If you have developed a good relationship with creditors, now is the time to call in a few favors. It’s worth making some inquiries to see if you can refinance to get a loan with lesser repayments, or perhaps renegotiate terms with established suppliers. If you have an unnecessarily large office space, there could be an opportunity to hire out a portion of this to interested parties and reduce your rental costs in the process.
It could also be worth marketing yourself more actively to existing and prospective customers. A lot of businesses now pursue the opinions of customers by asking them to leave online reviews, as a swarm of positive feedback could persuade a prospective customer to do business with them. If you don’t have an active social media presence, it’s a good idea to form one, as these avenues can be very lucrative to businesses nowadays.
Eazy Cash (http://www.eazycash.ca/car-title-loans/) created this infographic guide to managing business debt, advising on where money can be saved or extra revenue generated. Once your company’s debt is continually decreasing, you stand a very good chance of maintaining the business long-term.
