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  • Offshore Legal & Tax Consultants

    Small Business Debt

    EST. 1996

Ways to Get Rid of Your Small Business Debt in 2022

Numerous small businesses are still encountering extreme hardships and pressure due to the pandemic and are compelled to keep on adjusting to ever-evolving rules of lockdown and embrace new practices for keeping employees and customers safe.

Eric Dalius says that we know that these small organizations are an integral part of the economy however, they are financially quite weak with very little resources for buffering and withstanding minor financial shocks. Small businesses should be more proactive in terms of getting rid of overpowering debt.

Here are some smart tips to get rid of your business debt effortlessly in 2021. 

Table of Contents:

Existing Debt 

Focus on sorting all your debts by monthly payments. This includes lines of credit, payments on business credit cards, and business loans. Small businesses may follow the ‘Debt Snowball Method’.

Start by listing your outstanding debts from the smallest debt to the largest one irrespective of the interest rate. Start by attacking the smallest current debt while going on making minimum payments due on the remaining of your debts.

Keep repeating this method of identifying the current smallest debt and eliminating it at first.

business debt

Boost Sales

Some things to consider to boost sales.

Consider Rewarding Loyal Customers with a loyalty program

You may start a loyalty program which could boost client satisfaction and retention.

  

What We Offer? Offshore Protection provides offshore strategies to restructure your business and assets. See our services for more or get in touch and see if an offshore plan is right for you.

 

  

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Be Active On Popular Social Media Platforms

Engaging with your customers on social media platforms helps to ensure repeat buyers. Focus on responding promptly to comments, keep asking for input, and focus your attention on the reviews you are getting 

Raise Your Prices

Volume discount on bulk orders, special deals, limited time only bargains can help keep your business competitive in an increasingly challenging market where often the bottom dollar wins.

Cutting Costs

In order to keep costs down you could sell off office supplies or equipment, consider downsizing to a smaller office space with lower utility costs, lower rent or try for a co-working office space or even moving into a rent-free home office.

Quit Creating More Debt 

Stop taking on more debt at any cost. Do whatever it takes, even if it means cutting up credit cards. Taking on more debt when there is already debt to be paid will only make a bad situation worse.

Consolidate Debt Obligation 

Consolidating your debt combination doesn't delete obligation, however, it can make it simpler to repay. In the event that you can get a lower-rate credit extension or term advance you might be able to bring down your regularly scheduled installments.

The lower your financing cost, the more your payments go to taking care of the debt. If you are falling behind on any of your debt, let your creditors know. Given the business climate it is likely that you will be able to gain some time or come up with a payment plan to get on the right track.

Conclusion

There are many ways of getting rid of your debt.  Be determined to eliminate your debts and follow the above-mentioned tips to become debt-free in 2021.

  

Can We Help You? Offshore Protection offers holistic offshore strategies that includes the use of offshore companies, trusts, accounts, and second citizenships to diversify, protect and internationalize your life. We also provide a wide range of financial and legal services. Claim your free offshore consultation to find an Offshore Protection solution. 

 

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***Note for U.S. citizens: US citizens are limited in their tax reduction possibilities due to FATCA and CFC laws. Opening an offshore company can increase privacy and asset protection, but you can not eliminate your taxes without giving up your citizenship. If you are a US citizen you are obligated to pay taxes on all worldwide income. Read more here about FATCA and CFC laws.

 

 



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