Debt can often be seen as something to be feared and avoided at all costs. It can feel like a huge weight around your shoulders, pulling you down and preventing you from moving forward.
In business, debt is something that can’t always be avoided but, if used wisely, it can allow you to actually move forward, seize the opportunities available to you and push your business up to the next level.
The secret to managing debt is to understand that not all debt is bad. There is such a thing as good debt!
Most businesses will take on some form of debt at some stage in their growth. Whether it’s to finance their start-up or invest in training, this type of debt is considered to be good debt – it is being used on something that will either hold or increase in value over time.
If you have debt in your business, use these three key tips to understand and control your business debt and move your business forward.
Key step #1: Let go of guilt
It is important that you take control of your existing debt, by letting go of the guilt you associate with it. This doesn’t mean sweeping it all under the carpet and forgetting about it, but it does mean changing how you react to it.
Accept it as your current situation and stop with the self judgement. This will ensure your energy around money increases and you can be in a place of power.
Key step #2: Get clear on your current situation
It doesn’t pay to ignore it, so find out exactly what you do owe and take ownership of it. Accept your current situation and the debt you have – the exact figure! Then learn to manage what money you do have coming into your business.
The universe will only give you what you can handle – so by learning to handle what you currently have, you are showing that you can handle more… inviting abundance.
Key step #3: Take action
Now you are clear on your current situation, switch your focus to moving forward;
If you’ve generated debt through buying a computer, use it to network with potential clients and attract new business.
If you hired a coach, do everything they recommend you to do so you’ll get a positive return on your investment – extra income
And if you generated debt through buying start-up items like business cards – set yourself a goal of getting a certain amount of new clients from handing out your cards.
Acknowledge yourself for taking positive action to grow your business, but also ensure your focus stays firmly on moving forwards.
What are your thoughts around business debt? Do you have any stories to share around about taking on good debt and having it pay off for you big time? Please leave your comments below and tell me what happened?