debt
Published March 20th, 2008
Just because your personal finances are a mess and your credit score has hit rock bottom doesn’t mean that your business it out of luck when it comes to getting approved for a loan. Yes, really! Many small business owners rely on a home equity loan to get their businesses off the ground; but for others that’s not even an option. So, without a personal loan to fall back on, what can you do to give your business a much-needed cash boost? Actually, you have more options than you might think.
First things first
If your personal credit score is... Read more
Tags: advice, bad credit, business loans, Carrie Hinkel, debt, Finance, Finance and Accounting
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Published February 13th, 2008
Although you might be surprised at the thought, there is such a thing as good debt. Despite the fact that all debt is normally associated with poor credit ratings and possible blacklisting - not to mention the potential loss of your company - you can actually sometimes use debt to your advantage. It just needs to be handled properly, and the best way to do that is to understand what constitutes good debt.
Good Debt
The simplest way to look at good debt is through how positive your company assets are. If you have assets that are making money for... Read more
Tags: Accounting, advice, danny brown, debt, Finance, Finance and Accounting, small business debt
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Published January 14th, 2008
Debt. It’s the word many small business owners hate to hear. It’s a reality for most businesses to incur debt to finance operations, at least in the start up years. Although many small businesses are denied credit in the first few years, others have bankers and credit card companies begging for their business, especially those companies whose owners have substantial personal assets to attach.
I hear the following from small business owners every day:
"It doesn’t matter. I get to write it off."
"You can’t operate in this industry without a big line of credit."
"I need a corporate credit... Read more
Tags: Accounting, Angie Mohr, budget, debt, Finance and Accounting, finances, Numbers 101 for Small Business, small business debt
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Published January 14th, 2008
In part one of this article, "Managing Your Small Business Debt", we looked at debt service and the role it plays in your business’s finances. In this article, we’ll look at how you can calculate your cost of borrowing in order to save your business money.
Another useful measure of your company’s debt is to look at the overall cost of borrowing. Comparing the blended cost of borrowing over time tells you whether it is becoming more or less expensive for the company to acquire capital.
You may have financing from several different sources:
* Bank loans
* Lines of... Read more
Tags: Accounting, Angie Mohr, budget, cost of borrowing, debt, Finance, Finance and Accounting, interest rates, loans, Numbers 101 for Small Business, small business loans
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Published December 5th, 2007
It takes more money to start a business than most entrepreneurs initially realize. This leads to increased debt and, for many, bankruptcy. In 2006, approximately 1.9 million American businesses filed for bankruptcy. For most companies, this is never a good option. It ruins your credit, makes it next to impossible to ever get another loan, and it may be difficult to gain back the trust of customers, clients and employees. But, don’t worry; there are plenty of good options for any debt-ridden business to keep afloat and start to manage their finances properly.
Common debt issues small businesses face:
Too... Read more
Tags: Accounting, advice, Carrie Hinkel, debt, debt consolidation, Finance and Accounting, money, small business debt, tips
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Published November 29th, 2007
Even if you have never been involved in the Scouts of America group, there is little doubt that you have heard their famous motto: Always be Prepared! No doubt you have also realized that this catchy little slogan does not just apply to outdoor excursions, but to most other areas of life as well, and that includes business.
Let’s get one thing clear before we get into the “meat” of this article: just like the little boy who brings a Swiss Army Knife to every single campout, the prepared business is likely to suffer some forms of derision from the... Read more
Tags: Accounting, contracts, debt, Finance, Finance and Accounting, Leeia Ladipoh, preparation, strategy
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Published November 6th, 2007
Running a business can be expensive at times. There are ups and downs in your business just like in anything else. One thing that can really damage your business is collecting bad customer debt. This would be where the customer is behind on payments, or hasn’t paid for services acquired or products received. This sort of thing happens sometimes, but allowing this to happen can cost you much more money than the original price of the service or product, not to mention a killer headache.
You may have to pay court costs in order to try and get the money... Read more
Tags: Accounting, bad debt, credit cards, customer credit, debt, Finance, Finance and Accounting
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Published September 19th, 2007
Q: I have a chance to get in on the ground floor of a new business. Although I don’t have enough money to buy the business, the present owner will finance me 100% at 15% interest - about $100,000 total. I figure I can make that up pretty quickly once I get started. Am I right to think this is a great deal for me?
David
A: David my friend, you are about to make the No 1 mistake someone can make when starting a new business. No, not the No. 2 mistake, or even the No 3 mistake. We... Read more
Tags: Accounting, debt, Finance, Finance and Accounting, loans, MrAllBiz.com, small business expert, Starting a Business, Steve Strauss
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