The 911 Call for a Failing Business

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Starting a new business can be as exciting as it can be intimidating.  After all the research has been concluded and the decision made to go ahead and start this venture, unforeseen circumstances can pose seemingly insurmountable obstacles.  This is not the time to throw in the towel - not just yet.  There are options that can reverse the downward trend and turn this business into a lucrative company again.  

Reduce Business Debt

Vigorous pursuit of corporate debt reduction addresses the liquidity of the entire company.  Every aspect of a business undergoes scrutiny to detect and reverse unnecessary spending.  If there is an area in which time, material or labor can be reduced, then this needs to be implemented at once.  Inventory is another area in which often cuts can be made.  

Cut Overhead Expenses

Before taking steps for debt release, have your business in the best order possible.  Whatever expenses you can cut will help you in your effort to negotiate a settlement.  Have your files with a couple of proposals ready to present to the representative who is working with you in your effort to save your company.  Your future earnings will be compared with current debt.  By already having installed new guidelines to cut unnecessary expenses, you are a little more in control.  You will also have a better idea of what to expect from a company that helps you to reverse the current trend.

Reduce Client Credit

Sometimes, despite all of your best efforts to become solvent, a business becomes a serious liability.  When a company finds itself with a balance sheet that lists more debt than income, corporate debt settlements can give your company renewed life.  A plan that allows reduced payments within a greater timeframe gives a business the opportunity to recover.  It is also a lifeline that breathes renewed vigor and enthusiasm into people who have given their every waking minute toward their dream.

What is Debt Settlement?

Making the Most of a Business

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The only way for a business to support itself is to be successful.  As the owner of this business, you will also want to make a profit.  A solid customer base will allow for making some changes that may improve sales and expand clientele.  A small business loan can help to realize this ambition.  When the areas that bring the biggest returns are misidentified, businesses run into financial trouble.   

Have The Client In Mind

One area of improvement any business must heed is the relationship with its customers.  If your business includes children, expanding your space to have an area that is safe and attractive to children will induce their mothers to visit your business more often.  The expense of hiring a trained supervisor for children will easily offset the expense.  However, a loan for a frivolous project that is not conducive to business increase may demand corporate debt restructuring in time.

What Are Cost Effective Improvements

The best way to proceed with improvements is after an analytical study of concrete numbers of profit.  Statistics have all the information regarding the improved business tactics in certain areas.  Some businesses do better with a larger parking lot.  Increasing the number of employees may be the key to run a business smoother and more customer-friendly.  Businesses that run into trouble often ignore simple, but key, issues like these.  When business loans are involved in mismanagement, debt release is frequently the only salvation to keep afloat.

Foresight

Every business owner is positive and does not expect the business to fail.  Neither do the banks that provide the loan for establishing the business.  To have a slush fund available for those times is a prudent decision.  However, when expenses are higher than profit for an extended amount of time, even slush funds will become depleted.  Corporate debt settlements may be the only plausible answer to keep the business solvent.

Business Partnerships and What They can Mean to an Enterprise

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Even the best partnership will not withstand the stress of trying to make a new business into a success unless there is great communication between them.  A certain amount of autonomy is necessary but for major decisions, discussions are the only sustainable method for a partnership.  This is especially true when the subject is borrowing money.  Small business loans may be necessary from time to time to keep a business financially afloat.  Without communication, one partner may be actively involved in expanding the business while the other is trying to limit spending.

Taking Out Loans

Before borrowing money from the bank for a project or the purchase of a different building, business partners must come to the same conclusion regarding the necessity of a loan.  Harmonious and conservative cooperation is a better prescription than independent excursions into debt.  However, sometimes communications are interrupted and impetuous decisions made.  It is not the end of the business venture when financial troubles loom overhead.  Corporate debt restructuring is often the way to pay off debt and still keep the business.

Payment Plans

Whenever there are loans, there are payments to be made.  Businesses must have a payment plan in place at the moment they sign on the dotted line.  Unfortunately, even with the best intentions, plans may go awry and a business could default on payments.   Corporate debt settlements may be the answer to financial difficulty.  This method of repayment will decrease the monthly amount to manageable sums and stretch them over a longer period.

Is There Another Alternative?

When paying back a loan is so unrealistic, there may be a debt settlement possible.  Creditors often allow loan repayment of the principal only.  This way, only interest is lost but the creditor will still receive the portion he actually extended to the borrower.  In most cases, this is preferable to the borrower going bankrupt and not getting any repayment at all.

What is Debt Restructuring?

A Few Tips Before Starting Your Business

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Many people dream of having their own business.  They may have wanted a small shop with a handful of employees for years but have never actually considered all the necessities that go with it.  There are a number of items to consider when opening a business.  It is important to make a plan that not only includes the success of a business but also a strategy that can be an effective back-up when the business experiences a slump.

Location, Location, Location

The best place for your business will be a place that has lots of traffic but easy access for parking.  If a customer has to wait for several light changes before the opportunity to make a left turn arises, you may lose that customer.  The neighborhood in which your business is should be clean and safe to be attractive to customers.  If your large glass plate window is cracked or dirty, a customer may equate this slovenliness with the quality of your service or your products.  A little oversight like that may contribute to needing help with a corporate debt settlement soon after you open your business.

Limited Spending

Starting a business lends itself to having every detail covered before opening the doors to the public.  Often that also presents a huge temptation to equip your business with the newest and best of everything, not just in your supply inventory but also in office furniture and decorations.  There is nothing wrong with that once you are established and have realistic expectations of a prosperous income.  To avoid corporate debt restructuring, however, a little patience with the newest and brightest may serve well.

Study The Market

The service you provide may be phenomenal in Chicago, but if your business is in Bradford, Pennsylvania, you may have to either move or change your business.  If the demand is not there, it is guaranteed that you will need assistance with debt release before too long.

What To Look For In A Corporate Debt Restructuring Company

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If your business is not doing well financially, it may be time to look into corporate debt restructuring. The good news is that there are a great deal of debt restructuring agencies that have the necessary experience to help you streamline your business’s debt. However, not all of these agencies will provide the best results so here are some things you should always look for when picking the right one to help you with your corporate debt settlements.

Avoid Spammers

You have probably noticed that both your personal and business emails and phones are seemingly constantly plagued by companies promising to provide debt release or help with corporate debt settlements. While these companies are easy to find, the fact that they are so desperate for clients that they feel the need to spam is a bad sign. This indicates that their services are not of the top quality and they may not be the most reputable.

Never Give Credit Card Information Over The Phone

Some corporate debt restructuring companies will seem great the first time you talk to them on the phone and will ask for your corporate credit card information in order to “start the process” and look into your debt. There’s a high probability that companies who ask for this are scammers as no reputable company that deals with corporate debt settlements would ever ask for this information over the phone.

Be Reasonable

Some debt release firms will claim that they can eliminate all of your debt in a few weeks no matter how large the debt is. Most of the time companies that make very specific and unbelievable claims simply want to attract clients and will not be able to deliver on the claims. Keep in mind that corporate debt settlements can be a slow process and will never happen instantly. Instead, look for a corporate debt restructuring company that makes claims that seem reasonable.

What are my options to eliminate business's debt except from filing bankruptcy?

What Does A Debt Release Company Do?

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These days it can be very easy for both individuals and businesses to find themselves in debt. If that is the case for your small business, you may feel as if there are not many options available. You have probably heard of debt management companies that will help you with debt release but you do not know exactly what they do. While the exact services may vary by company, most will have a few things in common.

Talk To Creditors

 

One of the most important things that debt restructuring companies will do for you is talking to creditors. They will work in order to get new payment arrangements that are more affordable for your budget or even arrange corporate debt settlements. By taking care of talking to the creditors for you, these companies will leave you with more time to spend working on your business, ensuring its growth and success.

Check Possible Solutions

When you first talk to a debt release company, they will sit down and go through all of your options with you. The best companies will be honest about whether they feel that their services are ideal in your situation or if you should consult another company, in which case they will probably refer you to one. When trying to find the best solution, they will take a look at all the relevant factors of your debt including the amounts and number of creditors.

Debt Restructuring

Corporate debt restructuring is a method of restructuring your company’s debts in order to reduce them overall. This in turn will not only help your company avoid bankruptcy, but also increase its cash flow, making it much easier to function as a business. They will go through the entire process in a way designed to make you feel more comfortable about your business’s finances.

Tips To Reduce Your Business’s Debt

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All businesses at some point or another will experience debt and that is especially true of small and medium sized businesses, especially those that are just starting up. The good news is that there are some things you can do to help reduce your business’s debt and stay out of the red. Here are some of the best tips to help you get debt release.

Reducing Costs

Although reducing costs is one of the most obvious things to do, it is also one of the hardest. Try to look for areas of your business that are high cost but have a low return. If you are able to reduce your costs, you will be able to make and save more money, allowing you to pay off your business’s debt more quickly.

Increasing Income

 

Going along with reducing your business expenditures is trying to increase the income at the same time. You can raise your prices, increase sales or try to seek out a new market. If your business owns an office or warehouse, you can even rent out unused space to help generate more income.

Restructure Your Debt

Corporate debt restructuring is one of the best ways to help reduce your debt if you are not able to reduce costs or increase profits enough. This will help you decrease your debt and will even allow you to free up some of your time that you would normally spend talking to collectors. There are many corporate debt restructuring agencies which can help you with this task and help you achieve debt release.

Make A Plan

One of the most important things to do when attempting debt release is to create a plan. Sit down with a corporate debt restructuring firm or other experienced professional and decide which bills you will pay at which point and what budget your business can afford. Try to determine how long it will take to pay off your debt so you will be able to better plan your business’s future.

What Elements Should Be Considered When You Are Searching For A Quality Corporate Debt Restructuring Company?

Options To Eliminate Your Business’s Debt

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It is not uncommon for small or medium sized businesses to face problems when they are first beginning. It can be very easy to find your small business falling into debt due to all the costs including rent, equipment, wages, taxes and others. Many people become concerned that their only option is to simply give up on their business or file for bankruptcy but there are many options for corporate debt settlements that will leave your business still functional. Here are some of the options. 

Renegotiate

If your business has several large debts and you know there is no way to pay them off, a great option is to renegotiate with the creditor. Corporate debt settlements and renegotiations are possible because the creditors know they would lose a great deal of money if you file for bankruptcy. Therefore, by renegotiating or settling the debt, they will guarantee they receive at least a partial payment as opposed to nothing, which is what would happen if you filed for bankruptcy. 

Corporate Debt Restructuring

One of the best options for a struggling small business is corporate debt restructuring. This is a great option for businesses that have old debt in addition to newer bills that need to be paid and are having issues paying them all. It is also a great option if you have already renegotiated your older debts and despite this are still not able to meet the payments. With corporate debt restructuring, you can eliminate or greatly reduce your debt without having to cut down on staff or equipment. 

Consolidation Loans

Another option to help eliminate your business’s debt is to apply for a consolidation loan. By doing this, you will be able to consolidate all of your current debts into one single loan, greatly reducing your financial burden. This option also eliminates the need to choose which debts to pay off first as you will only have one to deal with.

6 Benefits A Little Debt Can Do For Your Business

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If you haven’t previously considered cash advances for your business now is a good time to do so.  Getting a push with the economy the way it is can provide you with many different directions to take the company.  Consider the following benefits a cash advance can provide:

Securing New Inventory

We all love it when new products become available.  Unfortunately they are not always coming out when the time is right for our business.  A cash advance can make it possible for you to get it while it’s still hot.  It can help you fill your shelves as well.  Sometimes a little extra capital is needed to make sure you have money to handle promotional inventory.

Making Additions

Perhaps you’re looking to ad-on to your building and getting the capital for that can be difficult.  A little more room could make business really pick up.  A great way to handle this is with a little extra cash and a loan can do that.

Marketing Plans

Creating a marketing plan can be exciting until you start putting a price tag on it.  The budget can be hard to swallow once you've added all the numbers up.  A small business loan can help you make these plans come true and your business grow.

Pay Down High Interest Debts

You don’t want to keep letting money fly out the doors and are likely scared of more loans.  A good cash advance can help settle those debts that are high interest.  You can also consolidate the debts together and then only have the cash advance to pay back.

Covering A Move

A cash advance can be critical to assisting with a move.  The extra money will be needed for moving vans, boxes, tape or even leases.  Whatever you’re looking for you’ll be able to get with the use of a cash advance.

Last Minute Repairs

It happens to the best of us, something large or expensive breaks down and you’re scrambling with trying to figure out how to pay for it.  A little extra capital can help bridge these gaps. 

Simple Guide To Funding A New Business

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Working on a new business can be exciting and very tiring.  There will be no end of work to be done and many late nights ahead of you.  In addition there’s going to be the issue of money.  Getting a new business off the ground costs a lot of money and there are a few different ways you can decide to handle it.

Keep Your Costs To A Minimum

When you are applying for a loan or looking to open a new business you will need to gather information on expenses.  Make sure when you are composing what you’ll need to configure at the most basic level and then build from there as you start making money.  This will help insure you don’t get a bigger loan than you need as well.

Get It Going Quickly

You will want to hit the ground running because that’s the best way to get more capital to pay expenses down and to expand business further.  Before you get started with securing the finances be prepared with a plan to get that first sale and the next sale and so on.

Don’t Underestimate Other People’s Money

You can get a loan or cash advance and get started right away with your new changes.  In addition to looking here you can look to personal investors.  This money can be used to secure your building, inventory or marketing.

Don’t Underestimate A Solid Business Plan

It doesn’t matter how you decide to secure the capital there is nothing that can replace a business plan.  Good paperwork, research and writing have won more than one person the money to get their new business off the ground.  Take the time and utilize some of the many resources that can be easily found online so that you can get your plan together.

We at American Corporate Turnaround can work with many specialized lenders that provide a wide range of business financing options.  Give us a call at needs 800 754-1541 to discuss your.

What Can I Do To Make My Collection Calls Easier?

Collection Calls Can Be Made Easier With These Tips

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Making calls to your accounts receivables can be difficult, time consuming and stressful.  You don’t want to leave that money out there when it could be doing things for your business.

Make Sure You’re Prepared

Get paper, pens and all the numbers and client information you need in one spot.  If you have all your information directly at your fingertips those phone calls will be significantly easier to make.  You won’t be fumbling for numbers or other information because you’ll have it at hand.

First Call

If it’s that initial call, be warm and friendly but stay professional.  With your details handy you’ll be able to answer any questions that pop up.  Make sure to ask questions as to why the payment is delayed as well as get information on when they think they’ll be able to make a payment.

Get Composed Ahead Of The Time

Another great way to make calls on accounts in receivables really count is to be fully composed.  A great tool for making this happen is to create note cards with phrases you’ll be utilizing and things you’ll say.  In addition to this, have a few sentences memorized or noted that you will use for most phone calls.

Avoid Certain Times Of Day

No one wants to be interrupted while they are eating, especially regarding a debt.  Pay attention to the clock and set the phone call up to go very well.

Get Ready For The Excuses

You’re going to want to be prepared to deal with the wide variety of excuses you’ll hear; some legitimate and others not.  Have ideas ready to combat them so you can move forward with a plan to pay off the debt.

Nail It Down

As you discuss what is owed make sure to emphasis when the next payment needs to be made.  Pin this down with a date and repeat it so that it’s remembered. 

Business debt recovery is not always a simple process, collection tactics will vary depending on the debtor. Sometimes debtors will respond to a demand letter, other times it may take a phone call. The bottom line is you get the money you deserve. Call American Corporate Turnaround at 1-800-754-1541 to discuss your situation.

What loan options are available for a small business if you have bad credit?

Even With Bad Credit Small Business Loans Aren’t Out Of Reach

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There are dozens of reasons you might be considering looking at a small business loan.  If the only reason keeping you stalled is that your credit is less than stellar then you’ll want to consider some of the following pieces of advice.

Consider Secured

You might take this route at first but if you’re worried about your credit keeping you from a small business loan then you don’t want to rule out getting a secured loan.  For these loans you may place your inventory and even your equipment up as collateral.  Secured loans are easier to come by because if you go into default there is collateral.

Unsecured Business Loans

Getting an unsecured business loan can be similar to a cash advance. These can be based on future credit card sales and often are and because of this they may only be available to certain types of businesses.  Some records may need to be provided and then you’ll be ready to use the cash to further your business.

Interest Rates

When looking for either secured or un-secured business loans even when you have bad credit you should still shop for the best interest rates.  Loans where you don’t get a good rate can make it that much easier to get your business of on the right foot.

Try A Credit Card

If you’re having trouble with getting a loan with traditional banking you might like to look into getting a credit card and using that as a way to build the credit back up.  These are often much easier to get than a standard loan through the average bank and they are powerful tools for the business world.  Once you have the credit card, make small purchases on it and then pay it off so that you are able to build up a good credit standing.

Three Practical Ways To Manage Your Accounts Payable

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When you own or operate a business, it is vital that you keep up with your accounts payable.  Not doing so can result in difficulty obtaining goods you need to run your business, and delinquency can damage the reputation of the business.  Paying your creditors on time can help keep you in business.  Follow these tips to manage your accounts payable to avoid delinquency.

Take Advantage of Technology

Technology can help you stay on top of your accounts payable.  Make sure that your accounting software has the ability to manage your accounts payable; if it doesn’t, upgrade your software so that you can get rid of paper ledgers and spreadsheets and maintain your accounts by computer.  You can also hire a virtual, part time accounting assistant to help with managing your accounts payable.  A part time virtual accountant will need just a few hours per week to manage your accounts.  Having someone to assist you outside of the business is also beneficial for eliminating theft from your business, which often occurs through accounts payable.  

Opt For Auto-Pay

For recurring payments, consider opting for an auto-pay function that will automatically debit the amount you owe on the due date each month.  This way, you won’t have to spend any time on managing these accounts, other than to enter the debit into your accounting software.  Utilities, mortgage and insurance companies, and other large payees often offer this feature, which helps ensure that the creditors that you must maintain each.  Make sure that auto-pays are entered accurately into your accounting software each month. 

Make Your Accounting Software Work For You

Generate a report for your available cash flow if you have to juggle your accounts payable.  With a few simple clicks of your accounting software, you should be able to determine the balances of your checking account and your credit lines.  If you must pay some of your creditors late, give them a courtesy call to let them know before the payment becomes overdue.  This can help salvage your relationship with the creditor. 

What Can Debt Do For Your Small Business

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All too often the small business person thinks that debt is a universally bad thing.  The truth is there are a lot of ways you can use debt to work for you and your business.  Consider some of the following ways debt can be good for you and your business.  

Building Credit

There are just a few ways to build your credit and one of the most critical is accruing manageable debts.  When you have a small business it is likely there will come a time when you will need a loan and if you have no credit you will find it exceedingly difficult.  When working to build this credit you should start with small debts that are manageable.  You’ll want to get a debt that you can pay off within a few months and make several payments to make it work best for your credit.  

Making Large Purchases

Most businesses will run up against a time when they will need a large purchase; new equipment, a move or a promotion.  This means you’ll likely have to go into debt to cover the expense.  This is the perfect opportunity to also build your credit by creating a small, manageable debt.  

Supplementing Cash Flow

Some businesses are seasonal; in fact most businesses have busy seasons and slow seasons.  If you haven’t learned the trick of budgeting through the slow seasons it may be the right time to go into manageable debt.  The most important thing to do is carefully consider what you spend and how much you go into debt.  

Making Repairs

It always seems that something breaks down when you have no extra money.  In this case, having the opportunity to extend a little by way of going into debt can help your business through a rough patch.