Getting your employees to help out with paying off commercial debt is incredibly important! But how can this be done?
Running a business is very rarely straightforward. Whether you’re struggling with tricky clients, you’re battling against seasonal downturns in profits, or there are fundamental changes in the market which are hard to adjust to, resting on your laurels is never an option.
To make matters even more complicated, your commercial objectives can often become clouded further if you have commercial debts which need to be paid off. Of course, in most instances, being in debt isn’t necessarily uncommon in business. That said, to avoid debt recovery for business, you still need to make sure that you pay off any loans promptly and efficiently.
If you don’t want action being taken against you, there are plenty of different steps you can take. This includes working with your employees to make sure that they do their part for the company. Here are some of the ways your employees can help your business to pay off debt.
7 Ways for Employees to Help Pay Off Commercial Debt
1. Get Their Insight on the Situation
If your business is in debt, your employees need to know the implications it might have for your short and long-term commercial goals. This way, they will have a better understanding of what they can do to help and how they can approach their role differently.
It may also be the case that, by running a meeting with your employees, they’ll be able to offer useful advice or suggestions that you can use for your approach to the commercial debt.
You employed all the people working at your company for a reason – because you trust them to do what’s best for the business. If you make sure that they have a say on the debt, you can be sure that you have a number of different perspectives to make the right decisions.
2. Don’t Stop Focusing on Their Daily Role
That being said, you don’t want your employees to be consumed by the prosect of the business being in debt. Like we touched on earlier, the majority of commercial debts are nothing to be concerned about if the business is performing as expected. So, all of your employees need to remember to focus on performing their daily role to the best of their ability.
If your employees are fully focused on doing a good job, your business should continue to thrive and be able to pay off the monthly debt quickly and efficiently. This should avoid any issues with interest mounting up on late payments.
3. Help Them Work Efficiently
There’s no use in asking employees to work long hours, starting at dawn and finishing at dusk every day. There are a number of reasons why this is inappropriate if you want your employees to help you pay off commercial debt. These are:
- If you choose to pay your employees for overtime, there is an immediate contradiction with regards to your financial priorities. Paying more on wages isn’t going to help you pay off your debt any quicker.
- If you don’t pay overtime, you’ll be opening your business up to world of pain with regards to employment and contract law.
- Finally, there’s no reason to suggest that your employees will be able to perform to their best of their abilities if they’re constantly working long into the night.
Instead, quick and efficient work within their contracted hours is always going to be the most beneficial for your business, and for them.
4. Avoid Burning Out
We’ve all felt burnt out at one point or another. It can have an effect on the quality and quantity of work we produce, as well creeping into our personal lives away from the desk.
For that reason, you should be mindful of the pressures facing your employees and help them to avoid reaching breaking point, as it were. Make sure that they all take their allotted holidays and offer up access to support services where necessary.
The pressure of working for a business that has issues with commercial debt can be incredible stressful for many people. So, it’s important to be mindful of this before you started asking the world of your employees. This is likely to help them work more efficiently along the way.
5. Upsell Clients
If your employees work in client-facing roles, then one way they can help to pay off commercial debts is to start upselling. Of course, this will usually be part of their job remit anyway, But, it’s even more important to push through this sort of policy during difficult commercial situations.
Upselling isn’t always easy, especially if you’ve formed a close relationship with a client over a number of years. However, if the service you provide is up to standards and you aren’t seen to be taking them for granted, then there’s no reason why your employees can’t convince some clients to delve a little deeper into their pockets.
6. Reduce Outgoings
If your employees are partial to a few work lunches on the company credit card every now and then, you’ll have to have a few frank conversations. Reducing your outgoings is very important if you want to pay off commercial debt on time, as unnecessary spending won’t exactly be looked on favourably.
Your employees will almost certainly want the company to perform well, especially if they only have to make a few small sacrifices every now and then!
7. Take Up Additional Training
It’s unlikely that you’ll want to be taking on any new employees while your business is in debt. This can be an issue if you feel as though you’re having to stretch your resources to the maximum.
If your employees take up some additional training, they can support the business by picking up a range of different jobs. This may help you save money and make more money at the same time!
Are You Looking for Ways to Help Pay Off Commercial Debt?
So, there you have it! Your employees are always going to be key to helping pay off the debt you have as a business. So, make sure that you take all of these points into consideration if you want to make sure that you respond to all of your invoices on time.
If you’ve got any questions (or additional tips) about getting employees to help you pay off commercial debt, feel free to leave them in the comments below!