Top 5 Tips for Reducing Small Business Debt for the New Year


The top 5 tips weekly post is always full of hints and tips for small, home & micro business owners.

1. Make sure that you stick to a strict budget from now on, even if it has been difficult in the past. Accurate estimates of your monthly payments and expenditures are now essential.

2. Whenever possible, choose the cheap option over luxury. Small things, such as preparing a packed lunch rather than eating out, will all add up over the long term.

3. Switch to using cash on a daily basis rather than credit cards. It is too easy to just stick things on a card and add to a mountain of unpaid debt.

4. Alway pay off your highest interest credit cards first. Try to reduce all of you cards to below 50% of the limit or else your credit score could be affected.

5. Look for additional work outside of your small business. Unfortunately, sometimes the only way to get your business out of severe debt is to work two or more jobs.

If you have additional tips, please share them in the comments section below.

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