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Do not get into Debt! 5 Tips to avoid Delinquency in your Company
Public Group active 2 years, 8 months agoA debt or delinquency is defined, in strict terms, as a set of payment obligations that a company has with different entities, either with banks, creditors and / or suppliers.
Many times this term is seen in a pejorative way, however, if you have a company, you will know that debts are normal, that is, they are part of the financial process of these. SME owners often need to borrow to obtain liquidity and cash flow.
Debts themselves are not a problem if we are ordered and meet the payment dates. The problem is when debts escape our control and in these cases, SMEs are the ones that are most affected. That is why it is very necessary to know when to get into debt and do it wisely, as long as “연체자대출” income is beneficial and does not end up overwhelming us and damaging our organization.
Today in our in this article we prepare this article in which we will give you 5 tips that you can apply to avoid delinquency in your company.
Take care not to overpay for interest
It is normal that, if you obtain a loan, it has interest. But, you must pay close attention to what the interest rate will be and how long you will have to pay that loan.
Many times, entrepreneurs and business owners have the problem of over-indebtedness due to the accumulation of interest, since the initial amount ends up doubling or tripling, which makes it impossible for them to pay. Don’t let it happen to you! Always try to have your accounts paid up to date, thus, you will avoid interest or penalties for delay.
Set limits
For money things, order and limits are necessary, thus, the administration of our resources will be efficient. To avoid debt, it is important to do a preliminary study of the current financial status of your company and to know how much is the minimum and maximum amount you have to borrow. This will give you the necessary clarity to make smart decisions according to your situation. With this, you can prevent over-indebtedness that is, having an excess of debts that exceed your income.
Uncontrolled accounts and everywhere
Borrowing in different places can mean a major financial mess, since it can bring confusion, forgetfulness and problems related to misinformation.
Sometimes having a lot of small debts in different places can become a headache and be worse than a single large account in a single financial entity or service. Therefore, try to keep your accounts in order and with the established payment dates.
As we mentioned before, when it comes to money, order and clarity will be your best ally.
Get informed, be an active entrepreneur
All financial entities that provide services to clients have protocols, legal bases, terms and conditions, etc. Study the clauses and contracts carefully and ask if you have doubts. You can even consult with experts if you think it is necessary.
As the owner of a business, be it micro, small or medium, you must be active in these issues, as it will help you better understand how the financial market works, know how to face these responsibilities and avoid future financial problems due to lack of information and advice. .
Clear organization and objectives
As we have already mentioned, financial organization is essential so that companies can have their accounts controlled and avoid over-indebtedness. For this, it is necessary to define the objectives of the requested loan or acquired debt (investment, company expansion, personnel, furniture, etc.). Thus, you will know exactly what the requested money was used for and you will be able to monitor whether that decision was the appropriate one.
We hope that these tips have been useful to avoid delinquency in your company at all costs. Remember that organization, knowledge, keeping accounts controlled and commitment are very important to maintain a constant and safe financial flow.
Loanman.co.kr are interested in the growth and development of small, medium and large companies, that is why, if you need financial advice, you are in the right place.
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