newbies i would recommend affiliate marketing in the internet marketing niche. You do not need to create or stock a product, you do not need to deal with complicated payment processors, you do not need to spend extra time on support or processing refunds and you still get to learn the fundamentals of internet marketing.
Basically being an affiliate is for you to find a good converting product like an e-book, which you can locate at clickbank,shareasale,paydotcom or another network. Next when you have found the merchants product you are going to promote, then you will need to do a keyword research which you can do free or you can use some of the many keyword tools there is around the net. But in the beginning you can use the free ones, they are just as good.Just go to your favourite search engine, and write “free keyword tool” in the search field.
Personally i like to use the Free Keyword Suggestion Tool from Wordtracker. After the research you need to get some traffic to the site your promoting, and there are several ways to do this. The quickest way is to use pay per click from the search engines.You can use google, msn, yahoo, froogle or any of
the smaller engines. Then when people see your ad, they click it and will be forwarded to the product you promote and you will get a commission which is usually a place between 50-75%, that`s pretty cool i think. That means when you get on the right track with this, and you start making sales, You can actually go to bed and wake up richer than the day before. I can tell you one thing..the feeling you get after you have made money in your sleep, is indescribable.

You could also write a article related to the product you are promoting, and in the authors box, put a link to the product, and then submit it to some article directories, and make money that way around.

The next method i really like, its a good and easy money maker, especially if you are looking for a home based business for under 100.oo start up, is to join a membership system style program, where they offer something like a 3 tier affiliate system, which will pay you in three levels, it could be.. lets say you get 10 people to your website and they sign up under you, then you could be making $6150 just for sending these 10 people to your website.
With these systems you get a complete website already uploaded and ready to make sales, and usually you are selling tools to be used in the marketing world, like ebooks, software, ecourses and so on. And they usually is priced under $100

In conclusion remember this online adventure of yours also have some downsides such as sacrificing much of your precious family time for the sake of your home based business. But when you succeed after a while, and start making money, then hopefully you can cut down the time you use in front of the computer and spend it with you family.I wish you the best of luck with your search for the perfect home based business.