At the same time, you still have to cope with the rising cost of operations which will inadvertently lead to borrowing. If you are a startup or small business, you will concur that competing in this environment calls for increased investment and this is where things get tricky.
|How to Avoid Social Media Ridicule Through Business Debt Settlement : eAskme|
Protecting Your Business on Social MediaIf you are struggling with debt issues in your business, you have to appreciate the fact that the risk you face today is quite different. A few years back, it was possible for a business to go down in debt and rebuild itself slowly in future.
Today, bankruptcy will virtually wipe away all the sacrifices you have made to get where you are today. It only takes a story on social media to start things on a downward trend. Many businesses have collapsed on account of stories about them going viral on social media.
It only takes one dissatisfied customer to hint about poor services arising from your financial situation to ruin everything. Twitter, Facebook, Instagram, YouTube, and WhatsApp are now the new frontier for business reputation management and if you don’t have a strategy to deal with your debt, you might find things getting deicer for you.
Business Debt Relief OptionsThere are many reasons to start working on your debt situation sooner than later. For a start, your assets are at risk and if your creditors realize there is no debt plan in place, they will swiftly move to attach your assets.
By signing up for a debt relief program, you will manage to protect your assets while at the same time averting any whiff of your debt situation on social media. It might not appear like a big deal until you discover your most trusted clients are no longer interested in your services due to the rumors doing around on social media networks.
There are different debt relief options which you can rely on to get your business off the hook in terms of debt. They include:
1. Debt ConsolidationThis entails taking out a new loan to settle all your existing debts. This means you now have only one loan repayment to worry about. With a single payment, you will find it easier to manage your cash flow. You will also have some peace of mind as there will be no more collection calls, and this allows you to focus on rebuilding your business. The lower interest rates charged are a good reason to go for debt consolidation as your debt relief option.
2. Debt SettlementIf you are falling behind on loan repayments and equipment lease payments and collection calls are filling most of your work day, it is time to consider the debt settlement offered by Creditors Relief. The idea is to negotiate with your creditors for them to agree on a one-off payment which is lower than the owed amount.
This is a win-win situation because the lender will recover some of the money you owe them while your business gets relief. Your assets are protected and your reputation will not be tarnished.
3. Debt ManagementThis is a debt relief alternative where a third party takes over your debt repayment. This third party has experience in dealing with lenders and they will, therefore, negotiate for better rates. This program involves halting of all repayments as the negotiations continue and this can ruin your credit score further.
Of course, bankruptcy is also considered as an option to deal with debt, but this should only be used as a last resort. The best debt relief strategy is geared towards protecting your business reputation and your assets. In an age where perceptions are everything, any whiff of financial trouble in your company will ruin your brand and the damage might be irreparable.
With the quick pace of information flow on social media, one thing that should always be at the back of your mind is how to avoid negative publicity on social media.
Choosing the Best Debt Relief CompanyThere are many debt relief programs around and choosing the best can be a daunting task. To avoid falling for a scam, always look for a debt relief organization with experience. Better still, look for an organization that is BBB-accredited.
A good debt relief organization should also be a member of industry associations such as the American Fair Credit Council (AFCC), the National Foundation for Credit Counseling (NFCC), and the International Association of Professional Debt Arbitrators (IAPD).
Always talk to other business owners and ask for referrals and recommendations. Remember most businesses are facing financial constraints just like yours and they also seek debt relief programs to get back to their feet.
Whatever you, do make sure you go for a company that has the prerequisite experience in settling the debt and helping companies to avoid losing their assets or damaging their reputation on social media.
Author BioFred Jacobs is a highly experienced business debt settlement expert based in Tampa, FL. He has consulted for Creditors Relief and other debt relief organizations. Fred shares his industry insight on his blog.
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