Bankruptcy is rising across the nation — both big and small businesses alike are feeling the pressure. Huge names such as Bed Bath and Beyond have been caught in this trap. So what can you do to keep your livelihood safe? Here’s the rundown with some tips on how you can make sure your company stays afloat…
Small Business Bankruptcy on the Rise
The U.S. Bankruptcy Court reports a 68% increase in small business bankruptcies compared to 2022. This means that many entrepreneurs are considering this as a realistic option to deal with debt. But, declaring bankruptcy is a huge red flag for your business…
This should only be thought of as a LAST RESORT.
What is leading so many to make this decision? It’s a mix of the following:
- Inflation
- Increased borrowing costs
- Increased cost of running a business
So, ready to save your business from swimming with the fishes?
Here’s what you need to know…
Maximize your Revenue
Time to get creative if you’re trying to avoid bankruptcy as a small business. What forms of passive income can you create in your company?
Consider affiliate marketing or selling e-books. Find something that resonates with your brand, and stick with it…
Taking on new projects and risks is part of the job.
Maximizing your revenue for your small business also means cutting costs.
What are some things in your business that you can eliminate that will still keep your doors open? This is a great way to view your big-picture operations.
Being a business owner means being a problem solver.
What are you going to do to maximize profits and boost revenue?
Negotiate Repayments
Now more than ever is the time to advocate for your business.
Creditors want to work WITH you, not AGAINST you. After all, it’s in their best interest to give you lower monthly payments, rather than have you default.
Stay Strong…
Confront the issue…
Reap the Rewards.
In the end, bankruptcy for your small business is a last-ditch option.
But it doesn’t have to be.
Dedicate yourself to your company…
Don’t stop until you’ve accomplished your goal.
Grow your business and be great,
GCTV Staff
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