{"id":17513,"date":"2024-04-21T09:00:04","date_gmt":"2024-04-21T09:00:04","guid":{"rendered":"https:\/\/heyerinc.com\/2024\/04\/21\/3-debt-elimination-steps-for-your-southeastern-fl-small-business\/"},"modified":"2024-04-21T09:00:04","modified_gmt":"2024-04-21T09:00:04","slug":"3-debt-elimination-steps-for-your-southeastern-fl-small-business","status":"publish","type":"post","link":"https:\/\/www.heyerinc.com\/blog\/2024\/04\/21\/3-debt-elimination-steps-for-your-southeastern-fl-small-business\/","title":{"rendered":"3 Debt Elimination Steps for Your Southeastern FL Small Business"},"content":{"rendered":"
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Lots going on this week. Namely\u2026<\/p>\n

The tax filing deadline is Monday, April 15th<\/strong>. For any of our Miami Metropolitan business clients who haven\u2019t yet reached out to us, we can still take you on by filing an extension on your behalf and then managing the filing after. But, remember, you still have to pay what you owe Tax Day or else you\u2019ll wrack up penalties and fees.<\/p>\n

ALSO note this about April 15th…<\/p>\n

Estimated taxes for the first quarter are due.<\/strong><\/p>\n

(Oh, and by the way, if you have finished your taxes with us, please let us know what you thought. We really appreciate it. Make us smile with a review on Google<\/a> <\/strong><\/span>)<\/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 Southeastern FL 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