Ways To Dig Your Small Business Out of Debt

Small businesses form the backbone of our economy – but debt can impact even the most comprehensive business plan. For many, it will take a long time to repay this debt. Can businesses get back on their feet after a bad debt burden? Today, we offer some tips that can help get your business back in the black.

Running a Debt-Free Business

To get back on your feet, stop spending and map out a course of action that gets you moving toward positive cash flow as quickly as possible. Options can include:

Creating a budget
Decreasing your expenses
Negotiating with your suppliers
Increasing revenue
Snowballing your debt repayment
Considering debt consolidation

Start by keeping careful track of your expenditures and creating a budget. Then, by using the six strategies above, you can move toward positive cash flow and upward growth. Try tried-and-trusted tactics like throwing a sale, expanding your customer base, or rewarding loyal customers.

Another option is to work with a professional to help you manage your business's debt load. This way you can restructure your debt into less expensive terms and work with one company to pay off all your creditors at once instead of juggling multiple payments.

Also, your business obviously won’t last long if you aren’t getting paid for your services. To facilitate prompt payment from your customers and clients, keep billing terms simple and give them multiple ways to pay you.

Building a Financially Sustainable Business

You may be able to dig your small business out of debt, but that doesn't mean you can stop worrying about cash flow altogether.

Brush Up on Business Best Practices

Knowledge is power, and it's never too early (or too late) to start learning about business best practices. Learning more about business management and accounting can help you improve your company's efficiency and drive profitability.

Apply for a Small Business Grant

There are several small business grant opportunities in the form of government, community, and private grants. Government-funded programs can provide your business with the cash injection it needs to get back on track. Grants from community foundations also provide much-needed funds to help small businesses thrive.

Finding the right grant can be challenging, but the application process is generally the same:

Have a business plan.
Look for grants related to your industry.
Follow the application procedures.

Form an LLC

There are many business structures to choose from, but one of the most popular is a limited liability company. There are many tax and legal benefits, but make sure everything is filed properly.

Earning an MBA

If your business is in debt, an MBA could be a helpful tool for getting it back on track. The skills you learn while earning your degree can give you the strategic and financial tools you need to make better decisions for your business. You'll also develop a network of contacts that can provide advice and support. In addition, the MBA designation can help you attract investors and partners. While there is no guarantee that an MBA will get your business out of debt, it can give you the knowledge and resources you need to make your business more successful.

The easiest way to attain an MBA is online. As opposed to in-person learning, online programs are affordable and flexible so you can still focus on running your business.

Get Your Business Back on Track

There are many options for digging your small business out of debt, but by taking steps like creating a budget, increasing revenue, and even earning an MBA, you can get started today in getting your business back on track.

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In order to stay competitive as a business you have to be regularly posting on social media. However, I own a small business and managing my own social media while I’m trying to run a company isn’t really productive. Thankfully, I found SP Marketing. They have been great. They do all of our social posts for us so that I don’t have to worry about it. It’s really helped the business grow. They are very professional and very easy to work with. I don’t know what I did without them.
Angela Tolbert

Kenneth Robinson
I use SP Marketing for a number of things but I have to mention how useful it’s been having them help with Google Pay per click management. This company is fantastic at what they do. They are on top of everything and they are always so professional. I really don’t know what I would do without them. If you need any kind of digital marketing help this is the first place I would recommend. They put a lot of emphasis on customer care and they have really helped my business grow.
Joseph Qrtiz
We hired SP Marketing to run online and social media ads for our company. I wasn’t really sure what to expect but decided it was worth a shot. The uptick in sales has been wonderful. These guys really know what they’re doing and their ads have brought us so many new customers. I’m so thankful. I highly recommend them.
Cherry Peterson
I just love SP Marketing Experts. I needed some major help with link and citation building and these guys were able to handle everything for me. Their services have been so useful. I can't remember the last time I worked with a company that had such great customer service. If you're looking for any kind of digital marketing help for your company this is the first and only company I would recommend.
Harry Warner
SP Marketing helped us completely redo our website. The old one was such a mess and we needed so much help. The end result was modern, easy to read, and very user friendly. I couldn’t be happier with their services. They did such a great job for us. I would 100% recommend them to anyone who has a business and needs website or marketing help. They do a fantastic job. They really delivered for us.
Angela Tolbert
In order to stay competitive as a business you have to be regularly posting on social media. However, I own a small business and managing my own social media while I’m trying to run a company isn’t really productive. Thankfully, I found SP Marketing. They have been great. They do all of our social posts for us so that I don’t have to worry about it. It’s really helped the business grow. They are very professional and very easy to work with. I don’t know what I did without them.

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Statistical Performance Marketing is a digital marketing agency and web design firm specializing in a variety of online marketing channels. Since our founding in 1999, it has been our goal to help all businesses run more efficiently and effectively online with outreach and remarketing campaigns. Combined, our team of designers, developers, and marketing experts have over 40 years of experience and an ever-growing drive for success.