Being a business owner is a lot of work. You invest your time, money and effort into making your business a success. But if your entity is struggling, it can have a significant impact on your personal finances. If your company is not making a profit, you are likely trying to figure out how you can deal with your business debt.
Business Debt and Your Business
Below are a few important questions to ask yourself:
Can I save the business?
If you have run the numbers or you’ve been struggling to make ends meet for a long time, it may be time to face the hard truth that the business cannot be saved. You may want to avoid having the business file for bankruptcy protection, but not at the expense of your own personal financial stability. Before depleting personal funds to save your entity, confer with us so we can explore all of your available debt relief options.
Can I lower my expenses?
You might be surprised at how much you can help your business by cutting back on your expenses. If you are unable or unwilling to use personal funds to keep your business afloat, consider the ways you can reduce your costs. Many times this requires you to be creative or take certain steps that are unattractive, but if the cutbacks help you keep the doors to your business open, they are likely worth it.
Can I increase sales?
Most business owners do everything in their power to increase their sales. If your company’s exposure has been limited to one market, consider ways to expand. With the use of the internet, there are a variety of ways to get your company’s name out there at very little cost. And don’t forget the customers or clients you already have – contact them and offer incentives for them to give you repeat business or to pay you quicker. It may even be beneficial to confer with your suppliers and negotiate discounts and/or payment plans.
The information on this blog or any blog is not intended as, and should not be taken as, legal advice.