Preface: Truth: Debt makes you weaker, not stronger. Remember: The borrower is slave to the lender.
7 Tips for How to Run a Business Debt-Free
…….To understand how a debt-free business sets you up to win, look no further than the classic fable The Three Little Pigs (yes, really!). The hero of the story (spoiler alert) is the pig who built his house with bricks—not straw or sticks. In financial terms, those bricks translate to rock-solid cash. Watching the other little pigs cut corners so they could pocket more money and put out less effort probably wasn’t fun for brick-house pig. But when the big, bad wolf came, brick-house pig was the last swine standing. All the huffing and puffing in the world couldn’t shake him or his house.
Just like brick-house pig, you want a strong foundation for your business—and that means keeping it debt-free. When your business is debt-free and strong, you’re strong too. You can keep a clear head and rise above fear, panic and hysteria when bad things happen. Even better: You can take advantage of rock-bottom prices and amazing opportunities as others cut their losses. Not a hair is out of place on your chinny chin chin.
….The bottom line of The Three Little Pigs is this: Hard work pays off. Yes, the extra effort might be rough at first, but it’s totally worth it. You’ve got this! As you strap in for the long haul of running your business debt-free, try out this financial advice for small businesses to get started: