Own a business in Oswestry? Here’s why it’s important to avoid debt in your business

In today’s economy, if you are a business owner, it is very hard to make a profit, and, at times, it is even a massive victory to cover the business’ running costs. In Britain, there are many regions that face the aforementioned problems- some of which more than others. For example, in Oswestry, a small town in Shropshire, England, most of the businesses are fighting a battle against negative profits, while they are under mountains of debt. To help them and many others, we will provide information on why it is important to avoid debt as much as possible.business in Oswestry

Differentiate between good and bad debt

There is a big difference between the two: good debt would be one that is incurred because of an investment plan; bad debt would just be pointless spending on vanity furniture, unnecessary equipment, etc. Businesses that are in financial trouble should always rethink their investment plan so that they avoid debt!

Debt can destroy your business plan

Finding financing in the British credit environment is, most of the times, a very daunting task. Few can pass the rigid and absurd requirements that they are required to fulfill if they wish to get their hands on the much-needed financing. As a result, if you do not avoid getting into debt, you are running the risk of being shunned by banks and financial institutions, thus ruining your chances of finding financing for your investment project.

Unnecessary debt will lead to huge interest payments

If you incur massive amounts of debt, you will have to repay it—that is for sure. However, the downside of your past spending will be huge interest payments. It is important to avoid unnecessary debt if you wish to avoid wasting money on absurd interest payments.

Avoid present debt to invest tomorrow

It is vital for a business to invest in new machinery, equipment or whatever, so it would be a wise idea for every business owner to avoid undertaking above average amounts of debt. However, if they do so, they would not be able to replace broken equipment or undertake expansion.

If you are struggling with debt in your personal life but want to avoid going into bankruptcy, then you should maybe consider looking into getting an iva. Click the link for more information if this is something that appeals to you.

A history of Oswestry, Shropshire

Oswestry is a civil parish and a town in Shropshire in England, it is near the welsh border. The civic was the headquarters of the Borough of Oswestry before it was abolished back in 2009. It is the third largest civic in Shropshire after Shrewsbury and Telford. Oswestry is the biggest settlement in the Oswestry highlands.

The history of Oswestry is rich as the region has long been settled. The best preserved Iron Age hill fort is the Old Oswestry in Britain, with proof of occupation and construction between 800 BC and AD. The location is also known as the City of Gogyfan or Caer Ogrfan.history of Oswestry

The battle of Masefield is believed to have been fought in this town in 642, between Oswald of Northumbria and Saxon-Anglo kings of Mercia and Penda. Oswald was murdered in the fight and was cut into pieces. The body of the king was hung from a tree known as Oswald’s Tree. It is alleged that the name of the location originated from the reference to Oswald’s tree.

Alan Fitz Flaad who was a Breton knight was given the feudal barony of Oswestry by King Henry who shortly after taking over asked Alan to England with a few friends and granted him surrendered lands in Shropshire including some which had formerly belonged to Robert de Belleme and Ernoulf de Hesdin.

The town has numerous Welsh language place names and street and the town in known as Croesoswallt in Welsh. Domes day Book the document a castle being constructed by Rainald a Norman judge of Shropshire and this was trimmed down to a pile of rocks when the English civil war was being fought. The Oswestry changed hands between the Welsh and English several times throughout the Middle Ages.

In 1190 Oswestry was given permission to hold a market every Wednesday. With the weekly arrival of Welsh cultivators the townsfolk were frequently bilingual. The town was a short-term home for soldier who stopped over at Park Hall Camp. Park Hall was located between Whittington and Oswestry. The above is a brief history of Oswestry.