In this step, I want you to create a payment budget. If you are in trouble, numerous of your lessor's tenants probably face similar issues. Hence, look at your prices, and see where you're under pricing. Examine Lesson 15 in The Insider secrets to saving your business guide for sources of distressed loan. * Layoff, reassign or ignore senior bosses no longer on team.

Budgeting and reviewing financial numbers should be something you focus on, not something to dread. If you have outstanding loans or property advances, talk to your loan officer about a better interest rate or term extension to reduce your monthly costs. *Do not look at a declining company as the end of the world. (You will notice that this happens in the third week of the instance in Lesson 3.) If this is your case, then as a group you must figure out how to speed up collections or delay payments to stop this from happening. I sort the company into subgroups that make sense for the size of the company. If this describes you, then you must use your turn around coach or Comptroller to assist walk you through the numbers. He or she must certify that you are telling the truth in your bankruptcy request and, if not, your legal adviser is subject to fines and judge's bench sanctions. Long-term strategies involve business model changes and selling the company. * If you're current on your liability and will be able to make at least the minimum monthly payment, you must haggle for lower interest rates and elimination of fees. Here's a list to aid you identify suitors.