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?

The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
Nilda H.
20:18 16 Jun 22
Very helpful and friendly! I am more than satisfied with my experience here. And more than happy with the outcome! Would definitely recommend .
Peggy Bulger
15:10 14 Jun 22
Jerry at David SKLAR helped me thoroughly understand my options and made me feel at ease. If you are looking at this type of service/help, I 100% recommend you give them a call.
Colleen H
12:50 14 Jun 22
Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
ariezel erandio
21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
Aliya H
12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
Debbie Livingston
01:24 11 May 22
Nothing but good things to say about Jackie. She was so nice and so understand and everything was so quick and easy. In a matter of a week, there was the solution that I never thought was possible. Thank you so very much for everything that you have done. ❤️❤️❤️
Cassandra Keenan
21:05 10 May 22
I was in a lot of debt and stress, Jackie Stanley with David Sklar & Associates was very professional, and extremely helpful with getting out of debt. I should of did this sooner, they take the all the weight and stress of a persons shoulders, amazing team at David Sklar & Associates!!
Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
prettylush 13
02:42 10 May 22
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