The steps in brief
Step 1: Admit the signals and accept your emotions
Recognise and admit signals of financial difficulties in your business and in yourself. If you are having a tough time emotionally, you can find help.
Step 2: Make an overview of your debts
Exactly how high are your debts, and is your business still viable? To answer these questions, you need an overview. Chart your financial situation and make a planning of your income and expenses.
Step 3: View the solutions for your debts
Can you solve your debts yourself, or should you use debt restructuring? The amount of debt you are in and your business's legal structure determine which solution is best for you.
Step 4: Get help from organisations
You do not have to solve your debts alone. Get help quickly if you find it hard to manage. Professionals and other entrepreneurs are ready to help you.
Step 5: Stay out of debt
Find tips for staying out of debt in the last step.
Personal advice from the KVK Advice Team
Call the experienced advisors of the KVK Advice Team. They help you figure out the next steps for your business. How to get out of debt, or find new sources of revenue. They can give you advice and refer you to organisations in the KVK network. Call 088 585 22 22.