- Avoid Spending Money on Non-Essential Items
You may think that you're not spending a lot of money on non-essential items. Think again, as you may be wrong! First, calculate the monthly expenses you spend on your business' non-essential items. Doing so is the only way you can keep track of the money you spend on these items. Non-essential items include employee gym memberships, employee lunches, and more.
- Sell Business Assets
Let's face it: your business assets have a sentimental value. So, for sure, it would break your heart to sell these items. You have to be practical, though. It's not a bad thing to sell some of your business assets if it means saving your business from bankruptcy. You have an office chair, an office table, and a computer, right? If you don't use them a lot, consider selling them at reasonable prices.
- Prioritize Debt Repayments
Your business is going to become bankrupt if you don't prioritize debt repayments. So be organized when it comes to prioritizing debt repayments. First, focus on repayment of a debt that has a due payment date that comes the soonest. After doing this, you can focus on paying debts in their due payment dates from the soonest to the latest.
- Talk to Lenders
Request for lenders to give consideration in extending your loan repayments. This will avoid business bankruptcy. Your lenders may require you to submit documented proof of your hardship to repay. So, make sure you have these documents handy. Lenders are human beings, too. So, they likely have the compassion to understand your plight as a human.
- Think Out of the Box
Come up with ways to resolve your crisis and avoid having your business become bankrupt. Creative thinking may allow you to think of people who might help you with repayments. By creative thinking, you may come up with ways to negotiate with your lenders. You may be granted a flexible repayment plan, too.
Avoiding business bankruptcy may be hard. With careful planning and diligence, you'll succeed against it. If in doubt, consult with a debt specialist to get more tips on avoiding business bankruptcy.
At Cornerstone Insurance Agency, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (770) 413-0807 or Click Here to request a free quote.