Doing business today is more daunting than ever. With the advent of internet marketing, you have to contend with more competition from a global platform. If you don’t already have an online presence, you have to invest in various digital marketing strategies to get a piece of the pie. With over 3.26 billion internet users today, it goes without saying that you need to boost your visibility on online platforms. At the same time, you still have to cope with the rising cost of operations which will inadvertently lead to borrowing. If you are a startup or small business, you will concur that competing in this environment calls for increased investment and this is where things get tricky.
According to the U.S Small Business Administration (SBA), most startups and SMEs in the country fail within the first few years of launching due to cash flow issues. It is understandable then that most of them resort to heavy borrowing. As a young business, you will find yourself exposed financially in no time if you don’t resolve your debt load. For most business owners, there is always that hope that things are going to turn around and before they know it, things get sticky and they are pushed to the brink.
Protecting Your Business on Social Media
If you are struggling with debt issues in your business, you have to appreciate the fact that the risk you face today is quite different. A few years back, it was possible for a business to go down in debt and rebuild itself slowly in the future. Today, bankruptcy will virtually wipe away all the sacrifices you have made to get where you are today. It only takes a story on social media to start things on a downward trend. Many businesses have collapsed on account of stories about them going viral on social media.
It only takes a story on social media to start things on a downward trend.
It only takes one dissatisfied customer to hint about poor services arising from your financial situation to ruin everything. Twitter, Facebook, Instagram, YouTube, and WhatsApp are now the new frontier for business reputation management and if you don’t have a strategy to deal with your debt, you might find things getting deicer for you.
This is where business debt settlement comes in handy. However deep your business finds itself in debt, you should never give up. Instead of going on a defensive mode on social media, it is time to rethink your business debt strategy. Most startups operate on hope and this is where things start falling apart.
Business Debt Relief Options
There are many reasons to start working on your debt situation sooner than later. For a start, your assets are at risk and if your creditors realize there is no debt plan in place, they will swiftly move to attach your assets. By signing up for a debt relief program, you will manage to protect your assets while at the same time averting any whiff of your debt situation on social media. It might not appear like a big deal until you discover your most trusted clients are no longer interested in your services due to the rumors doing round on social media networks.
There are different debt relief options which you can rely on to get your business off the hook in terms of debt. They include:
1. Debt Consolidation
This entails taking out a new loan to settle all your existing debts. This means you now have only one loan repayment to worry about. With a single payment, you will find it easier to manage your cash flow. You will also have some peace of mind as there will be no more collection calls, and this allows you to focus on rebuilding your business. The lower interest rates charged are a good reason to go for debt consolidation as your debt relief option.
2. Debt Settlement
If you are falling behind on loan repayments and equipment lease payments, and collection calls are filling most of your work day, it is time to reconsider the debt settlement offered by Creditors Relief. The idea is to negotiate with your creditors for them to agree on a one-off payment which is lower than the owed amount. This is a win-win situation because the lender will recover some of the money you owe them while your business gets relief. Your assets are protected and your reputation will not be tarnished.
3. Debt Management
This is a debt relief alternative where a third party takes over your debt repayment. This third party has experience in dealing with lenders and they will therefore negotiate for better rates. This program involves halting of all repayments as the negotiations continue and this can ruin your credit score further.
Of course bankruptcy is also considered as an option to deal with debt, but this should only be used as a last resort. The best debt relief strategy is geared towards protecting your business reputation and your assets. In an age where perceptions are everything, any whiff of financial trouble in your company will ruin your brand and the damage might be irreparable. With the quick pace of information flow on social media, one thing that should always be at the back of your mind is how to avoid negative publicity on social media.
Choosing the Best Debt Relief Company
There are many debt relief programs around and choosing the best can be a daunting task. To avoid falling for a scam, always look for a debt relief organization with experience. Better still, look for an organization that is BBB-accredited. A good debt relief organization should also be a member of industry associations such as the American Fair Credit Council (AFCC), the National Foundation for Credit Counseling (NFCC), and the International Association of Professional Debt Arbitrators (IAPD).
Always talk to other business owners and ask for referrals and recommendations. Remember most businesses are facing financial constraints just like yours and they also seek debt relief programs to get back to their feet. Whatever you do, make sure you go for a company that has the prerequisite experience in settling debt and helping companies to avoid losing their assets or damaging their reputation on social media.