I remember several years ago when my wife and I started to see the economy going south, we decided it would be best to have as little debt as possible. So we sold some of our assets to help pay off the business.
We have been extremely slow these last few years, though this summer our business is moving forward again. Based on what we went through, we recommend that other business owners sell off assets to pay business loans to be as debt free as possible. In the same vein, think before making a purchase - what do you really need?
Additionally, you need to cut out all of the fat. When we thought we were lean enough, we found ways to become leaner. For example, we were getting nickeled and dimed from the major phone companies and our bill for five lines was in excess of $400. With VoIP, we are spending $200 and the phone quality is just as good.
Finally, when we saw the business market going south we put up a Web site. I have become a professional at Web site optimization, so now our site ranks well.
Today I am glad we did these things, as the last couple of years have gone completely south. We wondered if we were the only ones feeling it - now I see that we are not.
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