It’s time for business debt to hit the canvas

You’ve given debt a left hook, a right jab and finished it off with a cheeky punt in the knackers – but still, like a zombie rising from the dead, it returns to hound you all the more.

Once your business is on the ropes, no number of southpaws will fix it. The only real way to knock it on the canvas for good is to clean up your business act and get organised.

So it’s time to enact our very own Rocky training montage. But instead of punching a slab of meat and going jogging while wearing an outfit that looks like you should be in prison, we’re going to be training up your organisational skills.

Without the right structure in every section of your operation, your company’s finances will stop looking punch drunk and, instead, be fighting fit. So let’s train you up with these bite-sized tips.

Round one: effective payroll

A one-two punch against any business plan, paying your staff is, as you’re probably aware, a vital part of owning a company, and constitutes one of the largest overheads for every enterprise.

For a small company, the payroll can dominate the time and expertise of HR professionals, meaning you have to hire other staff to cover their more important tasks.

But none of this is necessary if you invest in payroll online, a Cloud-based service that automates the payroll every month, leaving your HR team with plenty more time to help fix your finances. It’s nothing more than a quick sucker-punch to the jaw, but it can make a substantive difference to your financial health.

Round two: chop out the fat

You’ll never see an overweight boxer, at least not one with any kind of future ahead of them. And the same could be said of a company. Your business should be ready to chop out any fat and weed out the weak links.

This can be a brutal process, but it’s a guaranteed way to enjoy a boost in your cash flow. Fire anyone who is wasting your company’s money and you’ll be in a much fitter state.

Round three: buddy up

They don’t do tag team matches in boxing, which is a pity, but having someone else in your corner can be the difference between winning and losing.

To pull yourself from destitution, find a business partner who is in a financially stable position and let them give you a hand. This doesn’t necessarily mean handing over the reins of your company. It can even be something a simple as a short-term loan.

Have you got any tips that could spell KO for business debt? Then let us know in the comments below.