Taking on business debt isn’t the end of the world. In fact, there are a lot of good, strategic reasons for your business to take on debt. That said, carrying business debt for a long period of time can cut into your cash flow, and put a damper on reinvestment and innovation— not to mention cutting into things like retirement savings.
So how do you get your business out of debt? Looking at your total debt number might be intimidating — the average small business is carrying around $195,000 in debt — but it can be paid down and paid off if you approach it with positive thoughts, discipline, and, most importantly, a detailed, comprehensive plan.
