If you are a business owner, staying out of debt, or getting out of debt if you are in it, is paramount. Nothing is more important than getting your books in the black every year! If you do have debt, the best way to get out is to first be sure you know your debt status in all regards. Make a list of your debt obligations:
- Complete balance
- The interest rate(s)
- Your monthly payments
- Any balloon payments
- All debt covenants
Be sure that the debts you write down include any personal debts you may have to friends or family. Warning: you may not like the numbers you see! However, you have got to face the full effect of the debts you have acquired. Don’t let the facts get you down, after all, this is a recession and many businesses—make that most businesses—have been forced to go into debt just to stay afloat. It was the right thing to do, because eventually the economy will improve and you will be glad you stuck with your business.
Staying on top of those debts and letting creditors know that you are paying what you can will help a great deal with your credibility as a business owner and establish good faith for the future.
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