So, here you are in the middle of your Great American Business Dream. You woke up one morning to discover that it's rapidly turning into the Great American Nightmare. You're swamped in business debt. And you're beginning to get just a little bit nervous.

There's really no need to get too alarmed. There are strategies you can use to help you manage your debt - and it's much easier than you think. Instead of sitting at your desk worrying and overwhelming your system, just focus on one debt at a time. Go ahead, pick one. Now that you've chosen one - probably one with the highest interest rate or the highest monthly note-concentrate your money on this particular debt as well.

If it's at all possible, try to put more money into this particular debt without incurring late fees or bad marks on the others. You'll be surprised at how quickly this strategy works at knocking down that debt.

Think one word during this period: frugal. Become a miser - at least temporarily. If you have employees who are pleading that this software or this gizmo is absolutely essential, honestly explain your situation. If you feel the purchase may be possible in the future, tell them so. Give them a time frame that they can return and ask again.

When you do this, you'll discover two things may happen. First, they may return in that time frame you gave them. If they do this, seriously consider the fact that this purchase may be a necessity. If you still can't afford it at this point, again, honestly tell them. But now at least you have an idea it's important and you can work on weaving it into your future budget.

If your employee doesn't return requesting the item, then perhaps it wasn't as important as they tried to convince you it was. Perhaps it was just the business version of "impulse buying." It happens, you know. In either event, you'll garner a much better grasp of what your business really needs to run efficiently.

And that brings us back to the debt you've been concentrating on. As soon as you have that one paid off, you tackle the next one. Is there another large debt or one that is especially burdening the viability of your venture because of its high interest rate?

And here's one more hint. While you're doing all this, save some of your energies for increasing your income. When you bring in more money - and keep your spending level in check - it only makes sense that you'll have a little more money to pay off those outstanding bills.

When you start your business, you need to remember that you'll always have bills to pay. You'll probably always have some form of debt. Just look at your personal finances. You may have a car payment, a mortgage payment and credit card debt to name just the "biggies." Tackle your business debt with the same smart strategies that you do your household bills.

And don't worry. If you keep track of what's coming in and going out of your business, success is almost a given.