Effective debt management is crucial for the sustainability of a business. Here are some strategies:
Budgeting: Create a detailed budget to track income and expenses, ensuring that debt repayments are manageable. Refinancing: Look for opportunities to refinance debt at lower interest rates to reduce monthly payments. Revenue Growth: Focus on increasing revenue through marketing and sales efforts to improve cash flow. Expense Control: Cut unnecessary expenses to free up more funds for debt repayment.