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How to stay away from debt in business
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[QUOTE="Caramelle, post: 211370, member: 150"] [JUSTIFY]A business can avoid going into debt by relying solely on its own finances to fund its operations. This can be done by managing its finances judiciously. Its spending should be based on a company budget that emphasizes its collections or revenues as the primary sources of funds. Its expenditures should be identified and analyzed and unnecessary items should be eliminated. It may require cost-cutting on salaries, rental, electricity, and other controllable expenses. It may also mean adopting practices that will eliminate excessive inventories and solve inefficiencies in its production or operations. A business opting to stay debt-free will likely avoid expanding aggressively. In cases where a business needs to buy expensive equipment or expand its facilities to increase its sales, it will likely forego this opportunity and will choose to wait when it has accumulated enough funds. [/JUSTIFY] [/QUOTE]
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