That’s around 9,300/ week… 1,300/ day… 54/ hour.
So for the small business owner that thinks they are in a situation no one else can relate to or understand? Think again – you are far from alone.
Unfortunately this is a scenario many in our industry are all too familiar with – the business owner who’s afraid to admit they are in trouble. Whether it is pride, bravado, ignoring the problem hoping it will go away or just fear of admitting “failure”, many small business owners just keep trying to tread water until they leave themselves with no other options besides closing their doors or bankruptcy.
There are definitely other options available, but that initial step of recognizing – and accepting - there is an issue has to happen before anything else. This is a very difficult conversation to have with family and friends, let alone someone in debt restructuring who’s calling you unannounced. This is why Reorganization Management Group‘s “Click To Chat” option is such a valuable tool.
“Click To Chat” allows someone to simply put in a name and an e-mail address then puts them directly in touch with someone in their Clifton, NJ offices. They can freely discuss any questions or concerns they may have about either their current debt situation – or just debt restructuring in general – plus they can give as much or as little info as they would like about their situation. This way, they can make an educated decision about the next phase of their companies future as opposed to ‘fighting the good fight’ that ultimately leads to their doors being shut.
So if you’re reading this and know this applies to you – or know someone who’s in this situation – the first step to help may only be a ‘click’ away.
Tony Schwartz is the president and CEO of The Energy Project, and he wrote the following blog for the Harvard Business Journal entitled ‘Why Don’t We Act In Our Own Best Interest?‘ This is a situation many debt restructuring companies try to get potential clients to ask themselves, because we are all too familiar with the follow-up calls that lead to either a disconnected phone line or a bankrupt business when we know if a business owner had listened when we called months earlier, they could be well down the road to profitability again.
The most poignant portion of the blog I think was the following:
“We don’t lack for potential solutions to our problems so much as we do the willingness to intelligently sacrifice in the short term, in the service of generating more value in the long term.
To do that, we need to learn to better regulate our emotions, which begins with gaining more control of our attention.”
Regulating emotions is VERY key when in a seemingly impossible financial situation. Instinct dictates that we avoid the ‘collection calls’ and everyone that calls regarding the situation is a ‘debt collector’. If the business owners listened to what is said as opposed to the immediate hang-up or automatic denial to needing any help, they will realize we are not all debt collectors. Some of us are financial solutions providers with a service that can stop those calls from happening and help them focus on what’s important to them – growing their business and making it profitable again.
Recently, famed consumer advocate DAVID HOROWITZ wrote an article about Debt Restructuring for the April edition of the Costco Connection (Click here for link), and there really are some excellent points that deserve to be highlighted.
* Up Front Fees – If you come across a debt relief company that wants to charge you recurring monthly fees, flat fees or large up- front fees – RUN AWAY AND DON’T LOOK BACK! Look for reputable companies that are incentivized or compensated based on their performance in restructuring and reducing your debt…let their fee be based on the benefit and the results they get for you. This way, you’ll know THEIR interests are aligned with YOURS. You want a “performance based” agreement not bold representations and hollow promises.
* Companies that can eliminate ‘all of your debt’ – It’s impossible for any company to say, without a full detailed look into your specific financial history/ background, that they can eliminate all of your debt. There are many factors that go into a debt restructuring plan and you are entitled to a confidential consultation and a thorough analysis as part of your decision
making process. By the same token, don’t be turned off if they can’t restructure all of your debt –relief programs
work very well for many kinds of debt, but not all, so be receptive of a companies’ honesty and take advantage of free consultations.
* Initial consultation fees -Plain and simple, consultation fees are unnecessary and usually unaffordable. A consultation to review your problem payables is something you should be able to do with minimal stress (and no cost) by offering a few key pieces of information but, at the same time, not enough information that you feel you are compromising any private details about your business. There is no reason a debt restructuring company should not be able to tell you if a debt relief program can be effective for you by simply telling them about some of your struggles and giving them a summary of your current debt
related issues. Once informed, you can confidently form an opinion on what is the next right step for you – without paying for it first.
Overall this article really highlights some key points about what we do and don’t do at RMG and it is definitely worth reading before you decide to move into any kind of debt restructuring program.