Running your own business can be the Australian dream. No boss, doing what you love, providing a valuable service or product to people who need and love it, and making money while you do it. Except, what happens when you’re not making money, and the creditors are emailing, calling or knocking at your door?

Let’s take a look at a few valuable tips for getting your SME out of the red and into the black.

Debt Consolidation Loans

Considering taking out debt consolidation loans from Latitude or other lenders is one way to get on top of your debt. Essentially, you take out a large loan which you use to pay off all your outstanding debts and then focus on paying that loan off. This can be beneficial because you can take advantage of a single interest rate and a single set of fees rather than juggling multiple payments and rates.

Cut Costs, Now

Now’s the time to seriously look at your expenditure and figure out where you can cut costs. Every dollar you save is a dollar that can be put to work getting you out of debt. Start with the small things, and work your way up. Do you really need top brands in your staff kitchen? Can you save money on paper by switching to recycled stock? Paying too much for your utilities? See if another provider can save you money.

Garage Sales

Well, maybe not out on the street in front of your business. But, do you have dead weight in the form of computers and phones – sell them for some extra bucks. Extra desks, chairs and the like? Sell ‘em. Who knows what you’ve got lying around in store rooms and cupboards. You’d be surprised at what you can sell on Gumtree and Facebook marketplace. Chances are there’s a buyer out there. Then put that cash straight towards your debt.


Contractors costing you an arm and a leg? See if someone else can do it cheaper. Sites like Fiver and Airtasker are packed with qualified professionals all vying for your business at competitive rates.

This one’s ruthless – but this is business. Did you know that in-house payroll teams could be costing you too much money? You can outsource your payroll to a specialist provider and make some serious savings. Organise a cost-benefits analysis of all your teams and see if there’s some dead weight that you can trim. Those salaries can be put towards getting you in the clear.


This is one of the fundamental aspects of business, after all. Start with your clients or customers. Can you convince them to pay a little bit more for your product or service? A slight increase in your profits could be the thing that could get you over the line with regards to your debt.

Once you’ve done that, start with your outgoings. Can a long-time provider offer you a slight discount? Or, can you convince a creditor to put you on a fortnightly payment plan to make those repayments more manageable?


Get your priorities in order. Paying off that debt should be first and foremost in your scopes. Thinking about a new office fitout or an upgrade to your ICT? Forget it. Staff asking for a raise? Forget it, even if they deserve it. You should only be spending your money when your debt is taken care off.

There You Have It

Prioritise, and let other things wait while you pay off your debt. Negotiate better deals with your creditors and providers, and start to seriously cut your costs. Consider a debt consolidation loan, and think about what spare bits and pieces you can sell off. Soon, you’ll be in the clear for good!