Businesses, like individuals, sometimes suffer from too much debt. Taking on the right amount of debt – and at the right time – can mean the difference between a business that struggles and one that succeeds. According to the U.S. Small Business Administration (SBA), 50 percent of small businesses fail within their first five years, largely because of insufficient capital, poor credit arrangements and too much debt. Handling debt can be one of the most difficult challenges a small business owner can face. Even though certain business models require taking on debt to capitalize on growth opportunities, looming debt can squeeze the joy out of being an entrepreneur. To ensure the overall financial health of your business, it's imperative to know the various options available for methodically and effectively paying down business debt. From eliminating excess costs, to restructuring debts through a third party, being proactive and formulating a payback plan enables you to manage your bills before they become unmanageable.
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