Debt management is one of the biggest concerns when you are running a small scale business. Small scale businesses have the threat of failing anytime, as they are not backed by huge funds. They run on the funds as they come, and thus if not managed well, and saved well, the funds may expire threatening the loss of the business.
What happened to me in my business career
The same thing happened with me, when I was managing my own handicrafts business which I was running at my home. We used to make small handicraft items, candles, handmade soaps, soft toys and small toys. The business was running great, and I never worried about anything through the 5 to 6 years of the successful running of the business. Little did I assume that one day I will also have to knock the doors of the business debt management groups to revive the business.
I decided right and at the right time
However, now I am happy that I took the decision at the right time, when I was in the crunch, and now that I got the right help, my business is again on track, running well, and providing me a good income. The only thing that is positive of the whole incident is that, it gave me a lesson that I needed to learn as a business owner; it taught me to save and keep liquid funds for immediate crises in the business.
How the trouble came
I always did the mistake of using all liquid money I had in other works, invested them elsewhere, and thought that I would never need them as all my expenses were planned. So were they until suddenly an accident happened at my factory. A worker got badly injured while working here, and sadly the insurance company also rejected to pay for the damage and the treatments costs. They said that the worker was fully at fault, and thus they didn’t pay.
Running after the insurance company, suing them all had to be scheduled later, as my foremost focus was to offer financial help to the poor worker who had limited funds for treatment.
But I also had limited funds which were not enough, and suddenly no one tried to understand and all the workers went against me. A revolt sprang out all of a sudden, and I was totally confused how to tackle the situation. I had no money to pay for the damage, no money to hire new workers, and no money to get the existing workers back on work.
I got help quickly
On this point, I was looking for solutions, and was getting advises from people, and one advice I liked pretty much. Someone did advice me to get help from a business debt management company, which helps businesses in trouble by funding them immediately or arranging for other resources. I immediately searched for such a company in my city, and contact a few. In 2 days I got help.
The company people came to my place, and heard everything. Then they simple processed a payday loan for me that I could repay back at ease, and this helped me pay the injured worker the compensation, and some extra for bringing all workers back to work.