The number of delinquent companies has been growing in Brazil and, when an organization faces financial difficulties due to delays in the payment of its commitments, the right way to solve this situation is to apply and carry out a debt payment plan. What is the way forward?
Reinaldo Domingos, educator and financial therapist, president of DSOP Educação Financeira, Abefin – Brazilian Association of Financial Educators, Editora DSOP, author of the works Financial Therapy, Entrepreneurial Chat and Financial Wisdom, presents the 6 main steps to prepare a plan for the payment of debts and to put the company's financial health in order:
1) First, one must find out how and when the debts were generated. In addition, these need to be amortized so that they are not legally charged by creditors, harming the company's image in the market;
2) It is important to emphasize that each type of debt is guaranteed by a contract and protected by some law, establishing the effects of non-payment of the commitment;
3) Check if the business is making a profit, developing a broad financial diagnosis of the company;
4) Carry out a correct survey of the value of all overdue and falling due debts (due), identifying details such as creditor, due date, amount, fines, interest, etc.;
5) Check the company's ability to pay, that is, whether future profits will be sufficient to support the amortization of the debt amount. Otherwise, adopt, if possible, procedures to reduce unproductive costs and waste, as well as increase revenue;
6) Establish priorities for the payment of creditors, following the order proposed below and considering the value of each debt and its cost and risk of non-payment. Debt payment order:
a) Debt of lower value, high risk and/or high financial cost;
b) Debt of greater value, high risk and/or high financial cost;
c) Debt of lower value, low risk and/or low financial cost;
d) Debt of higher value, low risk and/or low financial cost.
“I emphasize that it is always important to evaluate the non-payment of each debt in low and high risk, calculating the percentage of the monthly cost, dividing the interest plus charges by the total value of the respective debt”, explains Domingos.
In addition, it is of fundamental importance that the entrepreneur carries out a frequent control of the execution of the schedule foreseen in this step, to evaluate the results and take corrective measures, in case of deviations from the plan.
Throughout this process, it is convenient for the entrepreneur to also count on the support of a financial consultant or educator and even legal guidance. In addition, it is also recommended to take courses on financial control, in order to gain knowledge to face any unforeseen in the management of the company.
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