Managing business debt can become one of the most stressful parts of running a company. When debt starts piling up or payments become harder to keep up with, it can create a lot of pressure and make it harder to focus on running and growing your business. The good news is that Eau Claire has several organizations and professionals who can help you review your financial situation and explore practical options. The sections below walk through steps you can take to stabilize your finances and start working toward a more manageable path forward.
Disclaimer: The guidance published here on the City of Eau Claire Economic Development Division website is meant to be a helpful starting point as you navigate business support in our community. It’s not the final word on what’s best for your unique situation. We always recommend checking in with financial, legal, or other professionals for advice tailored to your business.
When debt starts to feel overwhelming, it’s easy to feel like you need to fix everything immediately. Bills are coming due, and the pressure can make it hard to know where to start. Before making any major financial decisions, take a short pause and use the next 48 hours to figure out what you owe, what’s due soon, and how much flexibility you actually have with lenders or creditors.
🎯 Goal: To get a clear picture of what your business currently owes and which payments need attention first.
Next Steps
1. Start by writing down all of your debts.
List every loan, credit card, or line of credit your business currently carries. Include the balance, interest rate, and minimum monthly payment for each one. Seeing everything in one place can make it much easier to understand the full scope of your obligations.
2. Look at which payments are coming up soon.
Review the next 30–60 days of payment deadlines so you know which obligations require attention first. Identifying the most immediate payments can help you prioritize where to focus your energy right now.
3. Take a quick look at your cash flow.
Review recent revenue and expenses to understand how much cash your business realistically has available for upcoming payments. Even a simple snapshot of your finances can help you gauge how much flexibility you have in the short term.
4. Try not to take on new debt right now.
When financial pressure builds, it can be tempting to use another loan or credit card to solve the problem. Before adding new obligations, take time to fully understand your current debt situation and what options may already be available.
5. Reach out to lenders sooner rather than later.
If you’re concerned about keeping up with payments, contacting lenders early can sometimes open the door to more flexibility. Some lenders may be willing to discuss temporary adjustments, modified payment schedules, or other short-term options.
6. Start thinking about longer-term options.
This first review isn’t about solving everything immediately. Instead, it’s about understanding where things stand so you can begin exploring practical ways to reduce pressure and stabilize your business finances over time.
Now that you have a clearer picture of your debt situation, the next couple of weeks are about easing some of the pressure and getting your finances back under control. You don’t need to solve everything overnight. Instead, focus on making a few practical adjustments—prioritizing the most important payments, improving cash flow where you can, and exploring options that could make your debt easier to manage.
🎯 Goal: To start reducing financial pressure and build a clearer plan for managing your business’s debt.
Next Steps
1. Take a closer look at interest rates and loan terms.
Review the details of each loan or credit account your business carries. Look at the interest rate, payment schedule, and any fees or penalties that may apply. Understanding which debts are the most expensive or restrictive can help you decide where to focus your attention first.
2. Prioritize the payments that matter most.
Some obligations are more critical to your business’s day-to-day operations than others. Focus first on payments tied to essentials like rent, payroll taxes, key suppliers, or loans connected to important equipment or property. Prioritizing these helps keep your business running while you work through the rest of your financial situation.
3. Look for ways to free up a little short-term cash.
Take a fresh look at your recent expenses and identify costs that could be temporarily reduced, delayed, or renegotiated. Even small adjustments—like postponing nonessential purchases or adjusting vendor payment timing—can create some breathing room while you work on longer-term solutions.
4. Start tracking your debt and payments.
Create a simple system to keep all of your debt information organized. A spreadsheet or accounting software can help you track balances, interest rates, payment dates, and progress over time. Having everything in one place makes it much easier to monitor changes and stay on top of obligations.
5. Explore options that could make payments easier to manage.
Some businesses are able to reduce financial pressure by restructuring or consolidating debt. Adjusting loan terms, combining balances, or refinancing certain obligations may help lower monthly payments or simplify repayment schedules. These options can sometimes make your overall debt easier to manage.
6. Talk with lenders about possible adjustments.
If payments are becoming difficult, it’s often better to reach out to lenders early rather than waiting until a payment is missed. Many lenders are willing to discuss options like temporary flexibility, modified repayment schedules, or other adjustments that could help stabilize the situation.
7. Consider bringing in outside guidance if needed.
If debt pressure continues to feel overwhelming, it may help to talk with a financial advisor, business advisor, or another professional who works with small businesses. An outside perspective can help you review your finances objectively and identify options you may not have considered.
Over the past few weeks, you’ve focused on understanding your debt and easing some of the immediate pressure. Over the next few months, the goal shifts to strengthening your business’s financial foundation so debt doesn’t keep building or becoming overwhelming. Debt itself isn’t always a problem—many businesses use it strategically. The key is making sure your borrowing stays manageable, supports your operations, and doesn’t create ongoing financial stress.
🎯 Goal: To build a stronger financial foundation that keeps your business’s debt manageable and supports long-term stability.
Next Steps
1. Strengthen your cash flow management.
Healthy cash flow is one of the best protections against future debt pressure. Look for ways to improve billing practices, manage expenses carefully, and keep revenue flowing consistently so your business has more flexibility to meet financial obligations.
2. Revisit pricing and profitability.
If debt pressure developed because costs increased or margins became too thin, it may be time to revisit pricing, costs, or service structures. Even small adjustments can improve profitability and reduce the need to rely on borrowing.
3. Create a long-term plan for reducing debt.
Now that you have a clearer picture of what your business owes, start mapping out how balances can gradually be reduced over time. Even steady, modest progress can help relieve financial pressure and improve stability.
4. Build a financial cushion if possible.
As your finances stabilize, try to begin setting aside funds for unexpected expenses or slower sales periods. Even a small reserve can help prevent new debt if something unexpected happens.
5. Maintain regular financial check-ins.
Set aside time each month or quarter to review financial statements, debt balances, and cash flow trends. Regular check-ins can help you spot issues early and make adjustments before problems grow larger.
6. Use debt more strategically going forward.
Not all debt is harmful, but it should serve a clear purpose. When considering future borrowing, focus on investments that support growth, efficiency, or long-term stability rather than covering day-to-day operating gaps.
7. Keep professional financial support available.
Maintaining relationships with a CPA, financial advisor, or business advisor can provide valuable guidance as your business grows. Having trusted professionals available makes it easier to navigate financial decisions with confidence.
Many debt challenges can be worked through by reviewing your finances, adjusting spending, and giving those changes time to take effect. But in some situations, it can help to bring in outside guidance sooner rather than later.
You may want to reach out to one of the support organizations listed below now if you’re starting to notice things like:
Experiencing one or more of these situations doesn’t necessarily mean your business can’t recover, but it can be a sign that outside support could help. Financial advisors, business support organizations, and lending partners can assist with reviewing your options and exploring solutions that may ease financial pressure. Reaching out early can also open more options than waiting until the situation becomes harder to manage.
Find local organizations and experts that can help with debt pressure.
The UW–Eau Claire Small Business Development Center is a no-cost, confidential business advising center that works with entrepreneurs and existing businesses across the region, and their advisors can help business owners review financial statements, understand debt obligations, build cash-flow projections, and develop practical strategies for reducing financial pressure.
🔗 wisconsinsbdc.org
SCORE, West Central Wisconsin is a network of experienced volunteer business mentors who provide free one-on-one guidance to entrepreneurs and small businesses, helping owners think through financial challenges, review debt situations, and develop practical plans for improving profitability and financial stability.
🔗 score.org
Western Dairyland Economic Opportunity Council is a regional nonprofit that provides business training, technical assistance, and access to financing programs for entrepreneurs and small businesses. Their team can help business owners review their financial situation, understand existing debt obligations, explore repayment or financing options, and develop plans to stabilize cash flow and strengthen their financial position.
🔗 westerndairyland.org
The Eau Claire Area Chamber of Commerce is a local business organization that connects entrepreneurs with resources, training opportunities, and professional networks, helping business owners access guidance and support that can strengthen financial management and business stability.
🔗 eauclairechamber.org
The U.S. Small Business Administration is a federal agency that supports small businesses through counseling, training, and financing programs, and its partner network can help business owners understand available resources, evaluate financing options, and identify strategies for managing financial challenges.
🔗 sba.gov
A bookkeeper is a financial professional who helps businesses organize financial records, track expenses, and keep financial data up to date. When debt pressure builds, having clear and accurate financial records can help business owners understand where money is going and identify opportunities to improve financial stability.
🔗 Find a Bookkeeper
A Certified Public Accountant (CPA) is a financial professional who helps businesses review financial statements, understand debt obligations, and evaluate overall financial health. They can help identify the causes of financial pressure, analyze profitability, and develop strategies to improve cash flow and manage debt more effectively.
🔗 Find a CPA
A small business financial advisor works with business owners to evaluate financial risks, review debt obligations, and develop strategies for stabilizing finances. They can help analyze repayment options, create long-term financial plans, and identify ways to reduce financial pressure.
🔗 Find a Financial Advisor
A business consultant works with companies to analyze operations, revenue models, and internal processes. When debt becomes a concern, a consultant may help identify inefficiencies, improve profitability, and recommend operational changes that strengthen the business’s financial position.
🔗 Find a Business Consultant
Commercial lenders and credit unions provide financing and banking services to businesses. They can help business owners review loan terms, discuss refinancing or restructuring options, and explore ways to make repayment more manageable.
🔗 Find a Lender
A business attorney helps business owners understand legal obligations related to loans, contracts, and creditor agreements. If financial pressure escalates, an attorney can review lender agreements, explain legal risks, and help guide negotiations with creditors.
🔗 Find a Business Attorney
An insolvency or restructuring attorney specializes in helping businesses navigate severe financial distress. They can help evaluate restructuring options, negotiate with creditors, and advise business owners on legal pathways if debt obligations become unsustainable.
🔗 Find a Debt Attorney
Get in touch with the City of Eau Claire Economic Development Division for connections to confidential business support from local partners.