How to turnaround your failing small business & stop
SBA loan default
If you are like many small businesses, you eventually hit a financial
roadblock. It may be because of the economy or because your customer's
needs have changed. But while you are struggling to survive, you
are not only dealing with cash flow problems but also facing SBA
loan default. If this is your case, you are not alone. Hundreds of
thousands of small businesses all over the country apply for and
get new SBA financing every year. And the majority of these will
go out of business during their first five years. Facing SBA loan
default is common.
So what should you do about it? Should you just default and not
pay back your loan? After all, the SBA or Small Business Administration
financially backs up all SBA loans through the bank. The bank stands
to lose nothing, so why should they pursue you?
The
3 vital factors you must know before filing for business bankruptcy
The First Step to Becoming Debt Free So, you want to be debt free do ya?
Well of course you do!
So what's the simplest, biggest positive impact "tip" you can take?
Easy: Stop overspending.
I know, I know... society, our "get it now, pay later" culture, advertisers and the allure of "instant gratification" have a strangle hold on you, but hey! The truth is: if you never cure the root cause of the problem, then the problem will never go away!
So what's the root cause of all your debt problems? Spending too much.
How can we cure this problem? The answer is simple. Not exactly "easy", but very simple: Control your spending. How do we do that? First, we must TRACK our spending.
Research has shown that people who do not track their spending on average spend 10% MORE than they make. Sound familiar?
So how do people who over spend get by each month? Enter credit card debt... have any? If so, I would venture to say that you may not be tracking your spending either. Is this the case? If so, take the first step to becoming debt free and take control of your spending.
The best way to get control of your spending is to find a simple way to begin tracking your spending. You must set up a spending plan (budget). It takes choice, action and some self discipline, but hey, so does ALL financial success.
What's in it for you? Well, by tracking your spending you'll recover the 10% of your income that you're currently over spending and STOP the "need" for you to go further into debt. Just think:
If you make $3,000.00 a month in income, that's THREE THOUSAND LITTLE CHOICES you have every single month. That's a lot to account for, but by DOING IT; you will gain insight into your spending habits. Simply by becoming aware, you will start making better choices.
I personally recommend the Mvelopes Personal Budgeting System - http://startovertoday.mvelopes.com . Try it free for 30 days. If you actually DO it, you will find the tool saving you a lot more than the $7.95/mo it costs to continue.
This is the one thing I challenge all of the people I consult with to do, whether they are asking me for help with debt consolidation, debt settlement, credit counseling, and bankruptcy or even investing, the reality remains the same: we must learn to control our spending. Tracking our spending is the first step to becoming debt free.
About the author:
Jesse Niesen is the COO of STARTOVERTODAY.COM, a Nationwide Financial Solutions Company solving financial, debt and credit problems for clients nationwide. Jesse has led STARTOVERTODAY.COM in helping thousands of people resolve over $20,000,000 of unsecured debt since the summer of 2002 - without any complaints to the BBB. His team of Financial Strategist offer debt management consultations to help you make your best decision for immediate debt relief and long-term financial success. They offer all options available to you without bias, including debt consolidation, debt reduction, debt elimination, credit counseling, bankruptcy, debt settlement and more! Call toll-free 1-800-251-1991 or visit www.startovertoday.comto become DEBT FREE and to have your financial problems solved today!
http://www.startovertoday.com/
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The
3 vital factors you must know before filing for business bankruptcy
Choosing a Debt Management Program
"Warning: DO NOT Begin any Debt Management Program, UNLESS the Company You Choose Meets these Six Criteria:In fact, if these six criteria are not met, don't even get your hopes up... 1. The company has been in business for over one year. If 9 out of 10 new businesses fail within one year, why would you want your financial future dependent upon the success of a brand-new business? There's been an explosion of debt management, debt settlement, debt negotiation and credit counseling companies i. . .
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