7 Tips for Debt Management

1. Know your numbers

Have a clear visual of what money is coming and going through your accounts.

Management Accounting can come in handy; you will gain professional insight into how to best manage your debt.

2. Analyse your situation

Forecasting your business expenses will allow you to see what costs are coming up.

Being prepared for them and having a good business plan will help you budget your expenses to decrease unexpected expenditures.

3. Amalgamate loans

Combining your business loans can decrease your monthly costs.

Extending your loan repayment period, may increase your interest rate but will relieve some stress.

4. Create more revenue

“Developing personal relationships and going the extra mile to help our clients sleep at night”- Craig Nevatt.

Knowing what your clientele wants will enable you to tailor what you sell.

Have discounted deals to generate faster payment, this will increase cash flow.

5. How much extra can you budget?

Once you have worked out what you must pay each month, is there any leftover that can be put towards paying off the debt?

6. Have a strategy

Think about your debts and work out which ones will best suit your situation to pay off first.

7. Be smart with cost cuts

Make sure you think about the big picture when making cuts on costs. Knee-jerk reactions can have a negative impact so make sure you think carefully about where to save costs and ensure they won’t impact your future plans in a negative way.

Need further assistance?

Financial accounting and coaching is a great way to help with a range of business challenges, including debt management, and to guide you toward your long-term saving goals.

If you would like our help to put together an effective plan, get in touch with us today