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When smaller businesses undergo a slowdown like the one many are currently experiencing (not that there’s any precedent for this specific circumstance), owners often target increasing their sales as a primary strategy to reinvigorate their profit goals.
Debt reduction, potentially a more achievable step to healthier net profits, is often a secondary consideration, but a focus on recurring debt can provide for significant long-term benefits in operation of an efficient organization, freeing up both money and resources for other, more profitable endeavors.
When company owners begin the process of reducing corporate debt, they should also consider opportunities for reduction of personal debt obligations in tandem. Often a business owner’s ability to leverage additional capital is also dependent on their personal debt-to-income ratio. If perceived as being potentially unable to repay their personal obligations on schedule, doubt