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The Best Ways Businesses Can Control Their Debt - Carol Evenson - Blog

The Best Ways Businesses Can Control Their Debt

When someone is trying to start a small business, debt is going to be a part of the situation. It is important for a business to be able to take out loans. These loans can be used to purchase more items, expand inventory, hire employees, finance property, and give a business the capital it needs to get off the ground. At the same time, there is also a dark side to debt. If a business takes on more debt than it can actually handle, this can quickly overwhelm a company. In the end, it might even destroy the business. For this reason, it is important for every business owner to know how to control the debt the company is going to accrue.

Grow the Revenue of the Company

Of course, one of the best ways businesses can stay out of debt is to control their revenue. Revenue is used to pay off debt. When businesses have more revenue, this translates into more profit and less debt. In order for a business to have more money to stay out of debt, they need more revenue.

There are a few ways that a company can increase its revenue. First, think about creating promotions that can be used to generate interest from customers. This might be a special sale or a grand opening that can be used to generate interest. These promotions can be used to encourage people to buy more items from the company.

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It is also a good idea to take a look at the company’s prices. Sometimes, the company might have margins that are too low. Think about increasing prices to increase margins. While some businesses might be worried about scaring off customers, people would be willing to pay a little bit more for quality products.

Ask Customers to Pay More Quickly

Sometimes, a business might have trouble paying off debt simply because it is waiting for customers to make their payments. For businesses that don’t operate in the retail sector, this is a common issue. If customers are given an invoice, they might wait a month or two before paying it. Because companies don’t want to irritate loyal customers, they might be hesitant to ask for this invoice to be paid quickly; however, if they lag, the company is going to lag on its debt payments.

It can be a good idea to shorten payment terms. Instead of giving customers three months to pay the bill, think about shortening this to 45 days for any purchases that are made in the future. The more time people are given to pay a bill, the more time they are going to take.

Negotiate for Better Terms on Loans

Finally, businesses can also control their debt by negotiating for better terms on the loan. The better the company’s credit score is, the better the terms of the loan are going to be. If the business needs to fix their credit score, they might consider a credit repair company. When companies pay off their debt on time, their credit scores go up. If the company has a better credit score, they will be in a position of power in future negotiations.

For example, a company with a good credit score might be able to negotiate for better interest rates. This might also include a lower origination fee, no points due at signing, and longer horizons on the loans. These are all factors that are going to impact not only how much debt the company has but also how quickly they can pay off their loans.

Control Business Debt

These are a few of the many ways in which a company can control the amount of debt it has. It is important for companies to control their debt because this is going to impact their free cash flow, which will ultimately impact how quickly the business can grow. Think about these issues ahead of time and put a plan in place that will keep the company’s debt at a manageable level.

Publish Date: April 7, 2020 12:52 PM

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