Inflation Proofing Your Business
DAY 5 OF 5
Inflation Proofing Your Business - Part V
In the final installment of this Bible reading plan on inflation proofing your business, we’re going to address the topic of debt.
With interest rates at all-time lows, company debt has surged. If inflation begins to rise, your debt could begin costing you significantly more when the Federal Reserve begins fighting inflation with higher interest rates.
My very first, and last, small business loan was at 18% interest. That experience taught me a valuable lesson. Avoid debt at all costs.
Proverbs 22 says, "Do not be one who shakes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you."
For those who have debt, now is the time to work on an aggressive plan of debt reduction. Otherwise, your interest expense could dramatically impact your profitability.
Questions for Reflection:
- Why is debt so easily incurred?
- According to Proverbs 22, why should business owners avoid debt?
- If you are a business owner operating in debt, what is one step you could take today to help you get out from under your debt?
Heavenly Father, You are King of Kings and Lord of Lords, and you are sovereign over the world’s economy. You know when inflation will hit, and the impact it will have in the marketplace. We confess we are helpless to prevent inflation, but we thank you that we can be watchful and plan wisely. Help us be good stewards of our businesses and the resources you supply. Help us to make Godly, wise decisions not in fear, but with hopeful anticipation that you will sustain our businesses and provide.
Looking for wise counsel in inflation proofing your business? Unconventional Business Network’s business leader groups bring together likeminded businesspersons with varying degrees of experience. The mentorship you seek may be in one of our Forum or Roundtable groups. Click HERE for more information.
About this Plan
Inflation can hit the marketplace unexpectedly, but business owners can prepare for fluctuations. This Bible reading plan explores what some of those preparations are, including seeking the wise counsel of those who have...
We would like to thank Unconventional Business Network for providing this plan. For more information, please visit: http://unconventionalbusiness.org
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