Description

Small Business School! Today I want to dive into the nuances of using debt in business with you and share some of my experience with the importance of intentional planning for repayment to ensure sustainable business growth and financial stability. It’s so important to understand the implications of taking on loans when navigating through challenging times. So let’s get into this important topic!

Topics Covered:

• The benefits and drawbacks of using debt to fuel business expansion and the need for careful consideration based on risk appetite and growth goals.
• Strategic planning when utilizing borrowed funds, whether for startup initiatives or scaling operations, to ensure alignment with long-term objectives.
• Planning for Repayment, including understanding profitability, break-even points, and implementing strategies to generate sufficient revenue for timely repayment.
• Advising against relying solely on loans as a short-term fix for cash flow challenges without addressing underlying business issues.
• Taking deliberate action steps to improve business performance, even in times of financial strain, to foster sustainable growth and avoid the pitfalls of perpetual debt cycles.

Even with debt you want to be planning ahead! Take the steps to figure out what put you in your current position and what you plan to change for quick repayment and long-term success! If you have questions about this, please reach out to me!

Staci's Links:
Instagram. Website.

The School for Small Business Podcast is a proud member of the Female Alliance Media.

To learn more about Female Alliance Media and how they are elevating female voices or how they can support your show, visit femalealliancemedia.ca.

Head over to my website https://www.stacimillard.com/ to grab your FREE copy of my Profit Playbook and receive 30 innovative ways you can add more profit to your business AND the first step towards implementing these ideas in your business!