Using debt to leverage business growth and profitability is very common. As long as the business generates enough cash to cover the principal and interest repayments, everything is fine. However, if the business does not do well due to any reason, finding enough cash for the debt repayment can be tough. The situation may force the owners to take on more debt to repay the earlier ones.
If the business takes on too much debt, it might force a business closure causing substantial losses to both the owners and the creditors. If a debt trap threatens the existence of your business, you could look at debt consolidation to bail you out. Take a look at its pros and cons: Read More
Running a small business is no small feat. Being in charge of a business of any size is a great deal of responsibility, and requires ingenuity and a penchant for hard work. After all, if you have employees, then you have people who are depending on you for their livelihood, as well as the wellbeing of their families. However, when it comes to running a small business, the level difficulty only increases when you hit a maturation point as you evolve into a midsize company. With accelerated growth comes extra intricacies and details to manage that can increase the labor and entrepreneurial effort required to run a business. But, as the old saying goes, with greater risk comes greater reward. Here are some things that small business must keep in mind as they reach a higher point of maturation…
Keep employees engaged
Every business, at its core, is about the people who work there. Good employees have the potential to make a business succeed, while employees who don’t care will make it stagnate and fail. Although the start of retaining good employees is an effective hiring process, getting the most from your employees goes far beyond this. Read More