Nobody wants to think about it. But insolvency is always a possibility for any business. Today on the show we discuss the top 7 things your need to do to prevent the worst from happening.
Have a written budget
Actually having a written budget helps you to understand where your money’s coming from and going to. Don’t get hung-up on the name. If budget makes you uncomfortable call it a spending plan!
Sell! Sell! Sell!
Think about things that you’re spending a lot of money on. Credit is usually the big killer. Cars for example are horrible for your bottom-line because the are not appreciating. Consider getting rid of them.
Get rid of credit cards
Credit cards give you the illusion of having money. If you have to buy things with cash it will dramatically affect your purchasing decisions.
If you’re being overwhelmed by debt consider renegotiating the terms of your loans. Banks and other lenders will be surprisingly helpful if they know you are on the brink of insolvency.
Increase your income
This might seem obvious but if you’re struggling you need more money. There may be some easy ways to generate more income that you haven’t thought about.
If you’re being choked with debt there are options to lessen the load. Some lenders offer consolidation loans to gather all your debt into one loan. This could save you tons of money in interest payments.
Don’t let a failing business destroy your life. It’s only money. You can always make more. Maintain your perspective so you can enjoy other parts of your life.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.