Managing debt in your small business
Running a small business requires taking some risks. Debt is one of those risks, but it is also a positive tool for small business that is usually necessary in order to fund your growth.
However, when circumstances change and your debt levels grow, it can keep you up at night. It is important to act early and put a plan in place to manage it. We can help you assess the situation and create a payment plan. This will include your business priorities and your obligations such as payroll, suppliers, tax, insurance and other bills.
Start with the numbers
The more informed you are, the easier it will be to manage your outstanding debt and regular payments. Using your accounting software, you can get a clear picture of money coming in and going out and then you can make decisions based on this.
The strategies you put in place will depend on your business. They could include negotiating with lenders and suppliers; reducing costs through your business operations; increasing revenue via sales or other options, and seeking more funding.
Talk to us about your business and your debt repayment plan. We are here to help.