As most of you know, I started out as a mergers and acquisitions lawyer climbing a very corporate, highly predictable ladder. Our move into business with Matcha Maiden was entirely accidental and, therefore, unsupported by any business qualifications, experience or mentors. Of all the lessons that we have since gleaned while navigating the steep learning curve of start-up land, it’s that you don’t always have to do things the longer, harder, conventional way to have a successful, fulfilling business. Winging it can get you part of the way there, but there are also so many wonderful tools and resources at your disposal these days to make running a business more efficient, effective and enjoyable.
Given that money and transactions are the backbone of business (but the figures have never been my strong point), setting up our financial infrastructure efficiently is something we prioritise. In my corporate life, I didn’t have to deal with budgets and the money I was working with wasn’t my own, so my noob-level understanding was that we needed a way to transact – to buy all the stuff. What I have more recently learnt is that you can simply transact OR you can make each transaction work harder for you to bring you all kinds of additional advantages. You may have seen we became American Express Platinum Business Card Members last year and doing business has never borne more benefits – imagine building perks into paying your bills!
Among the many other benefits that have become available to us, it’s the day-to-day business tools that I thought you might find useful. Here are three of the most impactful business tools we’ve benefited from as American Express Platinum Business Card Members:
1. Up to 55-day to pay for purchases
The biggest shock to my system when entering what I thought was the glamorous world of business, is the FAR from glamorous world of cash flow and payment terms. Who knew that earning revenue wasn’t all you need to stay financially afloat or that a hefty turnover doesn’t mean you have cash in the bank? When you have less time to pay outgoings than your customers have to pay your incomings, how do you deal with that resulting gap in cash monies? Payment terms can make or break your business and having up to 55 days to pay off our purchases has been game changing. It helps close that gap and make cashflow more manageable, giving us the flexibility to grow our business.
2. Dedicated Account Management
Another thing that surprised me is how isolating business can be compared to the unavoidably people-heavy environment of a corporate office. It took me a long time to get used to not being able to turn to a colleague or pick up the phone to a superior to ask questions or seek other support. That changed when we became Platinum Business Card Members. We now have a dedicated Account Manager who can help with working capital solutions and show us ways to maximise the rewards available through my Card. I can’t exactly chew the fat about the latest shows on Netflix, but it’s extremely valuable to have a dedicated person to help us manage our transactions.
3. Membership Rewards
You know how I wrote about building perks into paying bills? This is where that happens in real life. I’m never overly thrilled to be paying bills (especially the big ones like buying our stock), but the clocking up of Membership Rewards points when you spend certainly sweetens the whole process. You can earn up to 2.25 points per dollar spent and enjoy the flexibility of redeeming Membership Reward points on 10 airline partners, gift cards or to pay down the balance of your Card. You really can make your day-to-day business transactions work harder for you and even unlock non-work-related benefits for you to redeem. I’m sure you’ve already noticed, we’ve gone hard on the travel!
There are so many other benefits to our American Express Platinum Business Card membership – think Global Lounge Collection, Hotel Elite Status and access to exclusive events and offers. Check out the American Express website to find out more. Why do business without it?
Thanks for sharing gorgeous – checking it out ????
You’re so welcome lovely! Can’t believe we didn’t know about it for the first few years haha