How to Grow Your Business and Be Debt Free

Business owners know how much they have to put into their work — at times, it can feel like you really do put your blood, sweat, and tears into trying to ensure success. You need to be flexible and truly committed to your business’s survival and you want to be able to move forward without digging yourself into a hole of debt.

Maybe you have some personal debt that is nagging at you as you start this new venture. The good news is that there are some fast ways to fix your debt such as not using credit cards and selling off things you don’t need.

If your debt situation is complex, then you can work with a Licensed Insolvency Trustee, formerly known as a bankruptcy trustee, to come up with a plan to get rid of your debt.

The Warning Signs of Major Debt

It’s not easy to ignore the feeling of financial struggle. If you have debts then you know that paying them off can feel burdensome even in the best of times. Still, some debt is manageable but it’s when your debt is too large that you need to take action.

Here are some financial danger signs that could be telling you that your debt is building to a potential crisis:

  • You’re making minimum payments
  • Your minimum payments are large
  • You’re getting calls from collections
  • You’re transferring debt from one source to another
  • You’re being denied loans
  • Your savings are stagnant
  • You have to try multiple cards at the register

When Is It Time for Help?

If you feel like you’re struggling to keep up with your financial situation and a crisis has struck, then it’s time to partner with the bankruptcy trustees at David Sklar & Associates. We specialize in helping individuals to mid-sized business with debt problems and can help you find the best solution whether that be a Division 1 proposal or bankruptcy.

If you’re looking to grow a business of your own but you have to first handle your own serious debts, then a bankruptcy trustee can point you in the right direction.

Grow Your Business the Right Way

Depending on where you are with your own personal debt, it might seem like a dream to grow your business without debt. It is possible; it just takes commitment to staying on the right track.

One of the most important things you need to do to grow your business without going into debt is to make a budget and hold yourself accountable to it. You should also avoid credit cards and loans as much as possible. You should rely on cash flow in your business and stay away from accumulating extra debt.

Be Flexible and Adaptable

On top of careful planning and making smart, informed financial decisions, it’s important to be flexible and adaptable when growing your business. You’re going to have to roll with the punches and be creative in how you earn income and that’s OK — with your long-term goal in mind, it’ll be easy to keep your eyes on the prize and your business out of serious debt.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Ready to live debt free?

I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
Sue Murray
18:45 05 Dec 21
Putting together and executing a Consumer Proposal can be daunting, that is unless you work with Cori Naron at David Sklar & Associates Inc. Cori's advice and support has been instrumental over the past five years. Thank you Cori!!
Barry Kuntz
20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
Amanda Frappier
01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
Alex Taylor
22:03 17 Nov 21
Got my probe solved, great service
arny raposo
17:02 11 Nov 21
Jackie at Daivid Sklar and Associates is such a pleasure to work with. She explained everything in great detail and is always there when I have a question or concern. She really cares about her clients.
Steve Medica
09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
Giani Kokolakis
18:45 25 Oct 21
Very professional service. Before contacting David Sklar & Associates i contacted bunch of other firms they seemed fishy. After I spoke with Jason Sklar at Hamilton Office I discovered professionalism with hope. I was explained every step of my situation with solution professionally. Thank you David Sklar & Associates.
Wajay Awan
07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
Denise Simpson
15:17 09 Sep 21
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