All tagged debt
If you’re living paycheck to paycheck because of your bills, you might want to consider cutting down your expenses, especially your unnecessary spending and expensive habits. And while you’re living on a strict budget, use the money you save to pay down your debts.
Very few business owners have the means to operate without borrowing at start up, or later on when it’s time to invest in growth.
Borrowing, however, is only a temporary solution to a lack of funds. Without a repayment plan debt can grow into an unmanageable problem that costs much more than the initial loan.
These strategies will help you re-pay your debt faster, so you can invest the cash you’ve been spending on interest back into your business.
Before you go down the path of seeking capital from outside your business, identify any other ways of raising capital. For example, do you have any savings (either in the business or you personally) that you could use? If you have unused assets in the business (machinery that’s not used very often, buildings or excess stock you could quit), then weigh up the advantages of selling these first.
