Owning your own business means you can follow your dreams and share your passion with the world. It’s a great feeling to be your own boss and make decisions that affect your life as well as the lives of your family and employees.But, small business owners can sometimes get into financial trouble. This often happens when they use personal loans or personal credit cards to get their business started and keep it running. They want to make their business work so much that they often ignore the signs of problems.

Watch for trouble
If you’re a small business owner, make sure you’re aware of what’s happening financially. Watch for these signs that you might be in trouble:

  • You’ve used your personal credit or assets to fund your business and it’s affecting your credit score and bank account
  • You borrow money from one credit card to help pay another or to pay a loan
  • You consistently make late payments on bills, or skip payments because you’re “short this month”
  • You are not able to pay yourself or put any money into savings
  • You’re constantly stressed from the business’s financial obligations to employees or vendors

It’s important to understand different options about how to manage your small business finances. Knowing what to do can mean the difference between a successful business and one that’s barely treading water.

Know when to get help
If you find yourself having money issues with your small business, think about talking to a financial professional like the ones at Hathaway Adair. With ways to help you understand budgeting, how to utilize capital and the best ways to grow a business, a trusted partner is smart way to help your small business grow.

Hathaway Adair, P.C. is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. This newsletter is for informational purposes and should not be considered legal advice. Please consult Hathaway Adair, P.C. or your own legal counsel for legal help.