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Tip For Successful Business Debt Consolidation

Feb 9, 2008
Many businesses both large and small run into financial problems from time to time. With small business owners they can be working so hard to build a business they do not keep a close eye on the spending. Large businesses find themselves expanding too quickly, markets going south or trying to please stockholders.

When things get out of balance they often turn to a financial adviser or accountants for some guidance and help in coming up with a plan to consolidate debt. Much like personal debt consolidation it all begins with a plan and the secret is staying on course with the plan until the financial side of the business is back on its feet. However, one must ask the question - if the plan worked, why make changes?

Getting a handle on debt in a business follows much of the same steps as dealing with personal debt. For individuals it means a lifestyle change and cutting out the extras. For business it may seems harsh but the fat must be cut. Every aspect of the business needs a thorough review and cutting the extras. It is either making the tough decisions or watching the business die a slow death and possibly bankruptcy.

The first step in turning the business around financially looks at what you are spending and separating essentials from non-essentials. Buckle up the chinstrap and realize you must cut back severely on expenses to get yourself back on solid financial ground.

Take a look at your staffing and employees and make them aware of the current financial state. They need to know that you will be doing some business debt consolidation. Your staff will realize some things are going to be cut and those cuts must be made for the businesses survival and their future employment.

Some staff may jump ship and look for another job, others who stay need to understand they will need to pick up some slack for any kind of impact during the consolidation process.

It may be difficult to swallow but resist the temptation of replacing every staff member who decides to leave. Give the remaining staff the option of filling in the empty spaces. You may find some real jewels waiting to shine. Explain the debt plan to your top employees, they may be willing to give some extra hours at a lower pay to allow you to put all your focus in the financial turnaround.

Focused intensity will shorten the time to turn things around; the financial condition is short term. Once the consolidation steps are in place make sure you are also doing your part. Asking employees to take up some slack and not doing it yourself is a sure fire way to lose respect and good employees.

Once things have turned the corner make sure you follow up and reward those in the company who sacrificed their time and money for the company.
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