Effective management of loan repayments is crucial:
Budgeting: Create a detailed budget that includes loan repayment schedules. Revenue Monitoring: Regularly track revenues to ensure the business can meet its repayment obligations. Cost Control: Minimize unnecessary expenses to free up cash for loan repayments. Refinancing: Consider refinancing the loan if better terms become available. Professional Advice: Seek guidance from financial advisors to manage debts effectively.