Wednesday, July 9

Tag: manage business debt

Infographic

How to Manage Business Debt Effectively

Debt can become very problematic for a small business if it is not managed effectively. A certain degree of debt is unavoidable at the outset, but the business owner has a duty to clear this debt over time rather than letting it stockpile.This infographic from Eazy Cash (http://www.eazycash.ca/car-title-loans/) lists some sound advice on managing business debt by cutting back on costs where possible and generating an extra bit of revenue. A steady cash flow is essential for any business if it wishes to keep on top of its debt repayments. Even in this era of cryptocurrency and contactless payments, a reliable source of cash is fundamental.A huge aspect of reducing business debts is managing relationships with key stakeholders. Could you take advantage of a positive rapport with cred...
Infographic

How to Effectively Manage Business Debt

Unless you’re extremely well financed or extraordinarily lucky or sharp with managing your business, you will have to deal with debt in the first few months of being an entrepreneur. Most business owners, indeed almost every business owner, will need to borrow significantly to get the company off the ground and will spend a lot more than they earn in their first year of business.Therefore, debt management becomes a crucial skill that entrepreneurs need to fine-tune if they are to avoid serious repercussions further down the line. If a business owner is in heavy debt but has a good rapport with creditor, he/she can try to draw upon that goodwill to renegotiate repayment terms favourably. Another possible option is to rent out office space to other businesses, so long as it is workable. ...