{"id":4053,"date":"2015-10-19T07:30:21","date_gmt":"2015-10-19T07:30:21","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=4053"},"modified":"2023-11-06T17:30:35","modified_gmt":"2023-11-06T22:30:35","slug":"top-5-ways-to-reduce-small-business-debt","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/top-5-ways-to-reduce-small-business-debt\/","title":{"rendered":"Top 5 Ways to Reduce Small Business Debt"},"content":{"rendered":"<p><a href=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2015\/07\/Statement.jpg\"><img class=\"alignnone size-full wp-image-3616\" src=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2015\/07\/Statement.jpg\" alt=\"Paying The Bills\" \/><\/a><\/p>\n<p><strong>Dealing with debt can put a serious strain on your small business budget.<\/strong> Before compounding financial woes start to threaten the future of your company, try these methods for getting debt under control.<\/p>\n<h2>1. Renegotiate Loan Terms<\/h2>\n<p>If you can\u2019t seem to keep up with payments on long-term loans from month to month, get in touch with the lender and see what they can do to help you. Most will be agreeable to discussing lower interest rates, a longer payback period or a change in minimum payments.<\/p>\n<p>Find out if there are any incentives available if you\u2019re able to pay off more than the minimum for one or two months. Anything you can do to simplify payback will help get you out of debt faster.<\/p>\n<h2>2. Pay Off Cash Advances<\/h2>\n<p><a href=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2015\/10\/payoffcashadvance.png\"><img class=\"alignnone size-full wp-image-4084\" src=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2015\/10\/payoffcashadvance.png\" alt=\"pay off cash advance\" \/><\/a><\/p>\n<p>Merchant cash advances give you a quick source of funds, but you wind up effectively forfeiting a large percentage of future sales in order to pay them off.<\/p>\n<p>Predatory interest rates can eat away at revenue and slow business growth. <strong>Obtaining a short-term <a href=\"https:\/\/www.arffinancial.com\/development\/loan-products\/working-capital-loans\/?utm_source=blog&amp;utm_medium=blogpost&amp;utm_campaign=reducedebt\" target=\"_blank\" rel=\"noopener noreferrer\">working capital loan<\/a> can give you the money you need to cover this burdensome expense without losing critical income.\u00a0<\/strong><\/p>\n<p>When you obtain a working capital loan through ARF Financial you receive a bank loan brokered through our network of FDIC-insured community banks. Because you&#8217;re receiving a real bank loan your interest is tax deductible and payments are fixed!<\/p>\n<h2>3. Consolidate Debt<\/h2>\n<p>Debt consolidation takes all of the monthly payments you\u2019re trying to juggle and condenses them into one single payment, often with a much lower interest rate. This is done by taking out one loan and using it to pay off everything else.<\/p>\n<h2>4. Free Up Other Revenue<\/h2>\n<p><a href=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2015\/08\/smallbusinessexpansionblog.jpg\"><img class=\"alignnone size-full wp-image-3881\" src=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2015\/08\/smallbusinessexpansionblog.jpg\" alt=\"small business expansion\" \/><\/a><\/p>\n<p>Take a look at your current expenses and identify areas where you might be able to cut back.<\/p>\n<p>If you\u2019re paying someone for services that you could handle yourself for less, bring those services in-house until your debt is under control. Unused equipment and excess inventory can be sold to other businesses for a quick cash boost.<\/p>\n<p>Reducing staff size should be considered only as a last resort, but it may be necessary in some circumstances if the business can\u2019t continue to operate and still afford to pay all current employees.<\/p>\n<p>Before you lay off any employees consider reaching out to us about obtaining a <a href=\"https:\/\/www.arffinancial.com\/development\/loan-products\/working-capital-loans\/?utm_source=blog&amp;utm_medium=blogpost&amp;utm_campaign=reducedebt\" target=\"_blank\" rel=\"noopener noreferrer\">working capital loan<\/a>. <strong>We can have a small business loan of up to $500,000 approved and funded in 10 business days or less.\u00a0<\/strong><\/p>\n<p>The working capital loan is brokered through one of our FDIC-insured community banks so interest is tax deductible and payments are fixed!<\/p>\n<h2>5. Focus on Sales<\/h2>\n<p>Investing more in advertising may seem counterintuitive when you\u2019re already strapped for funds, but it may be just what you need to maximize sales and ensure a steady cash flow.<\/p>\n<p><strong>Take advantage of all available marketing tools, especially low-cost measures such as email advertising and social media.<\/strong> Run special deals for subscribers and loyal customers to encourage people to buy more during each transaction.<\/p>\n<p>Consider reaching into other segments of the market with your advertising to find a fresh audience for your products and services.<\/p>\n<p>Smart budgeting and planning can help you get out of debt and run your small business without the cloud of large monthly payments looming over your head. You\u2019ll have more freedom to do what you want and grow the company according to your original vision.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dealing with debt can put a serious strain on your&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[111,698],"tags":[],"class_list":{"0":"post-4053","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business-financing","7":"category-small-business-financing"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Top 5 Ways to Reduce Small Business Debt - ARF Financial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.arffinancial.com\/development\/top-5-ways-to-reduce-small-business-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 5 Ways to Reduce Small Business Debt - 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