Smart Debt Management

Financial Snickens

Some believe you must spend money to make money, but that doesn’t give business owners free reign to rack up debt for business expenses and still expect to turn a profit.

In this episode, I explore the pros and cons of incurring debt and why a strategic approach to debt management aligned with your business goals is key to sustainability.

In this episode, you’ll also hear:

• Identifying good debt vs. bad debt
• Managing debt with intention
• Creating a realistic repayment plan

Must-listen moments:

[00:01:18] But the difference between a good debt and a bad debt is that a good debt is incurred for strategic investments. That means that you are looking to get debt that is going to make you money, not debt to pay down expenses.

[00:02:44] Before taking on any debt, you really need to critically assess whether the expenditure contributes to the business's growth and sustainability.

[00:07:25] Try to manage this debt and get it down to a lower interest rate, lower payments, something that makes it more manageable for you.

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