Debts

[joy101]

I don't have any business of my own for now so I never experience any debt, but I have a friend that has experience such in her business but it was not easy for her.

 

[Toyoabasi]

Has your company ever accumulated debt? If so, where did this leave your firm and how was this issue resolved? Did you arrange to pay in monthly instalments? What measures are you taking to ensure this doesn't happen again?

No, I have never had to accumulate debt in my business.
I am hopeful not to experience such.
To prevent debts, you will have to manage your resources properly...pay for materials you can afford.

 

[Kubiat-Abasi]

When I started my poultry farm actually, I accumulated huge debt because I got a loan from the bank and that experience taught me to always minimise and be calculative. I actually had to sell some properties to pay off the loan!

 

[Godspower]

A business I ran in the past ran into debts due to accumulated electricity and rent bills. Paying off the debts really affected the business adversely as I had to borrow from another source to offset the bills.

 

[Kaffyfolla]

My company has not run into debt perhaps it happens this is what to do:
ideally, boosting sales brings in enough revenue to tackle your debt. But if your expenses are running a bit too high, here are three ways to cut them:

• Sell off equipment, office supplies and other items that you don’t use often. Buy used equipment or lease if necessary.
• Downsize to a smaller office with lower rent and utility costs, consider a co-working space that doesn’t require a long-term lease, or relocate into a home office.
• Split costs with other companies. “Look for other people who are running similar businesses and consider sharing resources. Share employees, internet services,”

 

[Good-Person]

I usually avoid debts by not borrowing money. I have always believed that suffering from loss is far much better than taking loans. This is because if you suffer from loss, you will eventually recover. But when you suffer from loss after taking loans, you may need to borrow loan to pay off loans.

 

[YERUS]

Has your company ever accumulated debt? If so, where did this leave your firm and how was this issue resolved? Did you arrange to pay in monthly instalments? What measures are you taking to ensure this doesn't happen again?

Never.
I try as much as possible to avoid bad debts.
I have never obtained loan for my business or borrowed an amount i cannot pay back.

 

[Shigobad20201]

I had worked for a company that struggled with debts. The company was forced to drop a good number of her staff so as to reduce costs to pay the debts owed.

Debt is the last thing a company should be avoiding of going into because it can cripple a company , because it might lead to the owner of the comoany trying to reduce the numbers of staff.

 

[Ghost1]

I worked for a company that fell into this situation. It was out of the control of the manager though, all the staff had to sacrifice half of the wages just to save the business

 

[Sotherefore]

No my company has never been able to accommodate debt before and I haven't work in a business that I've accumulated so much debt. This wont really be easy in most cases that is why I always try to avoid this thing.

 

[glitch]

My business is very small so no, I have no debts but I have made investments out of pocket that have been proven to be useless and worthless in the long run!

 

[Shigobad20201]

Debt in business is very bad most especially when an enterpreneur is trying to burst up his business and he took a loan and on the long run , the business is not yielding good returns .

 

[Setho]

I have been operating my business for a very long time now and we have not had to collect any type of debt whatsoever. I am particularly happy about that and I hope that it is going to continue like that for a very long time because I do not like loans.

 

[Shigobad20201]

I have been operating my business for a very long time now and we have not had to collect any type of debt whatsoever. I am particularly happy about that and I hope that it is going to continue like that for a very long time because I do not like loans.

I have also heard about the repercussions of debt in business before starting my own business and that's why i decided to save for up to two years before I finally started my own business to avoid debt.

 

[Sotherefore]

Yeah there are good and bad debts and a business drowning in bad debts would take lots of effort to overcome, I've experienced such and there would be sacrifices on all the parties involved

Hmmm. This is what most business organisation should be trying to avoid. What is the needs of accommodating more debt when you are very sure you will not be able to pay. This can even make the whole thing worse.

 

[tyrim88]

Has your company ever accumulated debt? If so, where did this leave your firm and how was this issue resolved? Did you arrange to pay in monthly instalments? What measures are you taking to ensure this doesn't happen again?

One of the things that i have been very conscious of is that we hardly go for loans from financial house,because the terms of repayment are usually on the very high side,so we make do with our finance or get a partner.

 

[Shigobad20201]

Hmmm. This is what most business organisation should be trying to avoid. What is the needs of accommodating more debt when you are very sure you will not be able to pay. This can even make the whole thing worse.

Debt is not a good thing that you need to avoid when trying to be succesful in your line of business because when you are on debt , you keep thinking about your debt repayment.

 

[Sotherefore]

Debt is not a good thing that you need to avoid when trying to be succesful in your line of business because when you are on debt , you keep thinking about your debt repayment.

The thinking alone could lead to depression , stress and possibly make you lose focus in the business you have ventured into. Well naturally there are some people that can still withstand those things even in the face of being in debt. But is not easy.

 

[Setho]

There was a time in which my company needed to raise some money in order to do some projects but at the end of the day it failed and that brought about a massive accumulation of debt.

 

[Shigobad20201]

I don't have any business of my own for now so I never experience any debt, but I have a friend that has experience such in her business but it was not easy for her.

Even when you have a business of your own doesn't mean that you can go into debt in order to run a succesful business , if you have the neccesary fund to start your business , then you don't need a loan .