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How Should my Business Tackle Financial Instability?

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Is there anything scarier than feeling like your personal or business life is threatened by financial instability? Financial worries are right up there with the worst of the worst. If you're beginning a fledgling business, or your business is experiencing a downturn, your "bottom line" is more like the Front-and-Center line as you try to get your financial orders back to black.

Here are some business finance tips that can help your company remain as financially stable as possible.

  1. Consult with a financial advisor. This is one area where it's worth it to spend a little money in order to protect - and potentially make - a lot of money. Look for a fee-only (this means they charge a straight rate and do not make commissions or extract hidden fees) financial advisor who specializes in business or corporate finance. They will educate you and empower you about where, how and what you are doing with your company's money.
  2. Identify the problems. This can be challenging for business owners who don't have a natural inclination towards money and finance. If you can, try to identify the types of money problems your company is having so you can begin creating a plan to rectify them and bring the financial pendulum back where it should be.
  3. Restructure your debt repayment and interest rates. Often, new businesses end up with higher repayment plans and/or interest rates than established businesses. If you have been in business for a few years now, you may be eligible for payment plan restructuring or lowered interest rates. You and/or your accountant should make phone calls to see what adjustments or changes can be made.
  4. Liquidate some assets. If push comes to shove, unloading your assets can liquidate a substantial sum of money that you can use to boost the coffers where it's needed. Again, a financial advisor or an experienced certified accountant will be able to take a macroscopic view of your assets and debts and help you create a more solid financial plan.

Don't wait until it's too late. Contact PaperFree to learn more business finance tips and to

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