Does this sound familiar? You get into a protracted cash flow crunch, and the phone starts flying off the hook with incoming collection calls. You’re too busy trying to generate revenue to deal with angry collectors—and when you do talk to them, their threats and accusations leave you shaken.
When times are good, you don’t think about these possibilities, which is why you’re so unprepared when you get into a downturn. If I have to list the biggest mistakes I’ve seen good business people make when they get into financial trouble, they would be the following: