How have you been able to avoid bad debt in business?

[Maphalle]

The only possible way is to avoid giving out the products on credit. This will be the beginning of the downfall of the business.

 

[Kingzy43]

Bad debit is very bad for business you tend to avoid it as much as you can as it can really run down a business...

 

[nimzy]

When it comes to issue of money or business most especially a newly established or starting business the issue of debt should not even be in a paper because that is one of the strongest way towards the business failure or breakdown.

 

[tyrim88]

It is very important for newly established business to avoid bad debt at all cost
Bad debt can have a detrimental impact on a business, putting its survival at serious risk. Majority of startups will face financial challenges at the early stage in business and that can lead to early closure of once promising business.

what is the best way to reduce bad debt?

One of the ways to avoid bad debt in a growing business is to try as much as possible to avoid giving customers product on credit,as this will run down your business,you might not get back your capital to restock.

 

[Chibson]

One of the main reasons I always advise peoplenot to take loans in order to start a business is to avoid this kind of scenario. Debt is very bad in business I will not give you the necessary chance to grow as you should.

 

[Ehizzy1]

I have always find it hard to avoid bad debt ,because most times i know the customer very well and i cant just choose on not giving credit to him. Its not a easy thing

 

[Kingsley]

Avoiding bad debt is almost inevitable in a business because as long as long the business will sell goods or render services on credit then there are high chances that they will be bad debt, because a customer can make away with the organization funds.

 

[Chibson]

Every serious business person should try as much as possible to avoid debts in business. It can make your efforts useless if you don't know how to pay back.

 

[eLdavis]

As a newly business,to avoid unnecessary debt,I must make sure I monitor the business very well I must reduce some of the interaction between me and those I know the can not provide meaningful things in to my business.

True, i think this is where proper planning comes in. They begin to spend for things that are not needed for the business at that point in time. With this many tend to fall into unnecessary debts.

 

[nimzy]

To me debt is something inevitable in business operation to some extent if you can not do away with unnecessary debt it will definitely do away with the business so it most be control and even avoided. I have no friends in business so when it comes to business let do business without compromise.

 

[Sotherefore]

I did not give out loans or take loan from anybody because to me I do not believe in loan,I just believe that anyone who is interested in starting up a business need to raise money by themselves and start-up what they want to do.

 

[Alexandoy]

I did not give out loans or take loan from anybody because to me I do not believe in loan,I just believe that anyone who is interested in starting up a business need to raise money by themselves and start-up what they want to do.

With my sad experiences in lending money it is a good policy to not give out loans to anyone. It is a double jeopardy for me because I lend money to a friend and he would not pay. Worse, he would be avoiding me. In short I lost money and I also lost a friend. Now at least I have peace of mind with my money intact and my friends do not avoid me.

 

[Sotherefore]

With my sad experiences in lending money it is a good policy to not give out loans to anyone. It is a double jeopardy for me because I lend money to a friend and he would not pay. Worse, he would be avoiding me. In short I lost money and I also lost a friend. Now at least I have peace of mind with my money intact and my friends do not avoid me.

the funny thing about loan given is that the person that is getting the loan will get it easily when you are giving out but it going to be the most difficult thing to pay it back,people should just understand and avoid loan when they don't have anything tangible to do with it.

 

[Jlife]

Management in business is really important and the best way you can avoid all the debt in business is to try as much as possible to avoid yourself from giving out loan or taking loan, this will really help you in the long run

 

[Setfragil]

Bad debts is very bad for any business especially newly established businesses. I avoided by debts by selling at an affordable price and I do not give credit facilities that I cannot afford to lose or let go to customers.

 

[Abigael]

I have been trying at all costs to avoid debt while doing my online work. Sometimes, I spend my data bundles for fun then end up having none to work online. So I take a loan but misuse it again. So these days, I am trying to be so discipline about how I spend my data bundles so that I don't misuse it but use it to earn more.

 

[Senator]

In avoiding bad debts in my business, I only opt to give things on credit to my customers whose credit score is above average. I don't give credit to newer customers at all

 

[Delight]

As a business owner especially new business establishment ,you really need to be careful when you are offering a product or services to people on credit, these people sometimes do not really care about you as you really care about them.

 

[Richard92]

I will never have a bad debt in my business because first of all I meant in one standard rule in my business organisation and the road is that I do not get a loan to start up any business I am doing,i only do business with my money I work for, this is one of the best way to free yourself from unnecessary debt.

1 best way to avoid bank debit in business is to avoid collecting loans from the bank and awesome giving credit to customers with this you will be able to maintain and avoid back there today in business.

 

[Sotherefore]

1 best way to avoid bank debit in business is to avoid collecting loans from the bank and awesome giving credit to customers with this you will be able to maintain and avoid back there today in business.

Seriously we all need to try as much, i preferred to raise the money I need to start up my dream business because I believe that one is much more easier than getting a loan and putting myself in a serious and stressful situation.