Finance tip: Debt
Consider consolidating your debt. If you have various small debts which you are trying to pay off (such as credit cards, store accounts, etc) as well as a mortgage or bond on your property, consider consolidating your debts into one payment. Essentially, what happens is that you would extend the amount you borrow against your property, and use that money to pay off all of your other smaller debts in one fell swoop. The rationale behind it is that the interest rate on large debts (like a mortgage bond) is significantly lower than that charged on smaller consumer debts (like your credit cards). It also becomes easier to manage, as you only have to focus on making one payment every month, instead of a handful. If you choose to go this route, though, you must be disciplined and still pay off the same amount every month that you would have been paying on all your smaller debts. If you aren’t disciplined like this, all that you are doing is stretching the short-term debt over a longer period of time – in which case you’ll end up paying much more in interest over the long-term.
Business tip: Networking
Join your local trade association or organization. Nearly every industry has its own trade association, made up of all relevant role-players and stakeholders. Find out about your local chapter, join it (or if there isn’t an existing one, start one), and actively take part in it. Not only will it present you with growth opportunities – like forming joint ventures with other companies in your area to grow your market, or finding out that one of your competitors has excess demand that it can’t fill – but it can also act as a great source of troubleshooting advice. Speaking to others will give you a fresh perspective on any problems you may be having, and it’s also almost guaranteed that someone there has been in exactly your position, and can advise you on how they got through it.
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