If you own your own business, finances probably take up a big portion of your thoughts on a daily basis. Especially if youâ€™re in hot water financially, you may be spending the vast majority of your day and your business attention trying to keep your company afloat. But with bankruptcy looming in the background, many business owners get paralyzed from fear and wind up hurting their business rather than helping it. So to keep this from happening to you, here are three ways you can steer your business away from bankruptcy.
Cut All Unnecessary Spending
The first thing you should do when youâ€™re worried about having to file for bankruptcy with your business is to cut all unnecessary spending. Even if you feel like youâ€™ve been running a pretty tight ship, there are likely places that you can still trim down a bit. According to Ephrat Livni, a contributor to FindLaw.com, itâ€™s crucial that you look at your finances very critically at this point and cut the fat wherever possible. Because if you do end up filing for bankruptcy, the courts will also be taking a look at your finances and seeing where you made mistakes and could have saved your business. While it might be hard to lay people off or use a different vendor, it may be something you just have to do for a short time. [Read more…] about 3 Ways To Steer Your Business Away From Bankruptcy