“Too many people spend money they haven’t earned to buy things they don’t want to impress people they don’t like” – Will Smith
The Holiday Season tends to lure us all into getting into more spending and debt. Big-item buying and unplanned spending is as bad for personal as it is for business finances. Festive Season has the magic of making us all a bit merrier and light-handed when it comes to shopping, parties and Christmas gifts, but most of the time the headache from unnecessary debt comes “the morning after”.
No matter how generous and ecstatic you feel, think twice before putting another item in your Christmas shopping cart. You can’t avoid Christmas spending, but you can surely avoid putting yourself in a financial predicament that could lead to cash flow problems due to more debt as you start the New Year. Continue reading →
‘Do not wait; the time will never be ‘just right.’ Start where you stand, and work withwhatever tools you may have at your command, and better tools will be found as you go along.’ – Napoleon Hill
There is no better time to crash change your financial philosophy and habits, than when you are already in debt. For some reason, a real crisis is the best push to motivate us to change our old ways and habits to avoid the same pain.
“Don’t be afraid to give your best to what seemingly are small jobs. Every time you conquer one it makes you that much stronger. If you do the little jobs well, the big ones will tend to take care of themselves.” – Dale Carnegie
Are you searching how to solve your debt problems? By now I guess, you are startin to realise that your debt problems are connected to your other problems? … The common thing in all that is … YOU!
The secret in overcoming any obstacle is in the right mindset and attitude. I would like to share below some of the beautiful and empowering quotes that I find inspirational when I am facing big challenges. I hope they inspire and empower you too! Continue reading →
“Some business owners have had their business for months or even years and when I give talks about credit policies, credit limits, and credit applications, they say, “I never did any of that and I have so many customers that owe me money and are past due.” Many think it is too late to do anything about it, or they are afraid to ask a customer for the money or ask them to fill out a credit application. They think they will make the customer mad and lose the business. If the customer is past due or not paying you, why do you worry about alienating them? This is a customer you do not need. If someone is not paying you, they are not helping you. Wouldn’t you rather have a customer that pays you? Stop working for free.
If you have customers that owe you money right now, today, you can and should do something about it. Add up how much money is past due or is not being paid, the dollar amount will shock you. Now is the time to take action!” Continue reading →
‘This question is hard to answer, because there are no simple answers here and the outcome of this situation could easily be fatal to the business and if you are personally guaranteeing this money – and you probably are – this could potentially be very serious for your personal life too.
The things that you need to do, in my opinion are:
Find out why? If the reason given are not satisfactory, you will need to get legal advice.
Try and extent the deadline? If that is possible reduce the overdraft as soon as you can, or negotiate a stepped reduction of the O/D limit, ie. by month or week.