Debt Relief for Small Businesses in BC
Small Business Solutions for Companies in British Columbia
Running a small business is no easy task. You have lots to worry about, from making payroll to ensuring happy customers. Being a business owner is even more challenging when you’re working with less money in the bank than you need. If you need practical small business solutions, reach out to J. Bottom & Associates. We work with companies throughout British Columbia, offering help with debt relief and filing for small business bankruptcy. No matter the specifics of your financial situation, our Licensed Insolvency Trustees can likely help. Here are a few small business solutions to explore with our team.
Save Your Business With Fundraising
One of the first small business solutions we may recommend is fundraising. First, take a look at your personal assets. Are there any that you could sell off? Once you’ve paid down your business debts in this way, start other fundraising efforts. Our past clients have secured funding in the following ways:
- Borrowing from family and friends
- Getting a small business loan
- Working with an investor or new partner
- Crowdfunding
Consider Small Business Debt Consolidation
Small business debt consolidation is often an excellent way to relieve some of your debt problems. This option bundles all your debts together so you only need to deal with one creditor and make one monthly payment. Say goodbye to multiple due dates, endless billing statements, and constant collections calls. With our help, you might even get a lower interest rate.
Make Honesty Your Policy
If you’re thinking about filing for small business bankruptcy, honesty is always the best policy. Communicate directly with your creditors, and some of them may be sympathetic to your situation. In the best scenarios, they may even offer a repayment plan that makes getting out of debt a bit simpler.
Communicate With Suppliers and Customers
When you’re concerned about small business debt recovery efforts, a little communication can go a long way. Talk to your suppliers about getting reduced rates or more affordable contracts. If you explain your situation up front, many suppliers will empathize with your circumstances. In the same vein, consider communicating openly with your customers. If you have a few who owe money, you might offer them a discount to get paid as soon as possible.
Cut Business Costs
Cutting business costs seems like a no-brainer, but many businesses don’t consider it a viable solution to extreme debt. Even if you’re looking at significant bills, remember that every little bit helps. Increasing your profits by just a few hundred dollars can reduce your debt bit by bit. Paying off your creditors, even if it’s small amounts at a time, builds a sense of trust. If you have the time, you might even consider establishing some ways of making money on the side to put toward your small business debt.
File for Bankruptcy
Our Licensed Insolvency Trustees can help you file for bankruptcy when it’s the only feasible option to move forward. The process isn’t easy, but our team is here for you every step of the way. With a deep knowledge of small business solutions and years of experience with bankruptcy law, we’ll work to streamline the process and take some of the stress off your plate.
Consider a Consumer Proposal
Consumer Proposals for small business are yet another way to ease the burdens of significant debt. This process restructures your debt, ultimately making it easier to pay off within the specified time period. Like bankruptcy, negotiating a Consumer Proposal is complex, but the results are often worth it. J. Bottom & Associates will be at your side as you work to reduce your debt and improve your financial situation.
Talk to a Licensed Insolvency Trustee Today
Finding yourself in business debt can be scary, but with a partner like J. Bottom & Associates, you can come out on the other side. Our small business solutions are designed to help you rescue your company and recover your financial standing. No situation is too dire—we’re always here to consult with you and learn more about your circumstances. A free consultation is all it takes to make that first step toward financial stability. Our services are open to clients in New Westminster, Port Coquitlam, and North Vancouver. Contact us today to schedule.