Using these steps, get control over your finances so you can erase your debt and start making money instead:
- Analyze every expenditure
- Prioritize debts
- Compare interest rates
- Find hidden money
Action Steps
The best contacts and resources to help you get it done
Add it up
Get the big picture by determining exactly how much you owe and to whom. Then make it easier to pay creditors by limiting your expenditures. Analyze every penny you spend, from pencils to wages to shipping to advertising.I recommend: Figure out just how bad it is with the free online CCH Debt Calculator. Use SCORE's template to create a 12-month sales forecast to help see if you'll bring in enough to cover the debt.
Prioritize your payments
You must deliver products or services to keep your customers and thus keep the business running. With that in mind, determine who must be paid now and which bills can wait. Offer to barter with your creditors instead of paying cash.I recommend: For advice on your particular situation, get a free consultation with a SCORE volunteer. Join a local bartering consortium or the International Reciprocal Trade Association to keep future debt in check.
Collect money owed to you
Sometimes debt doesn't come from spending too much; it's from collecting too little. Look for money everywhere from tax reductions to past-due customer accounts.I recommend: Encourage timely payments by imposing late fees. Use one of these templates to reminder/past-due notices. Don't hesitate to call or visit your customer in person to discuss late payments. Setting up a payment plan with your customer can be one way to get the cash flowing your way. Consult the IRS's business expenses checklist to be sure you're taking every possible tax deduction and tax credit.
Don't go it alone
If your debt is still staggering, turn to a debt-busting professional to help you regain control.I recommend: Companies like Financial Technologies offer debt relief programs and counseling that can help. For constant inspiration on controlling your debt, turn regularly to a debt-management blog like The Debt Dr.'s. If there's really no way out, use FindLaw's checklist to determine if bankruptcy is the best way out.
Tips & Tactics
Helpful advice for making the most of this Guide
- Choose flexible vendors. Aim for those who can offer net 30-day or more terms. Ask for extensions or payment plans.
- Don't make promises to creditors that you can't keep.
- Consider consolidating. If you're in deep debt, a consolidation loan may make it easier for you to get a handle on what you owe and create more manageable monthly payments.
- Stop spending. Go bare-bones until you've paid everything off.
- Cease doing business with customers who constantly pay late or whose accounts are long past due.
Business Debt Restructuring
Eliminate collection calls, safeguard your assets, prevent litigation and bankruptcy, free up cash flow and protect your company's credit rating.
TMC.BusinessDebtCounseling.com
Eliminate collection calls, safeguard your assets, prevent litigation and bankruptcy, free up cash flow and protect your company's credit rating.
TMC.BusinessDebtCounseling.com
Highland Collection Agency - No Collection, No Fee
National commercial collection services focused on business to business collections.
Contact Us
diversified-credit.com
National commercial collection services focused on business to business collections.
Contact Us
diversified-credit.com
Get Collection Service Quotes from Multiple Agencies
Compare costs, services, and solutions from multiple collection agencies at no cost or obligation!
Get Quotes Now
www.alloptions.com
Compare costs, services, and solutions from multiple collection agencies at no cost or obligation!
Get Quotes Now
www.alloptions.com
Credit Care Corp
Providing debt negotiation, credit repair, counseling, financial assistance with mortgages and bankruptcy, and more.
www.creditcarecorp.com
Providing debt negotiation, credit repair, counseling, financial assistance with mortgages and bankruptcy, and more.
www.creditcarecorp.com
Free B2B search marketing whitepaper, B2B Search Marketing Strategy Guide: Advice From the Pros.
