Latest News

Top Tips To Keep Your Business Debt-Free And Financially Independent

Running a business is undeniably stressful; especially when considering all the financial details at play. However, while many companies would agree that debt is essential for survival, avoiding a heavy debt burden can often seem daunting and unrealistic. Even though debt can be a powerful financing avenue for startups and small businesses, it can be agreed that keeping your business out of debt and financially independent would be far more suitable for logical reasons. Therefore, you may find these top tips extremely beneficial to the finances of your business.

Protect Your Business With Insurance Policies

It can be impossible to predict whether or not your business will succumb to potentially devastating legal claims following a public liability claim. Nor can you prevent employee disability, death, or natural disasters that can interrupt business indefinitely. Instead of merely hoping your business and your employees will casually avoid potential disasters, it is best to purchase insurance policies that will inevitably protect both your business as well as your employees.

Before purchasing any standard policies tailored for businesses, you should make use of a relevant life insurance as well as insurance calculators for commercial property insurance, business interruption policies, and several others that are vital for businesses in any industry.

Find Solutions For Late Paying Customers

Every business has the ongoing issue of customers and clients that tend to pay late for a variety of reasons. However, late payments can set your business back significantly. You will need to proactively follow up with customers that are paying accounts late and implement measures to ensure payments are made.

Suitable measures to implement can include early payment rewards, simplifying payment methods, and providing customers with statements as soon as possible. It will also be beneficial to learn how to write legally binding business contracts for customer accounts, potential partners, and other areas of business.

Reduce Expenses To Boost Profits

If your businesses expenses are too high, you will likely need to rely on credit from lenders at one point or another. Instead of maintaining your budget year after year, it is best to revisit your expenses annually to identify areas where savings can be implemented. You may find that you no longer need such a large premise, or an overflow of office supplies has become unnecessary.

While it is not always plausible to increase profits by enhancing sales prices on products or services, reducing expenses is a sure way to improve cash flow and keep your business out of debt. By reevaluating your costs at least once each year, it is highly unlikely that your business is overspending on unnecessary expenses.

Outsource Entire Departments

Outsourcing departments such as marketing, sales, customer support, and even financial areas can save your business a fortune. What’s more, by outsourcing, you will also have access to industry experts for a fraction of the cost of employing such professionals. Your business will benefit from the decision, and your financial state will improve drastically.

Updated January 2, 2021

At WallStreetSurvivor, we subscribe to dozens stock recommendation and advisory newsletters. There is ONE newsletter that is constantly outperforming all of the others–The Motley Fool Stock Advisor.

Five of their 2020 stock picks have doubled and the average return of all 24 of their stock picks for 2020 is up 78%!

We have been tracking ALL of the Motley Fool stock picks since January 2016. That’s 5 years and 120 stock picks. As of Friday, January 1, 2021 the Motley Fool’s January stock pick (TSLA) is up 720%, their March pick (ZM) is up 172%, their April pick of SHOP is up 226% and their June pick CRWD is up 120%; and another two have more than doubled. In addition, 10 of their 2019, 12 of their 2018, 11 of their 2017, 15 of their 2016. Most impressively, over the last 5 years that we have been tracking every recommendation, their average stock pick is up 209%–tht means over the last 5 years their stock picks, on average, have TRIPLED!

Now no one can guarantee that their next picks will be as strong, but our 5 years of experience has been super-profitable. The important thing about the Fool stock picks is you have to buy them the day they are recommended because they usually pop 5-10% in the first 72 hours after the release their recommendation. You sure don’t want to risk missing out on their next pick.

Normally the Fool service is priced at $199 per year but they are currently offering a NEW SUBSCRIBER DISCOUNT that allows you to get theiir next 24 stock picks for just $99/year. HERE is the LINK to visit their New Subscriber Discount page.

CLICK HERE to get access to all The Motley Fool’s Stock Picks and their next 12 months of picks for just $99 per Year!

GET UP TO $1,000 IN FREE STOCK

WHEN YOU OPEN A ROBINHOOD BROKERAGE ACCOUNT

Robinhood was the first brokerage site to NOT charge commissions when they opened in 2013. They just past 10,000,000 accounts and to celebrate they are offering up to $1,000 in free stock when you open a new account.

Here’s the details: You must click on a special promo link to open your new Robinhood account. Then when you fund your account with at least $10, you will receive one stock valued between $5 and $500. Then, you will get a link to share with your friends. Every time one of your friends opens an account, you will receive another free stock valued between $5 and $500. Click here to learn more about this Special Robinhood offer.

Claim your free stock NOW (before it’s too late)

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News