As all business owners know, whether small or corporate level business, debt is an always looming issue to consider. In 2012 the average debt for small businesses was about £30,000 based on credit cards and personal loans. As the economy still continues to recover slowly, many small businesses and startups are facing the challenges of establishing a business and balancing overwhelming debt. Businesses now face the hard decision of closing up or continue to struggle in a slow moving economy.
While you may feel the strain of debt on your business, there are ways to help control your finances and get your business from startup to successful. One way is to create a strict budget and talk to your creditors about getting a lower rate on your loans. This infographic fromConsolidated Credit gives some helpful tips on how to bounce back from crippling debt and get your business back to financial stability.