5 Tips for Managing Business Loans

I’m always happy to pass on great info...and this is great info! I’ve included a few snippets below lifted from the full article.

So you’ve decided that a loan is the best option to give your small business a much-needed cash injection. Standing under a debt cloud isn’t inherently bad or dangerous – in fact, if you manage the debt effectively, sometimes it can be the best way to light a fire under your business.

1. Keep Tabs on Your Credit Score

Having a healthy credit score puts you in a better position to negotiate your debts with your financier. A higher credit rating means you could work out a deal that allows you to pay off the loan faster or reduce the minimum repayments.

2. Avoid New Debt

Most debt management boils down to financial discipline and never taking on more debt than you can realistically afford. If you find yourself running into trouble with repayments, your first port of call should be cutting back costs or looking for ways to increase sales.

Do you need more detail on this subject? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts [email protected]; or call me on (0403) 296-221.

Thanks,

Tammie