{"id":225859,"date":"2024-04-16T16:00:10","date_gmt":"2024-04-16T16:00:10","guid":{"rendered":"https:\/\/www.markperlbergcpa.com\/3-debt-elimination-steps-for-your-atlanta-small-business\/"},"modified":"2024-04-16T16:00:10","modified_gmt":"2024-04-16T16:00:10","slug":"3-debt-elimination-steps-for-your-atlanta-small-business","status":"publish","type":"post","link":"https:\/\/prosperlcpa.com\/blog\/2024\/04\/3-debt-elimination-steps-for-your-atlanta-small-business\/","title":{"rendered":"3 Debt Elimination Steps for Your Atlanta Small Business"},"content":{"rendered":"
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An important date is coming up, and even though I\u2019m not your tax person, it only seems fair to remind you\u2026<\/p>\n

The tax filing deadline is Monday, April 15th<\/strong>. Last minute filing is not recommended for the sake of your business\u2019s financial health.<\/p>\n

Besides that, we\u2019re now into Quarter 2, which means taking some time to reflect on what worked and what didn\u2019t work in Q1. It\u2019s also a good time to see how you\u2019re measuring up to your business goals this year. <\/p>\n

If you want to chat about that, I\u2019ve got room in my schedule: <\/p>\n

calendly.com\/d\/46r-49m-93k\/10-minute-intro-call<\/a><\/strong><\/p>\n

This week, I want to talk about business debt… because I hate seeing, when I sit down with a business owner, that they got in over their head with financing. Unfortunately, it’s sometimes too late when I do \u2014 and the potential solutions end up being moot.<\/p>\n

While I have helped execute some semi-miraculous rescues from business debt situations that seemed impossible for clients in the past<\/strong>, sometimes it’s just too late when the opportunity to help comes along.<\/p>\n

So, let\u2019s address that subject today in hopes that I can help you in more ways than one.<\/p>\n

3 Debt Elimination Steps for Your Atlanta Small Business<\/strong><\/span>
“You may encounter many defeats, but you must not be defeated.” \u2013 Maya Angelou<\/i><\/span><\/p>\n

Business debt is prevalent in small business life. Recent data shows that 70 percent of small businesses in the US have <\/span>outstanding debt<\/span><\/a>.<\/span><\/p>\n

Debt isn’t bad, but there can be real financial concern in the distribution. Many businesses manage smaller debt loads, but a significant portion carry a heavy burden that can impact their financial health.<\/span><\/p>\n

Around 38 percent owe under 100K but a concerning 62 percent owe over 100K, which can be a heavy burden for smaller companies.<\/span><\/p>\n

So\u2026 what to do about it?<\/span><\/p>\n

Business debt at exorbitant interest rates is obviously “the wrong kind” of debt. And getting buried under the wrong kind of debt for your business can kill your company’s long-term success and even threaten its viability.<\/span><\/p>\n

So, what is the “wrong” kind of debt for businesses to hold?<\/strong><\/span><\/p>\n

Put these on the list of debts to avoid:<\/span><\/p>\n