I have listed five key ways to help you pay off your creditors.
Who to Pay First
The first step is to decide who to pay off first. Some top priorities to consider paying off would be: lenders, past due taxes, vendors, etc.
Project Cash Flow
The simplest method is to have a spreadsheet that shows cash coming in from all sources out to at least 90 days, and all cash going out for the same period.
Forecast Payment Plan
When forecasting a payment plan, be realistic in your forecasting. Remember, this plan is a structured set of payments that you will stick to.
Talk with Decision Makers
Keep an open line of communication with the credit decision makers. Sometimes creditors have programs to assist business owners who attempt to pay off their account balance. I would suggest speaking with him or her at least once a month.
Keep Payment Promises
This step is very important because it helps to determine your future relationship with the credit company. When you keep your payment promises it helps to build the creditors’ confidence in you and your business.
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About the Author: Priscilla Walker is the president and CEO of Your Dependable VA, Inc. (YDVA, Inc.), a business support & cost effective solutions company. We provide high premium business support and cost effective solutions for small businesses. We focus on administrative assistance, social media marketing, and business development. For more information, please contact us at [email protected].
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