Top 5 Tips for Managing Your Small Business Debt
I think the following raises some excellent points about Business Debt. I’ve included a few of the highlights for you to get the gist of the article:
You need cash to grow your business, but too much debt can put your company at risk.
Top Tips for Managing Small Business Debt
Review Interest Rates
Is the interest on your business loan substantially higher than current rates? Do you have a strong credit history? Either way, you should consider refinancing to obtain a loan with lower payments.
Before approaching a lender, make sure you have reviewed your credit report to understand where you stand.
Negotiate with Creditors
If you have long-term business relationships with suppliers, or if you engage the same suppliers for bulk orders, you can try negotiating a discount.
To get a good deal, emphasize your good payment history. You may also team up with other small businesses to submit larger orders at lower prices.
What do you think? Maybe you’d like to read on? Check out the full version here… then give me a call to discuss how this might impact your own business:(0400) 032-110. Alternatively, email me at [email protected].
Thanks,
Bill Mitchell