Court Reporter Constance Lee Speaks Out on Alarming Trend of Businesses Mounting Debt and Closing Within Ten Years
Pittsburgh, PA (PRWEB) August 29, 2016 -- The pressure of business debt can be unbearable for a company owner; 96% of small businesses across the United States will fail within ten years. One of the major reasons has to do with financial management.
Court reporter Constance Lee of Constance Lee & Company is debt free and encouraging other business owners to do the same. Facing financial fear, she says, is the first step towards accomplishing your business goals and charting both short-term and long-term financial pictures.
A business must be able to identify its financial baseline in order to view a true and accurate picture of where it stands financially. This stage involves the bookkeeper sitting down and adding up all the business debts, both informal and formal. This step can be a shocking and daunting one, so many people choose not to address it, which could be the beginning of their financial spiral into serious debt, or worse, the closing of their business. The end game of this process is to view it as an obstacle, Lee says. By confronting the size of the obstacle, you can accordingly adjust how aggressive you should be with your goals.
Letting the debt hang around can drag a business down very quickly, like trying to swim with an anvil around your neck. Business owners are in business to succeed and not just exist. Facing the fear allows businesses to get an accurate picture of where they are and take the next steps. Internalizing these goals will cause an individual to get serious with his or her business dreams.
Business owners struggle to make large purchases and often turn to debt. However, debt dramatically increases risk, and many business owners learned this lesson the hard way in the most recent economic downturn. Businesses that had no debt not only survived during the economic recession, but many actually prospered. Since they were able to use their money to grow during the recession rather than making payments on debt, this gave them more opportunities even when others were facing major financial struggles. Likewise, as is shared in this article, setting aside enough money to pay quarterly taxes is essential.
Most individuals are under the impression that they need to borrow a significant amount of money to start their business. To the contrary, the majority of businesses are started with less than $5,000. Accumulating business debt also magnifies mistakes. Failure could mean bankruptcy or years of payments. The trick is to find another way. A few suggestions are to maybe grow more slowly or barter or trade services.
Lee has found there is always another way.
Take the stand today to work towards a debt-free business.
To learn more about the services offered by Constance Lee & Company, visit http://courtreporterpa.com/
Tony Wright, Spark Digital Marketing, http://sparkdigitalmarketing.com, +1 (336) 542-1439, [email protected]
Share this article