Two Ways To Cut Business Debt

Cut my breath
photo credit: batega

We all know how prominent business debt is becoming in this economy. Granted we are seeing some relief here and there, but no where near enough yet. Below are two awesome ways your business can cut it’s debt and stay above water!

Be realistic on staffing. Although the last thing most business owners want to do is lay off employees, be realistic when you evaluate your staffing needs. You might be able to offer reduced hours or job sharing, or even cut back on benefits if it means employees can keep their jobs. But if you must eliminate positions, the first to go should be those who don’t contribute to the bottom line. Stated on Chron.com.

Your business could probably use a well thought out budget. Get out all of those monthly bills and expenses and look for several areas where you could tweak things around a little and improve your costs. Do you really need the highest quality of technology, vendors, supplies and more at this particular juncture? You may be leasing some equipment that is not really used all that often, or maybe some supply companies that charge twice the amount of someone else.

If you’re a company that provides several company vehicles, consider cutting down the number of people that you give this luxury to. Also take a look at the money you have coming in, it may be time to do some follow-up calls and letters to your past due clients.

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