Debt can cause your business to become over leveraged, result in selling ownership to raise capital, selling golden eggs in the business, cripple future business plans, limit the ability of the business to scale and erodes profit.
1) Always pay principal and interest on secured loans monthly
2) Pay off unsecured debt monthly
3) Generate a debt elimination plan
- Where am I at now?
- Elimitate all non-essential spending
- pay off debt in a manner that works (debt snowball)
- have an accountability partner
