Urging your business finances and debt doesn’t have to feel like wrestling an octopus. The truth is that most businesses borrow at some point, and whether that’s for expanding the operational, covering unexpected expenses, debt is there for a reason. The key isn’t to avoid debt altogether, but to manage it alongside your daily finances in a way that keeps your business healthy and your stress levels low. You’ll need your business credit rating to stay high, and making sure that you’re managing your debt can do that. You need to treat your finances like a dashboard, not a guessing game.
When it comes to debt, think of it as a tool rather than a trap. Because smart borrowing can fuel your growth. Unmanaged debt can quickly slow you down. When you prioritise high interest loans, negotiate better terms or consolidate your debts, you’ll be able to regain control and create breathing room in your budget. We’ve got an infographic for you below to help you to manage that, but you don’t have to do it all by yourself.
Infographic designed byDelancey Street
