6 Ways to Get Your Business Back on Budget

Your business may be your passion but it also needs financial stability and improvement to grow. Like with any budget, the keys to keeping it healthy are careful planning, aims and awareness.  Of course life is unpredictable, so flexibility is also hugely paramount.

If your budget is looking a little under the weather or you are simply looking for a new plan that will inject some life into your finances, consider some of the following:

Look Back to Move Forward

If this isn’t your first year in business then you should have records detailing your financial history – the good and the bad. Budget for your projected expenses, look at patterns and trends and adjust accordingly.

Overestimate Spending / Underestimate Income

Of course we are all wishing that our yearly profit will be impressive but we have to be sensible and even cautious. When figuring out your spending be generous, It is better to be safe than sorry.  The same goes for estimating how long a project should take; chances are it won’t all be smooth sailing – if it does then great, but if not then at least you’re prepared.

Gather Your Goals

Making goals in all aspects of your life helps you to stay focused and on track. Your business should be no exception. A lot of us know to make yearly goals, but encouraging yourself to make monthly goals allows you to really stay on top of all of your finances. You can easily and immediately spot and rectify any problems that arise.

Keep Yourself in the Loop

You need to make sure you review and reflect on your budget regularly. Analyze cash flow, incomings and outgoings. If your estimates do not match, you will need to find a way to make them so you don’t keep yourself in the red.

Flexibility is Key

Budgets are guidelines to follow and they are at best an educated guess. This means that when reality hits, you need to be flexible. Find ways to move your money around if you need to – you may have to use money from your own savings. If you can try and have some emergency money tucked away to use for any unanticipated outgoings.

Consult Those in the Know

When you have completed your budget, keep it at hand so you can regularly review. You can also ask a financial advisor to evaluate it and make suggestions for improvements.

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Commercial Debt Settlement for Small Businesses

Sometimes life can be unpredictable and you end up in a situation you could not have planned for. This can be the case for anyone, small business owners included. When it comes to debt, it is best to face it head on and be proactive in your behavior – sticking your head in the sand and ignoring the issue makes things a great deal worse.  You may feel desperate and that bankruptcy is your only option, however that is not the case. Commercial debt settlement may help you avoid bankruptcy and get your finances back on track.

What is Commercial Debt Settlement?

Commercial debt settlement is very similar to consumer debt settlement, and you go through the same steps to reach a result that benefits both you and your creditors. Bankruptcy can be a lengthily and expensive process, so it can often be preferable to look into commercial debt settlement. This means that your company can continue operating and your creditors are more likely to receive more of the debt back.

This option involves you or a commercial debt settlement company negotiating with your creditors in order to reduce the full amount and agree upon a monthly repayment plan, which will then be paid to the creditor. If you choose to work with a debt settlement company, they will work on your behalf to persuade the creditors to accept your offer. It is likely they will accept a lower figure if they fear you will claim bankruptcy in the future, and thus they would receive nothing or even less of the full amount. There are many companies that can assist you in this process – ensure you find a reputable organization that has positive reviews and experience in this area.

How the Process Works

The process can be a fairly simple one:

  1. Calculate the debt – firstly you need to figure out the exact amount you owe.
  2. Contact a reputable debt settlement company – research and find the best company for your situation. Give them as much details as you can regarding your situation and how capable you are to cope with repayments.
  3. Keep in contact – whilst the company is negotiating on your behalf, communicate with them so you are aware of any change in the situation. They can advise you appropriately. You may be encouraged to pay a lump sum or monthly repayments.

Benefits of Commercial Debt Settlement

Debt settlement can be a very beneficial option for small businesses, as you may not have large amounts of cash readily available and this option means you can continue to keep your business functioning. Additionally, you are able to pay off your debts in a relatively short amount of time and the full amount of the debt may well be reduced. Remember, this option will still have a negative effect on your credit rating for up to seven years; however this is a small price to pay to save your livelihood.

 

What are the Benefits of Debt Restructuring?

As a business owner, it is unfortunately conceivable that at some point you may have issues with your finances. This could be due to any number of external influences. As a consequence of this, you may find yourself in more debt than you intended which causes cash flow problems in your day-to-day business – or indeed in your life. While loans may seem appealing in the short term, they cause the company to incur more debt at a higher rate. One other option which may assist you from getting in further economic distress is a process called debt restructuring.

What is Debt Restructuring?

Debt restructuring is a process that began just for larger companies, but in recent times has become a viable opportunity for many of us struggling in a difficult economic climate. Debt restructuring offers an alternative to bankruptcy, which can be a costly and undesirable endeavor for businesses and creditors alike. Instead, debt restructuring aims to reduce and renegotiate current debts which allows your business to have liquidity and thus continue operating.  Restructuring can be a possibility for many different elements of your business, including invoices, bills, property, capital payments, equipment/machinery leases and many more.

What Are the Advantages?

There are numerous advantages for your business if you decide to restructure your debt. This can take off pressure and give you the time to focus on your organization’s growth.

Consolidation

Your business may be indebted to numerous different companies, leaving you with a confusing timetable of when and who to pay. Getting behind on these payments can be a huge headache, and even if you do keep on top of them, it can be extremely time-consuming and stressful. By restructuring your business’s debt you may be able to lessen the number of repayments to just one sum, making it easier to keep on top of your finances. When you come to your monthly budget, it is greatly simplified making it easier for you to plan ahead as you are more financially secure.

Lower Your Interest Rates

By owing a multitude of different lenders, your interest rates could be huge! This puts even more financial stress on the business and yourself. Restructuring can consolidate (as mentioned above) leaving you paying a lower interest rate and thus reducing your outgoings both now and in the long run.

More Cash Flow for Business

Your monthly payments may be crippling your business because you have hardly any liquidity to be able to put back into the company.  This severely reduces the ability of the business to grow. Restructuring can assist in freeing up money as you will be making lower payments, the knock-on effect being you can invest more into your organization’s success and future.

How do I do it?

If you think this might be the best decision for your business, then there are numerous specialist companies than can assist you in the process. Ensure these companies are reputable and experienced; restructuring cost money so ensure to deal with professionals and be sure of your long-term goals.

How to Pay Off your Student Loans and Live Well

College graduates come from a variety of backgrounds and earn degrees in every possible educational field. No matter where they attended school or when they graduated, however, they do typically have one common unifier: student loans!

Congratulations, you’ve just received your diploma…and in six months your student loan payments will migrate from deferment into repayment.

If you take it out relatively small loans throughout college, this may not be a huge problem for your current living situation or expenses. But for many of us, the question of how we’re going to pay off or meet our minimum payments at all is a concern.

Here are a few tips for paying off your college loan payments, but continuing to live well while you do it:

Meet more than the minimum payments.

Minimum payments for student loans are often less than $100 per month. While it may be tempting to make only the minimum payment, you can take advantage of paying off your student loans faster by doubling whatever your minimum payment is. After a few months, it will be part of your budget, and you will hardly notice the missing funds. Meanwhile, your college loan debt will shrink at double the rate – and your interest will shrink even faster!

Set a pay off deadline. 

Part of living well, even when you are on a limited budget, means knowing that your situation is going to improve. So set yourself a payback date for your student loans and ensure that you have your loans paid back in full by that time! Then, the funds that were going towards your loan will be freed up and you will have the relief of knowing that your student loans have been paid off successfully. You can then put the funds that were going to student loans toward other unsecured debt or into savings. Either way, setting a payoff deadline will make you more likely to pay off your student loans off in a timely fashion. as well as offer you a goal to work toward.

Pay off undergrad loans while in graduate school.

If possible, use the funds you earn from work in graduate school (which typically involves assistant professor positions), and put them towards your undergrad student loans! Of course, if you are attending medical school or law school or a high dollar program, this may not be possible, but try not to incur any more debt by taking out additional student loans, if you can help it. Live at home, or move into a place with more roommates to split the costs. Living well involves pursuing your goals, so some small material sacrifices may have to be made.

It will all be worth it in the end, though, when you are student loan debt free!

Cain & Daniels Can Put You Back in the Black

Our number one priority at Cain & Daniels is you and your individual situation. Expect us to provide our valued client with premium advice on how best to approach the task of balancing and re-organizing credit and debt problems. We will make it our duty to assist you in tackling the persistent debts that could be holding your business back so that you can get “back in the black.”

Our financial advisers will apply their expertise to your situation and produce a debt resettlement plan that could have your credit situation much improved in just weeks with finances back on track to profitable endeavors. It may seem like we set exigent standards for ourselves and our service yet we have the experience of over 10,000 cases, so we know what it takes to help you.

To retain our services and get the remedial process in motion, just pick up the phone. We can arrange a consultation in which we will establish the width and breadth of the situation and then collaborate with you to plot the best course out of the financial pickle. Because we understand the situation you are in, we will not be asking for any upfront charges for the time and resources we will invest into remedying your situation.

In the light of this aspect, there is no good reason not to give us a call and see how we can add some financial stability or confidence to your enterprise. Not only can we provide you with advice on escaping the bog of bad credit, but can also help you plot a financial plan to keep you safe from bankruptcy. Just fill out a form on Cain & Daniel’s official website and we will get back to you promptly.

Expect a call within just a few short hours — another business ethic our experience has taught us is that speed is the order of business when matters affecting the future of your business, assets and financial mobility are stalled. Small and medium-sized companies are especially susceptible to financial setbacks in today’s corporate world — for this reason it would be essential to count on the support and guidance of a qualified professional to mitigate the harshness of the circumstance.

Since the economy took a turn for the worse, the number of enterprises that have filed for bankruptcy is increasing. The government has also made it increasingly more difficult for businesses to use bankruptcy as a safeguard for any assets they have left. So if staying put is not an option and there is no help from running to bankruptcy, what is the modern business supposed to do?

This is a good question to lay before the experts at Cain & Daniels. There is no need to become entangled in the web of red tape and mountains of paperwork that involve filing for your own bankruptcy. We at Cain & Daniels will handle the situation and find the most expedient way of securing remaining assets, reducing financial loss and getting you back in control. This is our promise.

At Cain & Daniels, Inc, the client is the priority, although it may not be simple, or even possible to achieve the most desirable results from every situation, we do know there is always a way to pull some kind of victory even from the grimmest outcome.

If you feel the gaskets of your financial mechanism are about to bust, call for our expert assistance, and we will stand at your side and find the best way back to a future full of opportunities with you “Back in the Black.”