Beauty Store Business

SEP 2018

Beauty Store Business provides solutions for better retailing! New products, industry news, savvy business moves and important trends affecting both brick-and-mortar and online retailers are included in each issue.

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Page 47 of 67

Gearstd/ 46 September 2018 | Learn how to manage your business debt—so it doesn't manage you! By William J. Lynott E very retail operation incurs debt. It's a normal part of doing business. However, managing that debt and keeping it from becoming a serious strain on your business requires effort and skill. If you are a business owner, that effort begins by taking full responsibility for managing your business debt. Neither your broker nor your accountant can do it for you. And failing to act quickly can lead your enterprise to financial oblivion down the road. GET CLEAR ABOUT YOUR DEBT In debt management, as in life, knowledge is power. Checking exactly what your debt load is on a regular basis provides the foundation for taking control of those debts. Whether the news is good or bad, you need to know where you stand and what direction you are moving in. An old retail slogan cautions, "You can't manage it if you can't count it." Nowhere is that more pertinent than in debt management. Being clear about your finances is step one.

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