Adequate cash flow is one of the top challenges for small and midsize businesses. Yet growing your business often requires spending money on larger, B2B purchases.
Nearly half of U.S. business owners and leaders cite money and access to capital as a key challenge limiting business activities, making it third behind hiring talent and lack of time, according to a Harris Poll survey (sponsored by Salesforce). Of the 490 respondents, 59% said that maintaining financial growth will pose a challenge over the next two years.
The Business Platinum Card® from American Express can provide additional value and the backing you need for large B2B purchases. Plus, a variety of benefits that go beyond just travel perks.
In addition to helping with cash flow, Business Platinum Card Members get 50% more Membership Rewards® points on eligible purchases of $5,000 or more (or 1.5X points), up to 1 million bonus points per year.
With the Business Platinum Card, 1.5X points are not limited to a specific category or merchant. That means you can use it anywhere American Express is accepted and still get the same benefits from your spending.
Here are some ways that the Card can help with B2B purchases.
1. Launch a new product
When you're launching a new product, you may need to purchase new equipment and raw materials, or pay your suppliers to manufacture new inventory. Those are only some of your expenses. You also may need money for a go-to-market product marketing strategy and to ramp up your sales team and distribution channel, among other areas.
With a revenue flow from the new product yet to come, using the Business Platinum Card for equipment, materials or inventory can help you close the cash-flow gap. Plus, you're maximizing your rewards by earning 50% more points. For example, if you were to buy $100,000 worth of inventory in a single transaction, you could earn 50,000 more points for your purchase.
2. Expand your marketing
Marketing is essential to business growth, yet the 2019 Small Business Marketing Trends Report by Infusionsoft by Keap, which surveyed nearly 1,500 U.S. small-business owners, found that lack of time and resources was their biggest marketing challenge. And HubSpot's 2018 annual State of Inbound survey found that 27% of more than 6,200 marketers globally identified securing enough budget as their third-biggest challenge.
Marketing technology (martech) is a growing trend that can help you grow your business. Investing in a digital marketing platform can give you a treasure trove of data to make your marketing campaigns more effective and get more value out of your marketing spending.
Gartner's 2018 survey of more than 600 marketing leaders found that nearly a third of marketing budgets for 2018-2019 were allocated to martech, up from 22% in 2017. Platforms for digital marketing analytics, web content and email marketing were at the top of the shopping list for chief marketing officers.
3. Upgrade your IT
International Data Corp. forecasts that by 2023, two-thirds of small and midsize businesses will have digital transformation as a key part of their IT strategies. If that's one of your goals, you may be considering transitioning to the cloud, expanding your data center or upgrading your computers and other hardware.
Adequate cash flow is one of the top challenges for small and midsize businesses. Yet growing your business often requires spending money on big-ticket items.
Improving your IT infrastructure requires a big purchase, but you'll get a return on your investment in the long run.
4. Outfit your satellite office
Are you planning to expand to a second location? Or perhaps move to a larger headquarters to accommodate a growing workforce? New furniture, computer workstations and amenities are likely on your shopping list. But one other investment you may want to consider is collaboration technology, so your satellite employees feel part of the bigger team and the company culture.
A 2018 survey of 4,112 workers by WeWork and Ipsos found that collaboration was key to employee happiness—more than half of those who said they were happy with their jobs said they collaborated with at least five people at the office every day, and more than two-thirds with people outside the office once a week or more. Additionally, satisfied employees were more likely to feel that collaboration made them more productive.
The metal Business Platinum Card is available for Basic Card Member and Employee Cards. In addition to offering 50% more points, it comes with various other benefits, including expense management-tools—and, of course, a range of travel benefits.
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