People who are on a budget need to think repeatedly before spending a single penny. These individuals usually think that it is hard for them to have fun because everything comes with a price, but that is not true at all. Not every hobby requires money, while others can demand millions of dollars to enjoy. There are inexpensive hobbies that a person on a tight budget could enjoy:
Blogging
A person who loves to write could start a blog and start writing today. This kind of writing provides the person with access to numerous readers without spending anything beyond their general utilities. Similarly, there are free blogging platforms provided by Google and WordPress.
Reading
It is the best hobby in the world because it allows a person to live many different lives. A history book lover lives a life of kings and rulers, a novel reader feels the soul of the characters, a science person looks at the world from the researcher’s eyes, and the list continues. Reading books from the library is usually low-cost and allows a person to access and read countless books. eBooks and online literary resources are also inexpensive and can fulfill the reading crave anywhere there is an internet connection.
A Tech-Geek
No, a person doesn’t need to learn from a university to become a tech-geek because the computer itself is an excessively big source. The Help tab in software programs is key to solving problems and obtaining answers, but most people do not bother to open that option at all. The Internet also provides solutions for just about everything. Just type the desired question or keywords into any search engine and learn new methods and processes.
Drawing
Painting, doodling, sketching, and coloring can express his creativity when drawing becomes a hobby. One can sketch like a pro by following the simple tips that are present on the internet.
Learn a Language
There are so many available language resources online that can help a person learn languages. Even if it is not the complete language or fluency, a person could learn so many new words and phrases.
Running
Adopt this activity not only as a hobby but to be healthy as well. It can be done anywhere—no need for fancy equipment, just your legs, and energy.
Cycling
Another hobby that keeps a person healthy is cycling. It is unnecessary to buy a new bicycle; an old or used one could do the job. This hobby allows an individual to explore their neighborhood or local parks with ease.
Urban Exploring
There are many places in cities that most people do not visit, but they are worth investigating. Exploring an old tunnel in the city or watching a sunrise on the highest bridge could be a wonderful hobby to enjoy.
Surf the internet
From infants to the elderly, the internet is the best source of fun and information with a little something for everyone. Read forums, go to Reddit, or explore whatever interests you.
Free Online Videos
YouTube is the biggest source of free videos and provides entertainment and knowledge. Many people upload videos every day on this platform. Watching these videos to gain information could be one of the easiest and inexpensive hobbies.
Free Online Games
For game lovers, free online games are a great hobby. The best thing about online gaming is playing with a contender who could be sitting next-door or across the world.
Online Poker
Do not go to casinos when you can now test your luck online. There are online poker sites that allow the person to earn in real-time but be forewarned that this game is highly addictive.
Gardening
One can start gardening without buying any plants and using seeds from food scraps while cooking. Use and plant fruits and vegetables; planting these foods is an inexpensive hobby and can help reduce monthly grocery expenses. Seeds from the fruits and vegetables that are available at home can be grown indoors in the pots if there is no yard or outdoor space available. This hobby is not beneficial for the family only but for the environment as well.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
One of the most important aspects of running a business is sales and marketing. Every business, no matter what they are selling, has to have customers to remain in business. Therefore, you must identify the target customer and gear all of your marketing towards that target audience for the business to succeed. For example, if you sell diapers and baby products, you would focus your marketing on new parents and not on audiences without babies.
The biggest mistake businesses make when it comes to marketing is that they assume everyone in the world wants their product or services, and they market all over the map. However, if you get real with yourself and realize every business has a target audience and point your marketing to that audience, you will have customers coming out of the woodwork. Here are five tips to help you identify your target market for your business.
Filter Your Focus
When it comes to marketing, you have to narrow your focus and filter out what does not apply to the products or services you offer. You will need to have some level of bias in the respect that you will need to study your market or your business and be realistic if your business mostly or exclusively appeals to a specific people group, age range, or income level.
You have to filter out anyone who does not utilize your service or product to not waste money or your valuable time marketing to those who will never buy your products or hire your services. You can’t afford to feel as though you need to include everyone when targeting your marketing efforts.
Gather Data
You will need to research your business market and gather as much data as possible to pinpoint your target customers. In some cases, the target customer is obvious, but in other cases, it can be a bit more obscure to the naked eye. Therefore, gathering data and ensuring you gather it from every source applicable to your business will ensure that you hit your target audience and make the most of your marketing budget.
Hire a Survey Company
Many businesses never think of hiring a survey company to help them identify their target customer. If you are in a business where the target audience is not as easily identified, you will need to discover this through surveys. The expense to hire a company will have a huge payoff because if you spend a lot of time and money marketing and are not targeting it to your main customer, it will cost you much more. Businesses fail because they don’t have strong enough sales to stay in business. You have to put a lot into your marketing efforts and use marketing dollars for vital tools like surveys. This suggestion is only for businesses that are having difficulty identifying their customer.
Use Existing Data
If you are in a business with other businesses that are the same and in the same locale, you can observe their marketing efforts. These businesses can work for you and help you identify your target customer without paying a penny for surveys or market research. When you choose businesses to research, be sure they are as close to you in product or service, location, and overall business model. The market and target audience can change in different locations, so it is important that if you are going to emulate similar businesses’ marketing efforts, they will be as close to identical to you as possible.
Use Your Network
When you own and operate a business of any size, you have generally built up a network. This network can be made up of your friends and family, other businesses like yours, vendors you use, and other businesses in your community. Many times there are people in the network you have built that can help you identify your target audience. The network you have built is a give and take and serves a great purpose in many aspects of your business, but they can be highly effective in your marketing efforts, so tap into it. That’s what it’s there to do.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Some people claim it’s quite easy to spend less and save more. But, for most people, spending wisely does not come naturally. In fact, most people live far above their means. If this is your situation, consider these inspiring tips to spend less and become wealthier.
With the current pandemic looming over us, we cannot help but wonder what it would’ve been like if we saved some money for a rainy day. Isn’t that just how the world works? You never know what will happen in the next moment. Therefore, it is always wise to have a healthy savings account by spending less on luxuries and more on necessities.
Want to learn different tips to help you save money and spend less? Read on!
Differentiate with Your Wants and Your Needs
Expenses can be divided into two categories: those that fulfill an unnecessary desire and those that are vital to your basic needs. Examples of basic needs include water, food, electricity, and shelter. You cannot survive with them. Luxury items include tv, satellite, phone, new clothes, etc. You may consider some of these items as basic needs, but this is not the case. Thinking about your expenses in this way will give you some perspective on your standards in life. If you cannot afford all these things and want to spend less, you may need to cut out some of these luxuries.
Take Whole Chance to Save
When deciding to save more money, you must commit 100%. Jump at every chance to save your money, such as tracking sales and only buying discounted items. No matter how small the sale is, every penny counts.
Creativity
It’s time to use your imagination when thinking of ways to spend less. Creativity is a key concept of wiser spending, such as adjusting that old top to make it current. You can create a handmade gift for someone instead of purchasing one. Let your artistry flow and get creative. You will absolutely save money this way. You may even realize there is a hidden talent inside you.
Exercise on a Daily Basis
Studies show that when a person engaged in sports and exercise, they have a habit of spending less. This is due to them better organizing themselves, their time, and their expenses.
Record your Expenses
Get in the habit of recording every purchase you make. At the end of the month, check your bank’s details for any errors that could result in compensation. By engaging in this practice, you prevent banking errors and gain awareness of your spending habits.
Save for Emergencies
Saving for emergencies is more than just a good idea; it should be a must. Start now to put away as much money as you can for emergencies. If a bad situation ever arises, you will be more prepared, and your finances will take less of a hit.
Improve your Weaknesses
Everyone has a weakness, and for some, this takes the form of poor fiscal discipline. Evaluate your spending habits to see your pitfalls; then, plan around them. This could be avoiding your favorite clothing store for a few months or meal prepping at home. A realistic awareness of your weaknesses can prevent you from falling victim to them.
To Sum it Up
There are several other ways in which you can save money for a rainy day. Today, everything has a paper trail. So, start with tracking your expenses and gauging if there are any cuts that can be made. Moreover, that plastic card in your pocket can be dangerous, as it makes it hard to grasp how much money you are spending. Consider leaving it at home whenever you head out with friends.
“If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed.” – Edmund Burke
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
If you want to have a credit card but are tired of dealing with banking institutions’ bureaucracy, do not despair. There is a simpler solution: online credit cards without paperwork. But what exactly are they?
A credit card is a means of payment consisting of a plastic card with a magnetic stripe, an account number, and a microchip. This card allows you to pay in stores and is attached to the institution to which the card belongs, such as Visa, MasterCard, or American Express.
An online credit card, usually linked to a bank account, allows you to pay for purchases even if you do not have funds in the account. How is this possible? It is done by deferring the payment until the following month and can typically be paid back in installments. In other words, when you pay on credit, you incur a short-term debt with your bank.
You can usually return the credit in three ways. You can either pay at the end of the following month in which you made the purchase, pay a monthly percentage, or pay a fixed fee. This allows you to have more flexibility when making your purchases. Of course, you must remember that you will have to pay interest.
The interest rate determines how much it will cost you to postpone your purchases. This amount is usually expressed in the Annual Equivalent Rate (APR), and the average rate of the American market is 16%. However, this percentage varies with each bank.
Keep in mind that when you use credit cards, you must usually pay a commission, a minimum monthly charge, or a fixed annual fee just for having the account. Again, each bank sets its own criteria.
Credit card companies usually have other types of additional advantages, such as discounts for buying in certain establishments, associated insurance, or certain bonuses depending on how you use them.
The main advantage of online credit cards, other than the lack of tedious paperwork, is that you can quickly and easily get them online. All it takes is filling out a short form with your personal and bank details.
As a credit card user, it is easy to monitor monthly expenses and control cash flow. Your credit cards will be free from debt if you pay all your charges on time or by taking advantage of a credit card’s grace period. Also, you can avail bonuses and rewards as credit cards typically provide cashback opportunities.
If you must manage and keep a record of on-time payments at your job, you can easily perform all these tasks using credit cards. You must have adequate knowledge regarding online credit card applications and related expectations.
Multiple fields are optional on a credit card application. Some of these include authorized users, balances to transfer, credit card establishment, and rewards.
If you choose to have authorized users on your account, the bank will need their names. This is a necessary part of credit card activation. Don’t forget that these users do not come under the category of cosigners. Only you can make all payments in the account.
You can also transfer balances to a new credit card from another card. For this transaction, you will have to give the following details: creditor name, payment address, account number, and the transfer amount. Remember that there is no balance transfer facility from another account at the same bank. Be mindful that you must know the correct procedures to apply for balance transfers.
Of course, credit cards are a huge responsibility. So, if you want to maximize your benefits, take care when using your card to ensure you maintain a healthy credit score.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
A loan is an amount of money that people borrow and are expected to pay back with interest. Being approved for a loan depends on different factors like income, credit, and debt history of a borrower. The need for taking a loan usually arises when someone wants to spend more capital than readily available. For instance, starting up a new business venture or buying a new house. Fortunately, there are several ways to apply for a loan. However, knowing maximum credit options enables people to settle on the best options to meet their goals. This article will provide guidance regarding different types of loans and credit options.
Conventional Loans
The term conventional loan is also known as a mortgage loan. The government or its agencies do not insure these types of loans like the Veterans Administration, Rural Housing Service, or the Federal Housing Administration. In Conventional loans, creditors follow the guidelines provided by Freddie Mac and Fannie Mae. This type of loan can either be conforming or non-conforming loans.
Conforming Loans
A conforming loan is the type of loan that follows guidelines set by Freddie Mac and Fannie Mae. The amount of a conforming loan depends upon the location of the borrower’s home. For example, people who have houses in high-income areas can apply for a larger loan than those who live in general or low-income areas. Other parameters used to measure borrowers’ eligibility are concerned with the credit history of the borrower and their and debt to income ratio.
Non-Conforming Loans
On the other hand, the non-conforming loan does not follow Freddie Mac and Fannie Mae’s set guidelines. If an individual wants to borrow a larger amount, then they can go with the non-conforming loaning option. Non-conforming loans are also known as Jumbo loans.
Secured Loans
Secured loans are also known as a collateral loan. In this type of loan, a borrower leverages his personal possessions and property to be approved for a loan; in case of default, all the property transfers to the lender to cover the loan amount. The interest amount in this type of loan depends on the property’s worth. Factors like the credit history of a borrower and loan term length are also considered important aspects when considering a secured loan.
Unsecured Loans
An unsecured loan does not require any type of asset security. This type of loan is usually difficult to get because it is completely based on the borrower’s credit history. It has a higher interest rate, which is also determined by the income of the borrower. If a borrower defaults, the lender can employ different collection options like a lawsuit or debt collector in order to recover the loan.
Open-ended Loans
Open-ended loans are also considered revolving credits. This type of loan amount can be re-borrowed after paying it. One of the most common forms of open-ended loans is credit cards; however, home equity loans and HELOC (Home equity lines of credit) also belong to the open-ended loan category. In this type of loan, interest rates are based on the borrower’s payment history and credit scores.
Close-ended Loans
A close-ended loan is the type of loan that cannot be borrowed again after repaying it. For instance, mortgages, student loans, and car loans fall under the category of close-ended loans. In this case, the loan decreases after each installment, and if a borrower wants more credit, he has to re-apply for a new loan and follow the whole process to be approved once again.
Loan from Friend/ Family Member
This type of loan is not based on any credit score but can put the borrower’s relationship at stake. Before taking advantage of this loan, it is highly recommended that a loan agreement be made and should spell out clearly the terms and conditions of the loan. This kind of loan requires a good amount of faith and trust between both parties. Loans from friends or family members should be taken only if a borrower can pay back on time.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
In the world of startups, the failure of a business is considered as a learning opportunity. Identifying the reason for failure and converting it into a success is one of the biggest achievements that an owner embraces. According to research, nearly 51% of businesses often fail initially. If businesses want to innovate and put their best foot forward, they need to accept that there is always a risk involved in every entrepreneurial venture.
Reasons for failing startups
Lack of Brand awareness
Many startups focus more on making exquisite offices rather than marketing the products or services they provide. One business expert noted that “Initially, no customer was interested in our business model because of the lack of brand awareness.” New businesses fail when they are not taking care of market issues. To make a business successful, it is essential to cater to all marketing-related issues and create brand awareness among potential customers.
Running out of money
Proper time and money allocation is the key to a successful business. However, the question arises on the best way to allocate a budget and often remains a challenge. Research has found that inappropriate allocation of money is the most common reason for business failure. Startup businesses usually run out of money due to careless and unplanned spending.
Mismanaged team
The diverse team is one of the most important factors of a successful business startup. Team diversity is frequently referred to as one of the main ingredients for organizational achievements. Finding the best team is the biggest challenge for the businessperson, and the startup requires strong recruiting consults which can bring the best team for future growth.
Customer Ignorance
Ignoring consumer needs and inappropriate marketing sometimes leads a startup towards producing goods that are unsafe and unsustainable for the environment and customers. Ignoring the need of potential customers is the main reason for the startup’s failure. It is a fatal mistake that a startup usually makes when not collecting consumer’s feedback and surveys before launching a product.
Unplanned product launch
It is important for a business startup to analyze the correct time and the need for a product before launch. The company should not launch a product too early without creating a need for that product. Without tapping the target market first, the product will not be able to create a brand image in customers’ minds, and if a company launches a product late, it may miss the first-mover advantage.
Poor product quality
The startup business can go down on its very first day if they ignore the quality of the product. It should be the primary focus of the business to provide better quality at a premium cost. The low-quality product can easily ruin the company’s image. The poor quality product can increase a company’s expense and hinder the long-term growth if not improved on time.
Losing focus
It takes a lot of time, money, effort, and focus on initiating a business. Startup businesses usually fail if they get distracted easily and lose focus on their target goals. Success is not achieved overnight; however, to make a business successful, a company must focus on its target and perform its task with dedication.
Untested product
Testing and pivoting the product before launching it decides the product’s life. It takes a lot of time and money to build a business, so it is imperative to test the idea before injecting the product into the market. A startup usually fails because they do not take the beta test before developing a product.
Above are some reasons that cause startup failure, but a company can outshine and achieve a maximum market share by realizing these mistakes.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Rescue Your Business: Proven Strategies to Overcome Debt
To save business from debt, you need immediate action through comprehensive financial assessment, strategic cash flow optimization, creditor negotiations, and operational restructuring while maintaining focus on long-term sustainability. The key lies in addressing both immediate liquidity challenges and underlying operational issues that created the debt situation, combining multiple recovery strategies that work together to create a viable path forward.
In my 20 years as founder and CEO of Complete Controller, I’ve guided hundreds of businesses through financial crises that seemed insurmountable. Did you know that businesses implementing structured debt recovery plans within 90 days of recognizing their crisis have a 73% higher success rate than those who delay action? This guide reveals the exact strategies we’ve developed through thousands of client engagements, offering practical approaches to cash flow management, creditor negotiations, debt consolidation options, and operational restructuring that can transform your current crisis into future strength.
How can you save your business from debt?
Quick Answer: Save business from debt through immediate financial assessment, cash flow optimization, creditor negotiations, and strategic restructuring
Financial Assessment: Create a detailed inventory of all debts, categorize by priority, and establish realistic 90-day cash flow projections
Cash Flow Optimization: Accelerate receivables through factoring or early payment discounts while strategically managing payables
Creditor Negotiations: Develop win-win proposals that demonstrate commitment while securing sustainable payment terms
Strategic Restructuring: Address operational inefficiencies and refocus on profitable activities to support long-term recovery
Immediate Financial Triage and Assessment
The first 72 hours after recognizing a debt crisis determine your business’s survival trajectory. Most business owners operate with incomplete financial information, making recovery nearly impossible without establishing clear visibility into your actual position. Creating this foundation requires brutal honesty about assets, liabilities, and cash flow patterns.
Start by categorizing all debts into secured obligations backed by specific assets and unsecured debts like credit cards or trade payables. This distinction proves crucial for prioritization since secured creditors have stronger collection rights and less negotiation flexibility. Include everything—equipment loans, real estate mortgages, tax obligations, vendor payables, and personal guarantees you’ve signed.
Cash flow analysis extends beyond reviewing bank statements to understanding money timing over the next 90 days. Many businesses discover seasonal patterns or customer payment cycles they hadn’t recognized, informing strategic recovery decisions. Map out exactly when money arrives versus when obligations come due, identifying potential crisis points before they become emergencies.
Strategic Cash Flow Optimization
Cash flow optimization forms the backbone of debt recovery, providing the flexibility needed for negotiations and planning. U.S. business debt exploded from $16.9 trillion in 2019 to $21.55 trillion in 2024, with 39% of small businesses now carrying over $100,000 in debt. Successful recovery addresses both accelerating collections and managing outflows systematically.
Transforming outstanding invoices into cash requires multiple tactics working together. Businesses have a 98% chance of collecting debt when due, but this drops to just 27% after 12 months. Implement early payment discounts of 2-3%, establish clear upfront terms, and create systematic follow-up processes. Invoice factoring provides another powerful option, delivering 70-90% of invoice value immediately.
Inventory and asset management
Excess inventory represents dead money that could service debt. Implement just-in-time principles where possible, negotiate consignment arrangements with suppliers, or consider sale-leaseback options for major assets. These strategies free working capital while maintaining operational capability.
Expense reduction requires surgical precision rather than across-the-board cuts. Focus on non-essential expenses first, renegotiate supplier terms, and consider temporary measures like reduced hours over permanent layoffs. The goal maintains revenue generation ability while reducing cash outflow sustainably.
Mastering Creditor Negotiations
Effective creditor negotiations can mean the difference between survival and closure. Different creditor types have varying priorities—banks prefer consistent partial payments, suppliers might extend terms for continued business, and government creditors require precise documentation and compliance. Understanding each creditor’s position enables strategic negotiation approaches.
Successful debt restructuring proposals tell stories of temporary hardship with clear recovery paths. Include detailed cash flow forecasts, implemented operational changes, and specific timelines for normal payment resumption. Creditors respond favorably to proposals demonstrating business acumen and a genuine commitment to modified obligations.
The most sustainable modifications create genuine mutual benefits. Offer lump sum settlements at discounts, provide additional collateral for extended terms, or agree to higher interest rates for lower monthly payments. Formal forbearance agreements provide legal protection during recovery plan implementation.
Debt Consolidation and Restructuring Strategies
Business debt consolidation simplifies obligations while potentially reducing costs, but success requires careful analysis of terms and timing. Traditional bank loans offer the lowest rates but require strong credit, while alternative lenders provide faster approval at higher costs. Consider prepayment penalties, collateral requirements, and lender reputation for working with distressed businesses.
Consolidation timing significantly impacts qualification and terms offered. Acting before missing payments generally yields better results than consolidating after credit damage. However, waiting until operations stabilize might provide stronger financial statements for review. Optimal timing depends on specific cash flow patterns and debt urgency.
Alternative financing solutions
Beyond traditional loans, explore invoice factoring, merchant cash advances, or equipment refinancing for specific debt types. Asset-based lending leverages existing assets for consolidated financing, while SBA loans provide government-backed options with favorable terms for qualifying businesses.
Operational Recovery and Business Restructuring
A retail business in Tasmania used Small Business Restructuring to reduce unsecured debt by $330,185 (45%) within three weeks, demonstrating that even businesses facing $723,808 in tax debt can achieve sustainable recovery. Success required a comprehensive operational analysis revealing inefficiencies invisible during normal operations.
Evaluate staffing levels, facility costs, technology investments, and vendor relationships to identify better resource allocation opportunities. Distinguish between revenue-generating costs and overhead, making informed reduction decisions. Financial crisis often forces refocus on the most profitable activities, improving overall performance.
Analyze your customer base to identify profitable relationships, then concentrate efforts on similar prospects. Discontinue unprofitable lines consuming resources without adequate returns. Sometimes recovery requires fundamental changes including new management, financial controls, or ownership restructuring to attract investment.
Bankruptcy Alternatives and Protection Strategies
In 2024, 8,435 U.S. businesses filed bankruptcy—a 2.3% increase, bringing the rate to 47.2 per 100,000 businesses. Understanding alternatives preserves business continuation possibilities while offering advantages like lower costs, faster resolution, and reduced relationship damage.
Assignment for the Benefit of Creditors allows asset liquidation through neutral third parties while avoiding formal bankruptcy. This process typically costs less than Chapter 7 while providing similar outcomes, completing more quickly with greater privacy since public filings aren’t required.
Informal workout agreements enable direct creditor negotiations with maximum solution flexibility. These might include payment suspensions, extended terms, or partial forgiveness for business modifications. Standstill agreements prevent collection actions during negotiations, providing comprehensive solution development time.
Building Long-Term Financial Resilience
Sustainable recovery requires systems that prevent future crises while positioning for growth. Implement monthly financial statement preparation, expenditure approval processes, and 90-day cash flow forecasting systems. Regular stakeholder review meetings ensure prompt problem identification and resolution.
Businesses successfully recovering from debt typically implement systematic reserve-building programs. Maintain specific cash reserves, establish untapped credit lines, or create an automatic savings setting aside profit percentages during good periods. Emergency planning includes identifying warning indicators and predetermined crisis responses.
Overdependence on specific customers or markets often contributes to debt crises. Recovery planning should include revenue source diversification, adjacent market expansion, or recurring revenue stream development that provides predictable cash flow. Manage diversification carefully to avoid overextension during recovery.
Final Thoughts
Saving your business from debt requires speed, strategy, and often professional guidance to navigate complex recovery options. Throughout two decades helping businesses overcome financial challenges at Complete Controller, I’ve learned success depends more on response quality than initial problem severity. The strategies outlined here—from immediate triage through prevention planning—provide your recovery roadmap.
The debt crisis reveals operational issues needing attention anyway, making recovery an opportunity for building stronger, sustainable businesses. View this process not as a temporary fix but as a comprehensive improvement, positioning your company for future success. Your business can emerge from this challenge stronger than before—contact the experts at Complete Controller for personalized guidance on implementing these strategies and transforming your financial future.
Frequently Asked Questions About Saving a Business From Debt
What are the first steps to take when my business can’t pay its debts?
Immediately conduct a 72-hour financial assessment categorizing all debts, analyzing cash flow for the next 90 days, and identifying assets that could generate quick cash. Contact secured creditors first to prevent asset seizure while developing a comprehensive recovery plan.
How long does it typically take to recover from serious business debt?
Most businesses implementing comprehensive debt recovery strategies see initial stabilization within 90-120 days and achieve sustainable operations within 12-18 months. The recovery timeline depends on debt severity, industry conditions, and the speed of optimization strategies’ implementation.
Should I hire a debt negotiation company or handle creditor negotiations myself?
Professional assistance typically improves outcomes by 60% compared to self-negotiation, especially for complex situations involving multiple creditors or tax obligations. However, smaller businesses with fewer than five creditors often successfully negotiate directly using structured proposals and payment plans.
What’s the difference between debt consolidation and debt restructuring?
Debt consolidation combines multiple debts into one payment, often reducing interest rates and simplifying management. Debt restructuring modifies existing loan terms, including payment amounts, schedules, or interest rates, while keeping original creditor relationships intact.
Can I save my business from debt without declaring bankruptcy?
Yes, alternatives like informal workout agreements, Assignments for the Benefit of Creditors, or Small Business Restructuring often achieve better outcomes than bankruptcy. These options typically cost less, are completed faster, and preserve more business value while resolving debt obligations.
Sources
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Small Business Administration. “Managing Business Debt.” https://www.sba.gov/business-guide/manage-your-business/debt
Tratta. (2025, January 1). “Average Collection Success Rates and Industry Insights.”
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Jennifer BrazerFounder/CEO
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
To save some extra cash at the end of the month, check out these 7 simple ways to save and see financial dreams come true.
Tip#1: Save in Real-Time
Buy a piggy bank or open a new savings account in a bank. Do whichever is feasible but do it right away. Make a rough estimate of monthly expenditures and extract the remaining amount from earned income instantly before spending any. Transfer that money to the savings accounts in the first few days after calculating it rather than later. After one or two months, an individual will get a clear picture of the amount that can be saved every month. No matter how small the amount is, save it immediately.
Tip#2: Make a Goal
A goal amount will help a person save even faster. When an individual has a definitive figure that needs to be saved within a period of time, that person will know exactly how much needs saved every month to reach the estimated goal. Making some minor changes in a daily routine could help a person save significantly at the end of the month.
Tip#3: Spend Less where You Can
Cheaper is not always better, but a person can find less expensive alternatives. For instance, buy from the store that offers a lower price, even if it is only $1. Select the cheaper mode of transportation; use private transport when traveling alone instead of the car. It will reduce the fuel cost. Do not leave any unused appliance on or plugged in as it can help reduce the electric bill. Take shorter showers to use less water. Instead of buying a meal, cook it at home. All these things will help reduce monthly savings.
Tip#4: Don’t Spend on Unnecessary Things
Have a clear goal in mind and save by not spending on unnecessary purchases. A new pair of shoes is not important if you have several at home unused in the closet. When there is not any time for the gym, why is monthly membership being paid? There are other ways to stay fit. With hundreds of channels cable and only two to three of importance, why is cable being paid for? Similarly, do not pay for entertainment subscriptions if watching is sporadic. There are many purchases an individual is making monthly for no reason. Review monthly bank statements and see what can be eliminated.
Tip#5: Do Not Go Shopping in Person When You Can
Money can be saved by asking someone else to purchase necessary as a favor. The shelves in the grocery stores are filled with impulse items that have no reason to be on an individual’s kitchen counter. The maintained grocery list can also be ordered online, and shopping alone can help keep the grocery bill low. Children are attracted to impulse buys, so avoiding taking them shopping can make a difference on the eventual grocery bill.
Tip#6: Coupons and Promotions
Take advantage of coupons and promotions. Use a coupon whenever possible. Take advantage of promotions running in the store. Also, buy bigger items when they are on sale. For example, purchase a TV during the Black Friday sale. Clothing brands always have a sale when the season ends, so go shopping at that time and purchase three pieces of clothes at a discounted price for next season.
Tip #7: Make A Plan and Stick to It
Make a weekly expenditure plan; it will help in the long run. For instance, make a menu for the week and try to stick to it. Make a budget of how much is required to be spent on an outing, and do not go out other than that. Limit picnic plans as well, as they will also affect the saving pattern. With a weekly expenditure plan in place, an individual will be able to spend on something important if required. Otherwise, surplus money will also go into the savings account.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
When talking about life insurance, reference is made to an acquired contract through an insurance company, financial planners, and banking institutions. The insurance provider is committed to providing a series of benefits to all of their insured clients. Insurance coverage is provided as long as monthly installments known as premiums are paid. The amount of the premium will depend on the coverage established during the purchase of that insurance.
Why is it important to have life insurance? Without a doubt, for the benefits that it gives along with a sense of security. It should be noted that the advantages offered by this service are many and ensure the client is covered along with their beneficiaries giving them economic peace of mind. If a fatal accident or temporary or permanent disability, having life insurance can be a life-saver and the difference between financial survival or devastation.
Life insurance is not to be confused with health or other types of insurance. Life insurance is different in many ways, while the basic concept of insurance is the same. Insurance is paying a company that will cover you financially if something occurs. This description is the same for life, health, or auto insurance. Life insurance, however, has some specific differences that are unique to this type of insurance. Here are six benefits of life insurance.
Economic Coverage
One of the most basic advantages of life insurance is that it will allow a person to be economically secure if the owner dies. The amount will depend on the policy purchased and will be delivered to the beneficiary that has been stipulated in the insurance contract. There is a saying, “there are no guarantees in life” unless a person has life insurance.
Monetary Benefit for Disability Insurance
If an insured person suffers an accident that causes a permanent or even a temporary disability, an insured person will rest assured that they have insurance that will cover all of their medical expenses, living expenses, and hospitalization. This life insurance benefit depends on the type of insurance you carry; not all life insurance carriers have this benefit.
A Fund for Emergencies
Another advantage of having life insurance for both the owner and their beneficiaries is that this insurance company can back them in the face of unexpected situations that arise throughout life. This ability to draw from your life insurance for emergency funds is only available to the insured after paying in for a certain period.
Used as an Investment
Some use life insurance as an investment because it can compound over several years, and if you decide to sell your life insurance policy or take the money and go once it is matured, it can be profitable. Not everyone will want to take this option as it will deny your beneficiary any payment if you should pass away. You must be careful if you decide to cash out your life insurance.
Quality Care, at a Lower Cost
And as the previous point mentions, having the support of an insurance company guarantees that they enjoy greater bargaining power in front of the workshop in terms of costs and deadlines because they handle a high volume of cars repaired. Delivery.
Insurance Keeps a Small Business Going
Having Insurance is considered a safety net for when things go wrong. Life insurance will support a family in case something bad happens. It’s similar to a business. In case an important member of a family or part of equipment goes out of command, the business won’t stop, and work can remain to carry on, thanks to insurance. These are few main reasons why having insurance is important to obtain ultimate peace of mind.
There are many reasons to get life insurance. It is an important decision that will cover many things while living and will help your loved ones after your death. If you don’t currently carry life insurance, you should seek a trusted agent and discuss the costs and options and get this important insurance today.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
In this article, we will explain each of the most important types of accounting. Additionally, we will try to answer the most common questions: “How many types of accounting exist? What different types of accounting function in a company? “
Financial accounting
Fiscal accounting
Management accounting
Cost accounting
Administrative accounting
Activity accounting
Service accounting
Public accounting
Types of accounting: Financial Accounting
This type of accounting arises from the need to present financial statements to third parties, such as investors, shareholders, or public bodies. There is also a need for the information presented to be homogeneous and standardized. Therefore, this type of accounting focuses on the preparation of accounting statements for third parties and not so much for business management. Nowadays, with the facilities provided by new computer systems, information for decision making and for third parties are obtained courtesy of a unique and integrated accounting system.
Types of accounting: Fiscal Accounting
Fiscal accounting is a type of accounting that is based on the fiscal criteria established by the laws of each country. These define how fiscal accounting should be performed. Obviously, tax accounting is of great importance for accountants and entrepreneurs since this type regulates how records and reports are prepared and dictates the amount of taxes that must be paid.
It is vital to note that there are huge differences between accounting principles and financial laws. Financial accounting may not bare any resemblance to tax accounting; however, this should not be an impediment when managing the two types of accounting simultaneously.
Types of accounting: Management accounting
Management accounting or management (internal) is the type of accounting that exists in contrast to financial accounting (external). In Robert Kaplan’s research, management accounting was created at the beginning of the 19th century as a type of accounting that resulted from the growing complexity of organizations and companies. At the beginning of the 20th century, this practice was first integrated into businesses worldwide. Opposite to financial accounting, which focuses on preparing financial data for external use, management accounting exists to expedite the business’s internal needs.
Types of accounting: Cost accounting
The accounting of costs is related to the type of accounting that is responsible for classifying and collecting information on the current costs generated by a company. Cost accounting focuses on treatment design and cost management. Cost accounting can be concentrated by departments, activities, regions, or products.
In the same way, cost accounting deals with managing expected and desired future costs. Cost accounting follows behavior patterns, activities, and processes in which costs are related to products and their categories.
Types of accounting: Administrative Accounting
Administrative accounting is the type of accounting that adapts to the needs of each of the administrative levels. It refers to the fund and form of the internal reports that the company accountant has created. This type of accounting focuses on the company’s internal aspects, and the information collected should be secured. The financial accounting reports are also used by management and the company owners to evaluate the strategies implemented by the company and their results. In this way, the past, present, and future of the company can be compared.
Types of accounting: Accounting by activities
Activity-based accounting is the type of accounting that links administrative accounting and cost accounting. Accounting based on activities is responsible for studying and classifying the accounts of each of an organization’s operations with the aim of improving productivity.
Types of accounting: Accounting of service organizations
Accounting for service organizations is a type of accounting that specializes in companies or organizations providing services instead of tangible assets. The most common cases that utilize this type of accounting are transport companies, banks, hotels, law firms, consultancies, hospitals, and schools.
Types of accounting: Public Accounting
Public accounting is the type of accounting that deals with the development of information and the control of the processes of public administration activities. Simply put, public accounting manages the expenses and tax collections of all state agencies. This refers to the type of accounting information system used in the public sector within accounting types. It is a slight variant of traditional financial accounting that is used in the private sector. The need for a separate accounting system for the public sector is created by the differences between a company’s objectives and the government.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
