Without the benefit of having the contract to review, I can only give you ideas based on limited knowledge. However, the first thing you should do is re-acquaint yourself with all of the terms of the contract so you know what, if any, options you have. You may want to have an attorney review the contract as well, and tell you what your options are and the ramifications of those options.

Certainly contacting the company you purchased the phone system from would be a good first step. Since you signed the contract in good faith, I believe you will be expected to honor your contract to pay the purchase price for the system, but perhaps they would be willing to extend the 7 year term to 10 years to get your monthly payments down to a level that is easier for you to handle.

Another alternative would be to ask the company that sold you the system if they have knowledge of a client who would be willing to purchase your system for the remainder of what you owe on it. That way they get their full purchase price, you get out from under the system, and the other business gets a great phone system for less than full price.

Despite what the general economy is doing, which is something you can’t control, you can control your own company’s economy. Cut expenses wherever possible, research new and innovative products and services to sell to keep your customers buying, put aside 10% of your income each week as a cushion to cover emergencies that may come up and, above all, never stop promoting your business. Advertising and promotion, done consistently, is one tool you have to keep income going up.

There is an old advertising adage from back in the 1930′s – “When times are good you need to promote, and when times are bad you need to promote MORE!” – This still holds true today, especially in the current economic climate.

regards
Julie