Carpon
Valued Contributor
As a business person, you must do well to avoid loan accumulation. Loan accumulation is a condition when you have acquired too many loans to a point that you may not even be able to settle them conveniently and without having to feel the financial heat thereof
Therefore how can I be able to avoid accumulating too many loans on me and my business
First and foremost you must adopt the habit of consistent savings why because usually the cause of loan collection is the inability to source enough funds to run your business efficiently and effectively. Thus you will need to get monetary support and you jump into loan collection. But once you have a savings account and an issue comes up. You can simply go to your savings wallet and use it to settle the issue at hand. So a step towards avoiding the accumulation of loan is by adopting a good savings plan
Furthermore, you should make a rule and set a bar that must not be crossed peradventure a long becomes unavoidable. If it becomes the last option and you must collect loan you must set a limit to the amount you will and can collect. A limit that if crossed can crush your financial security. Therefore set a bar may be a loan must not reach a million or just as your financial profile will decide.
Make sure you settle all loans before collecting another one. If you have loans on you and you still go and collect more, be rest assured that you are crippling your business and that is a very wide road to financial instability and crisis. It is a way to getting your self laden with loans and accumulating much if it in you, your business and thereby ending your business journey in catastrophe.
Therefore how can I be able to avoid accumulating too many loans on me and my business
First and foremost you must adopt the habit of consistent savings why because usually the cause of loan collection is the inability to source enough funds to run your business efficiently and effectively. Thus you will need to get monetary support and you jump into loan collection. But once you have a savings account and an issue comes up. You can simply go to your savings wallet and use it to settle the issue at hand. So a step towards avoiding the accumulation of loan is by adopting a good savings plan
Furthermore, you should make a rule and set a bar that must not be crossed peradventure a long becomes unavoidable. If it becomes the last option and you must collect loan you must set a limit to the amount you will and can collect. A limit that if crossed can crush your financial security. Therefore set a bar may be a loan must not reach a million or just as your financial profile will decide.
Make sure you settle all loans before collecting another one. If you have loans on you and you still go and collect more, be rest assured that you are crippling your business and that is a very wide road to financial instability and crisis. It is a way to getting your self laden with loans and accumulating much if it in you, your business and thereby ending your business journey in catastrophe.
