Solution to bad debt in small and medium scale businesses.

[Mayox25]

The things that can be done to avoid bad debt is to as a matter of policy put a threshold limit on how much credit facility can be given at a particular time and to a particular customer.

 

[Chibson]

Bad debt is something people actually needs to avoid in business because it can make their business to go extinct. in a situation whereby you find yourself in bad debt it is important you will sell some of your properties and pay for it like someone have stated up there.

 

[tyrim88]

Bad debt is used to describe a situation where debtors can not pay back their loan or money for goods or services rendered to them in good fasen fingered as a culprit in pulling down small, medium and even large scale businesses in every part of the world.
If a small or medium scale business is hit by bad debt

There are lots of factor that can make an organisation to run into bad debt,one of them is wrong application of the loan grant towards the wrong channel,and also the lack of proper management of the finance due to inadequate record keeping.

 

[joy101]

The issue of debt this days is becoming more rampant even in business, using someone I know for example he borrowed money to start a business and at the end of the day he was unable to pay off and last he sold his property to pay off.

The problem of going into debit in small business can never help the business to grow, for your business to grow one need avoid debt, because is really bad when you comes to business aspect that is why is good not to go into.

 

[tyrim88]

Bad debt is used to describe a situation where debtors can not pay back their loan or money for goods or services rendered to them in good fasen fingered as a culprit in pulling down small, medium and even large scale businesses in every part of the world.
If a small or medium scale business is hit by bad debt

One of the things about bad debt is that if not properlly managed very well it can go on to affect your business operations in a nagative way,reason why a business should not be exposed to uneccessary debt.

 

[Lynaia]

Debt is not actually a good thing but some people will borrow money with the intention of not paying back. It's better not to borrow money you don't intend paying back and it's better to leave a business that you're not gaining from and it's always putting you in debt

 

[Smiles20]

You are not going to be having any bad depth if you do not collect anyone in the first place. You should always operate your business in a cash and carry places to stay on the safe side.

 

[greenie]

There are number of solutions for dealing with bad debts but the best solution to bad debt is to sell ones property to pay the debt if it calls for it. Nobody or company will entertain the excuse that you can't pay for a loan you borrowed, you just have to find a possible means to pay off the money.

 

[tyrim88]

Bad debt is used to describe a situation where debtors can not pay back their loan or money for goods or services rendered to them in good fasen fingered as a culprit in pulling down small, medium and even large scale businesses in every part of the world.
If a small or medium scale business is hit by bad debt

There are things that can make an organization to go into bad debt,it could be as a result of wrong investment move, natural occurance or bad management from the directors of the organization.

 

[Shigobad2020]

Bad debt is something people actually needs to avoid in business because it can make their business to go extinct. in a situation whereby you find yourself in bad debt it is important you will sell some of your properties and pay for it like someone have stated up there.

Bad debt can in small business can really ruin the business because their wont be enough money to keep running the business since the debt has not been paid , I prefer woeking hard to raise the money rather than selling my properties .

 

[Chibson]

Bad debt can in small business can really ruin the business because their wont be enough money to keep running the business since the debt has not been paid , I prefer woeking hard to raise the money rather than selling my properties .

Bad debt in every kind of business is bad whether it is a small business or a big business. If someone knows that he or she cannot manage finances properly then there is no need to take loans in order to venture into a business. That does not really make sense in my own perspective.

 

[Nomad]

There are two types of bad debts, one, the debt you owe to someone, and two, the debt someone owes you. If someone owes you money, you will have to pay it back as soon as possible even if it means selling your fixed assets. If you owe money to someone and he is denying the repayment, you need to take legal actions.

 

[Good-Person]

There are two types of bad debts, one, the debt you owe to someone, and two, the debt someone owes you. If someone owes you money, you will have to pay it back as soon as possible even if it means selling your fixed assets. If you owe money to someone and he is denying the repayment, you need to take legal actions.

I think that the only way to avoid bad debts is to avoid borrowing cash from others. Moreover, instalment payments should also be avoided as well. Instalment payments require you to pay money bit by bit and interest is also charged on that, which is a bad thing for your financial positions.

 

[HK World]

Remember, prevention is key when it comes to bad debt.

Implementing strong credit management practices, maintaining healthy relationships with customers, and taking proactive measures can help reduce the risk of bad debt and improve the financial stability of your small or medium-scale business.

 

[Good-Person]

Remember, prevention is key when it comes to bad debt.

Implementing strong credit management practices, maintaining healthy relationships with customers, and taking proactive measures can help reduce the risk of bad debt and improve the financial stability of your small or medium-scale business.

There are many ways you could avoid or prevent bad debt. One of the best ways to do that is to assess your current financial conditions and limit your expenses. This way you will be able to use cash reserves when you need money. In this way, you may not be needing to borrow money in the first place.

 

[Heatman]

Bad debt can in small business can really ruin the business because their wont be enough money to keep running the business since the debt has not been paid , I prefer woeking hard to raise the money rather than selling my properties .

It is going to be very difficult for any kind of business whether it's a small or big one to operate successfully whenever it is in serious debt because you will find your profit-making to always be used to settle your debt and the business will find it very difficult to grow or expand.