Can you trade yourself out of debt?

I have worked in accountancy roles for over 20yrs and I have lost count of the number of times a business attempts to trade itself out of debt.

What do I mean by ‘attempting to trade itself out of debt’?

The business is convinced that current and future sales will pay off all debts.

Can it happen?

No, not if nothing changes. Yes, if lots of changes are implemented.

I wrote 12 Steps to Improve Your Cashflow for all those who are currently struggling with cashflow. It gives the reader 12 pretty good solutions to improve their financial situation. Most of them are very easy to implement, some will take time.

What is the best quick fix?

Sorry to break it to you, but there is none. Anyone who thinks they can miraculously improve their situation overnight is also the same person who keeps buying a lottery ticket hoping it will solve all their problems. There is nothing wrong with that, you may get lucky, but the chances are whoever is selling you the ‘get quick rich scheme’ is the one getting lucky and rich quick. It’s what everyone wants but I’m here to tell you otherwise.

Why do accountants always have to be so negative?

We’re not, not all the time. We can be encouraging but we do have a tendency to see things as they are. I sometimes hate being an accountant, always perceived to be delivering bad news, but after a very thoughtful reflection, I realised I didn’t become an accountant to make friends and I didn’t start my own business just to make money (I’m still a long way off my first million…).

I became an accountant because:

I came from a working class family that struggled with money, and my father was an abusive alcoholic. Because of the lack of money my mum had, she was unable to leave him and raise her kids safely, until she put a financial plan in action which took several years to implement. I promised myself – the day she told me she couldn’t leave him because she didn’t have any money – that no-one should ever be in that position. No-one should be at harm due to a lack of money but sadly many people are.

My gift to you

12 Steps to Improve Your Cashflow is now available for free on Kindle Unlimited, or for 99p, the price of a decent size chocolate bar these days!

I know some people can be ashamed of their financial situation, but there is nothing to be ashamed of. However, please promise yourself you will do something to improve the situation TODAY.

The first step is taking this gift from me and making sure you read it. Available here: https://amz.run/3Z8O

The second step, is answering some coaching questions I ask clients by visiting Are you going through a financially challenging time right now?

All the best, and take care.

Helen Monaghan

Author of Successful Business Minds, The Magical Mix of Money & Tax and 12 Steps to Improve Your Cashflow.

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