HANDLING BUSINESS DEBTS
If you own your own business, money and debt can be
a constant issue. When you have serious business debts, you have a few
basic alternatives. You can cut back, expand, or go out of business.
Below are some ways to save money on your overhead:
Control labor costs. Make sure you are not being
overstaffed. Ask yourself if you could further reduce labor costs by
making an employee an independent contractor, thereby taking
insurance, benefits and tax withholding out of the labor equation. Use
voicemail instead of a receptionist.
Reduce overhead. Cut entertainment and other perks,
compare insurance costs and cut back on travel expenses.
Reward efficiency. Make it profitable for employees
to point out potential cost savings you may have overlooked by giving
them a bonus.
Another option is to make more money. Instead of
constricting your business, consider expanding by
applying for a
business loan instead to solve
your cash crunch. Get more information about
business loans work.
If you are considering using personal money for
handling business debts, it is important that you understand how to
keep business debt & personal debts
separate enough so that you don't put your personal life in
AllBusiness.com for more advice related to small and large
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