Effective strategies to manage high debt levels include:
1. Debt Refinancing: Entrepreneurs can consider refinancing their debt to secure lower interest rates or more favorable repayment terms. 2. Cost-cutting Measures: Identifying areas where expenses can be reduced without compromising the business can help free up cash to service debt. 3. Increasing Revenue: Exploring new revenue streams or improving sales can provide additional funds to manage debt. 4. Professional Advice: Seeking advice from a business consultant or financial advisor can provide valuable insights and strategies for debt management.