Small and medium-sized business owners in New York and across the country are facing a growing threat from merchant cash advance (MCA) lenders who use harsh collection tactics. These lenders may be taking advantage of business owners with limited financial resources. Are you struggling to pay back an MCA and wondering how to rebuild your business while dealing with your lender?
Improving cash flow
You can improve cash flow by creating a budget and reducing expenses. You can also seek the help of a financial adviser to help you manage your finances.
Helping restore financial stability
Even if MCA debts are not traditional loans, defaulting on an MCA loan can still harm the financial reputation of your business. You can help restore the financial stability of your business by negotiating with the lender to reduce the debt.
Boosting your business
In addition, you can boost your business by focusing on your core products or services and enhancing marketing activities. You can also consult a business coach or mentor to help you diversify your revenue streams, improve operational efficiency and enhance your customer service to increase customer loyalty and retention.
Positioning for long-term growth
Finally, you can focus on long-term growth by expanding your product or service offerings and forming strategic partnerships. You can also consider seeking the help of a business consultant to help you develop a growth strategy.
A comprehensive approach to addressing an MCA debt issue
Rebuilding your business while addressing an MCA debt issue requires a comprehensive approach. Since dealing with your lender while at the helm of your business can be complicated, seeking the help of a legal advocate may help you better manage the complex process. Additionally, having legal counsel may help you safeguard your rights as well as your business.