This week in the Freedom Friday blog and email newsletter, we're concluding the series 10 Steps to Take Your Business to the Next Level in 2023, and today we're discussing the tenth step to take your small business to the next level, which is to manage debts wisely. As a small business owner, it's important to identify your business debts and manage them wisely. This includes debts owed by your small business, and debts that are owed by your small business by others. Many small businesses have taken out loans from the Small Business Administration, or other lenders, and these loans need to be properly managed and paid off, just like credit cards or other any other obligations.
If your small business owes any debts, you should make it a priority to pay those debts in order to avoid collection activity or litigation being filed against your small business and possibly against you personally if you are the “guarantor” on the business loan. This means if the business defaults on the loan, then the guarantor is personally responsible, and can be sued for defaulting on the loan. If you're having any trouble paying or obligations, you should consider hiring an attorney who can help you establish a repayment plan with your creditors.
At the same time, you need to pay attention to any receivables, which are monies owed to your small business by customers or other third parties. It is wise to make sure your customers or other third parties are current on making their payments, and to make sure that receivables on open accounts are not turning into collection issues. If you do have issues with receivables and/or collection items, it's best to consult with an attorney who can talk with you about what solutions might be available.
Thinking about starting a small business? Or maybe your small business is having issues with contracts, leases, business partners, collection issues, or experiencing other barriers to growth? Please contact me at [email protected] to schedule a FREE strategy session.
For more information about Liberty Legal Solutions, LLC, please visit our website at http://www.libertylegalok.com/
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