How I Managed Debt for My Small Business at the Right Time

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.

I Saved My Dream Business with Debt Management Counseling

Business debt management on time helped me save my business from total failure, and now that my business is running well, I thank the business debt counselor who helped me revive my business in those tough times.

The story of my bad luck

It all started when I got a good order and after I processed the order, the income raised to almost 30% of the normal income. On one side I was overwhelmed with joy, and on the other side I understood that this kind of big orders would require me to hire more employees as I would need more manpower to meet the deadlines and process such orders. Accordingly I hired a good amount of more employees with standard salary package, and the work was going well.

How I lost my business

I was expecting the next order in the next few days and was quite busy arranging things to perfection to take on charge of the next order with full force. In the meantime the news came. My anticipated order got cancelled because the company I was dealing with had shut down. The news came crashing on me, as I was totally buying on this company. Now without a new order I could not pay my new employees, and I was totally crashed.

Though I had earned a lot from the previous orders, but I didn’t keep the cash in liquid form, and invested it in more advanced infrastructure for the advancement of the growing business. Little did I know that I could badly need the liquid money? But now it was high time that I raised some fund and paid the new hires, or they could sue me.

I was totally debilitated

In this situation, when I was completely saturated with debt to the neck, and was in a state of total disharmony, with employees waiting to get paid, no work on hand, and all cash invested hither and thither, I saw no other way but to end the business and find some no man’s land and meditate.

I was totally frustrated, confused, tired and heartbroken, and could see no way out of the situation when someone suggested me to get help of the business debt management counselors.

The way I got help and saved my business

I inquired in my area and on the internet for business debt management counselors who could offer some debt help in the situation. I got help soon when a local agency came forward to help me. First they studied my whole case, and analyzed where I fell short. Then, they made some calculations and, and told me that my business could be saved if I agreed to liquidate some assets.

I wanted to hear this only that my business can be saved, and I saw a ray of light in the darkness. Soon they prepared a report showing how and which assets I need to sell and get money. They also arranged for an auction with the help of another vendor for me, and in a month’s time I arranged enough finance to pay the salary of the old and new employees.

Not only did they give me the courage to fight the situation and the resources to find ways, but they also shared with me some effective money savings tips, which could help me in future.

I cleared the salary debts, and then went for a cost cut, and had to reduce a few employees, and then I could breathe again as I again started seeing income from the business. Now the business is running well, and with the valuable tips I got from the business debt management group, I am now well equipped with proven effective strategies to drive the business to new heights.

When to Seek Help of a Business Debt Management Service

While I was busy managing my business the last year, I found that a friend was suffering a lot because of her sick business and financial problems. We met at a party, and there she was not looking at the best of her health. Therefore I called her close, and asked her directly what the problem was, and why she was looking miserable. To this she replied that she was in a great problem. My friend’s name is Sheila.

Sheila’s problem in short

Sheila told me that she had taken quite a few loans when she started her business, and also took a loan to buy her apartment. Now, she was in agony that when her business is running really bad, and will have to be declared a sick unit, how she would manage to pay back all the loans. She was already in heavy dent, and had become defaulter of the loans by not being able to pay the EMIs for the last 6-7 months. Still she was trying to find more business contacts to make her business stand back again.

How Sheila got help from debt help

I asked her not to worry this much, and instead get a business debt management counseling. She agreed to it, and she did the right thing then. She got the results within a month’s time, when she got a good instant bad credit loan from one of the reputed financing companies in the area. Using the loan amount, she could pay her outstanding, and in a few days could revive her business back to track.

A debt management service is a great way to tackle with financial crises

I saw her example, and since then I have always advised other people who seemed to be in similar situations to get a bad credit loan or get professional business debt management services to get help, and save themselves from financial problems like this.

Sheila is now happy and owes it all to the business debt management system that helped her save her company and her income. She is now deeply dedicated to her business, and keeps liquid cash always at her hand and access, so that she may come out of any such situation instantly. However, it’s not always possible to get liquid cash for all, and thus the debt help services are there to help people find a way when all doors are shut for them.