Small Business Cash Crunches: Strategize to Minimize By NEIL S. SISKIND, ESQ.

Having a plan of how to handle upcoming expenses, open payables, payments under contracts, and general debts and obligations coming due, is pivotal to a small company’s survival if credit tightens and earnings and/or revenues decline.

As- or before- your small business begins to face financial challenges, your company should develop a comprehensive strategy for managing cash flow and having the maximum possible control over debts and obligations.

Take “proactive” steps with counterparties and creditors to settle debts, extend payment periods, cancel unproductive contracts, and renegotiate terms- while collecting on your own open receivables to keep cash flow flowing to maintain your operations.

Efficiently and successfully minimizing difficulties from excessive debts and potentially debilitating forward obligations requires skilled and experienced counsel who has an advanced plan of action and the discipline to implement your strategy to the highest possible degree.

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