How to Grow Your Business and Be Debt Free

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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, call us at 1-844-962-9200 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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The team at David Sklar and Associates Inc are very professional and are willing to help you get out of debt. Highly recommended.
Melissa MacKenzie
12:35 29 Mar 23
I would like to thank the team at David Sklar and associates inc. for all the time and effort they put in to support this process for me. This topic can be challenging to disclose but a big thank you to Christine for going above and beyond in guiding me through all my options and supporting me through the decisions. I cannot recommend this group enough , as they have shown me compassion , knowledge , and understanding throughout the entire process. I look forward to the next step of this process and learning how the proper way of becoming financially educated through the support of their financial counselling team. For anyone who is struggling , just know that there is a wonderful group of educated professionals at David Sklar who are available to help!
Michelle Plouffe
18:45 14 Mar 23
It took me awhile to get up the courage to contact David Sklar but I’m so glad I did. Trina walked through my options with me and provided the knowledge I needed to make a decision to help turn my financial situation around. She is patient and empathetic and answered any and every question that I had. Trina provided me the reassurance I needed that I was making the best decisions for me and my family. I’m so happy that I reached out and now have a plan to get back on track.
M. Mackenzie
19:59 12 Mar 23
Trina was very helpful and thorough.
Sam M
15:26 12 Mar 23
Christine was very helpful, kind, and understanding. She explained everything thoroughly, answered any questions I had, and was responsive to any concerns I had. 100% would recommend
Katherine Campbell
17:29 08 Mar 23
Jackie Stanley is excellent she took the time to explain everything to me and I am so grateful to her for giving me a fresh financial start so if you have any doubts don’t and go see her if you want to achieve financial freedom!
Heather Helfield
21:24 06 Mar 23
Amazing friendly staff that knows what they are going. They make a difficult situation not so bad. Would give 10 stars if I could.
alie Balan
22:37 25 Feb 23
Very helpful and kind and gave me all the available options before helping me decide which one was best for me. I would definitely recommend Jackie
Alison Rivard
01:01 21 Feb 23
Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
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