| Many of today's small business owners find | | | | - Evaluate Your Actual Business Needs: Is the |
| themselves reliant on credit cards to stay afloat, a | | | | business you are running today still in line with the |
| practice which often leads to unmanageable debt. | | | | business plan you developed years ago? Small |
| Rising overhead, inaccurate sales projections, and a | | | | businesses often find that their original business plan |
| slowing economy are just a few of the problems | | | | was overly optimistic. Having a realistic plan and |
| these small business owners face, and using credit | | | | forecast in place will help keep operating expenses to |
| cards to keep the lights on is increasingly common. | | | | a minimum and reduce unnecessary spending... |
| So how does the responsible small business owner | | | | - Identify Possible Cost Saving Opportunities: Does |
| recover from their rapidly rising credit card debt? | | | | your small business actually need the 4,000 square |
| - Stop Accumulating Debt: Making a conscious decision | | | | foot riverfront office? What about the full color copier |
| not to take on any more credit card debt is the first | | | | printer that has only been used a handful of times? |
| step to recovery... | | | | Eliminating costly monthly expenses such as these can |
| - Communicate With Your Creditors: Speak with each | | | | have a significant impact on a company's bottom line... |
| of your creditors regularly and obtain accurate | | | | - Make Hard Decisions: Does your small business still |
| numbers regarding your debt. Tell your creditors you | | | | need a full-time receptionist? Has the sales staff been |
| are committed to paying off this debt. Many creditors | | | | holding up their end, or are they more concerned with |
| will work with you to come up with a solution... | | | | last night's ball game than closing the next deal? No |
| - Pay More Than the Minimum: Making the minimum | | | | one wants to be the bad guy when it comes to |
| payments will only ensure that you remain in debt for | | | | reducing staff, but making hard decisions now can |
| many years to come. Utilize every possible dollar | | | | eliminate even harder decisions down the road... |
| available to increase payments on the debt's principal, | | | | - Budget Everything: From employee compensation |
| which will bring you closer to actually eliminating the | | | | and rent to pens, notebooks and copier paper, develop |
| debt... | | | | a budget that includes every expenditure for your |
| - Talk to a Debt Settlement Professional: Discuss your | | | | company. Communicate to your staff the need to |
| situation with a debt settlement professional. With | | | | reduce costs across the board - electricity, office |
| many different programs available to suit each | | | | supplies, lunchroom supplies, etc. By accounting for |
| company's unique debt problem, these qualified | | | | every penny going out the door you can more easily |
| experts help your company identify a realistic path to | | | | plan for how much needs to come in. |
| fiscal freedom... | | | | |
