Pay your business dept and liabilities as early as possible.

One of the goal and vision of business owners today is to make business profit and income , without accumulating any form of liability possibly in the form of debts . but no matter how hard we try to hide the truth majority of business owners borrow money from other fellow business colleagues or possibly from the bank in order to fund and facilitate their business and in the course of this loan borrowed from the bank or from business colleagues they promise to pay back possibly with interest or without interest . whatever the case maybe it is advised for a business number to attempt to pay his or her debts early and as soon as possible so as not to accumulate or necessary depth and Owings . The business owner may begin to feel reluctance to settle a debt even if he had the money to an email also think that he will still be able to pay off the debt some other time .

Having a thinking and mess it like this is absolutely wrong because it could put you at a huge risk leading to many setbacks in your business . It is better you pay off the owed money while you still have it because money is a very perishable and fragile asset , and we can never trust ourselves to have a particular money ever again in our possession .

It is almost impossible for a successful business owner to not have liabilities and debt. Debt for a business owner is meant for the expansion of the business and not necessarily as a bad thing as many will view it. And wehn we accumulate debt, we need to pay off those debt for the following reasons.

It eases the mind. No one likes to be called a debtor. No one wishes to be thinking of how much he needs to repay. This is to say, debt always affect the psychological being of the debtor. In order to ensure efficiency while working, then there is need to pay off debt. This will reduce the level by which one will be thinking about the consequences of the debt.

Risk being insolvent. A friend called me some weeks ago telling me to help him in securing a job. This is a friend that was even earning more than me as salary. I was quick to ask him why he needed a job since unknowing to me zhes gainfully employed. But he told me that

The debt that is been accumulated in business could make the business fall very early. I am not a fan of taking so much loan in business because it is very bad most especially for a new startup. It is however compulsory to ensure that you trade with the available capital that you have instead of taking out loan. Although ,I understand that it could be daring when you are in need of capital to run your business. At this juncture, one should be very logical in thinking instead of taking out a loan that could run your business down. I am a victim of a loan that almost ruined my offline investment. I was just a bit lucky to get out of the situation through the help from friends and families. It is very good to know that someone should be most careful with most of the loan on merchants. They often come with high interest rate that could make you lose all your profit into loan repayments. Instead of taking out a loan for your business ,it is advisable to use a crowdfunding platform to help yourself. I am still looking for a good and legitimate crowdfunding platform in my country.

Debt is something we can not do without mostly in these current times that we find ourselves most business organizations are been run on debts and borrowings, this is not limited to business organizations alone but also to governments of various countries mostly here in Africa and my own dear country aswel. Well when we consider debt in the real sense of it, it is not bad thing to borrow, infact it is a crucial aspect of running a business one must obtain some form of financial assistance in other to expand one's business but the truth is how we spend the borrowed money is what really matters.

Statistics has show that most of those G-20 countries are even more indebted as compared to some third world countries. But those this actually make the third word countries better off, the answer is obvious for all to see. As we all know those developed or advanced countries are channelling the money they are borrowing into more productive venture hence we can see their levels of development as against those African countries who misappropriate the funds that they receive and run into huge debt. So one should always look out ways of paying up debt as we use the funds we receive.

It is absolutely advisable that we pay off our business debts and Owings as fast as possible . It's very important that we totally understand how bad it is that a business keep piling up or necessary and unknown liabilities it is also advisable that we pay off our business debts possibly when we actually have the money so that we do not keep piling up our business liabilities . Because that will only make our business incur unnecessary stress and hardship which is totally not good for we as the business owner and for the business at large .

We must hundred percent be mindful of the amount of money we collect as loan possibly from a colleague entrepreneur or from a business financial institution . We must be very sure that the loan we are about to collect is an amounts that we are actually going to pay back not an amount that is totally overwhelming and could sink down our business when trying to pay back . We must be able to ask ourselves what possible ways we will be able to pay off the loan possibly if the reason why we collected the loan doesn't turn out to be as positive as we planned or expected .

Yes I think it is very good if you pay off your debt in town because I think paying off your debt prove that you are a very reliable person there are many people who have borrowed money from people without paying back and this is a very bad thing to do if you pay your money the person which you pay your money to will trust your in case of another time with you come and borrow you the money from them but if you pay your money late this can also bring a limited between you and the person which is very bad having death in a business is also a very bad thing to do if you have a business you should know how to manage it and not create depth for yourself because their skills business you should also avoid the.

Habit of selling your products or credit to customers because this also kills Prophets there are many customers which will buy something from your shop and promise to pay back without paying this is what is called a loss which will actually affect you the business owner so you should try to avoid things like that