Identify the real source of the problem
To find the right solution, you need to identify the underlying problem. We recommend that you carry out a complete financial assessment. Here are the most important elements to assess:
- Income ;
- Fixed and variable costs ;
- Payables ;
- Available cash.
This way, you can identify the areas that are causing the most problems.
Re-evaluate your budget
Prioritize activities that increase your revenues. This includes services, products and even marketing campaigns. For example, you can exploit social networks. You’ll attract more people at a lower cost. It’s possible to offer additional services or products, and cut out others. Also, take a close look at your expenses. You may be able to reduce, or even eliminate, certain charges. For example, find more affordable suppliers or negotiate current rates.
Managing debt repayment
Debt can become a crushing burden. Fortunately, it’s possible to lighten the load with the right management strategy. Here’s what we recommend:
- Prioritize your debts. To do this, take into account due dates and interest rates.
- Negotiate with creditors. But make sure your repayment plan is realistic if it is to be approved.
- Consider debt consolidation. This reduces your monthly payments, making them easier to make.
What’s the best solution for your business? It all depends on the current state of your finances. A professional, like us, will be able to give you the best solutions.
Preparing a realistic budget for 2025
Prepare your budget for 2025 now. To do so, consider the following elements:
- Expenses ;
- Monthly payments ;
- Investment projects.
In fact, we advise you to invest only in low-cost but profitable projects. This includes, for example, optimizing your digital marketing. You can also improve your customer service. In addition, always have a contingency fund to cover unforeseen events. You need a reserve to cover a few months’ fixed costs in case of problems. This will help you avoid major financial crises.
Taking account of economic trends in 2025
Experts predict that the Canadian economy will grow by 2025. This means lower inflation and lower interest rates. What impact could this have on your business? How can you exploit it to improve your finances? Keep in mind, however, that nothing is ever certain. In fact, the Governor of the Bank of Canada has expressed doubts about whether this scenario will actually materialize. In his view, the US elections could change things.
Finally
Has 2024 been a difficult year for your company? Not to worry. It doesn’t mean you have to declare bankruptcy. In general, there are always solutions. We’re here to help you find them. We can also help you implement them. So get in touch!
