I do not want to have many debts in my business.
Every business owner should keep the debts to a minimum so that the funds are managed efficiently during the life-cycle of the business.
Here are some ways you can keep the debts minimum:
Calculate all your finances before going in for any loan. Calculating all the EMIs is also very important to know how they will affect the loan repaying process and other expenses including rent, bills, salaries etc.
Another important aspect is to set your budget for every task or purchase so that you are able to track your finances during the functioning of the business.
Note down the current debts at hand,especially the most expensive ones so that you can clear these debts first and then move onto other debts.
Never add another debt, always take one loan at a time so that the repayment is made on time.
Do not invest or buy more than required and use the loan for the purpose it was taken for.
Think before investing, invest only when required or if it will benefit your business in any way.