When the new Credit Card Reform Act was first unveiled, many consumers breathed a sigh of relief…and most small business owners were feeling left out in the cold. How the new credit card legislation will affect you depends on two things: 1) what type of card you have and 2) how your small business is incorporated.
Because the new laws alter the Truth in Lending Act (which solely governs consumer loans) they aren’t applicable to corporate cards. For example, if you go out and purchase office supplies on your personal credit card, you’ll be covered by the new laws. The same goes for purchases made on your business card that’s based on your personal credit. This is the case for most sole proprietors. However, if you use your corporate card, the rules change a bit. Limited liability corporations and companies who use traditional corporate credit cards won’t be covered under the umbrella of the new credit card laws.
This isn’t to say that the laws won’t change in the future. Recently, legislation has been introduced to the House of Representatives that proposes covering small businesses with 50 employees or less by the new credit card rules.
These are three companies that used a SCORE mentor to get from good to great. Yesterday Christine mentioned the importance of getting a mentor. Now, we’ll tell you how to find the best one for you.
In-Person vs. Online
First decide which method works best for you. Some people need face-to-face interaction, while other’s prefer the convenience of online assistance. Whichever you decide, remember that you’re not bound by one method. If your needs change, your mentoring options can too.
If at First You Don’t Succeed
If the first mentor you’re paired with isn’t the best fit, then try again. A good mentoring relationship is like a partnership. Keep looking until you’ve found someone that connects with you and your vision.
The More the Merrier
Some entrepreneurs have found it helpful to have mentoring teams or to have business coaches with various expertise. One may be a marketing aficionado while another is amazing with numbers. Still another might have the business planning sensibility you need to get your biz on track. The point is to put the right people in place to help you go from good to great.
Here are a few more resources to help you find the best mentor possible.