Business debt can sometimes feel like a rising tide. It’s manageable at first, but then it suddenly laps your ankles when you’re not paying attention. Debt doesn’t have to drown your business, and most companies do carry some level of debt at various stages. The trick is knowing how to stay afloat when that debt starts to pile up. You need to be able to keep control of the situation, and the first rule of debt survival is awareness. You don’t need to pass this over to your accountant while you ignore it. This is something that you need to be very hands on with.
Reaching out to lenders, renegotiating your terms, seeking professional advice and doing all of this before things feel urgent will open up more options and reduce the pressure on you. You’re grabbing a life jacket instead of waiting for the water to rise, and regular check-ins on your finances will help to ensure that your debt stays a tool rather than a trap.
Business debt doesn’t have to trip you up. With the right mindset and a clear plan, you’ll be able to keep moving forward. And the infographic below can help you with getting out of your business debt in the first place. 
Infographic designed by Delancey Street
Top photo: Image by StartupStockPhotos from Pixabay
