Defer Debt

If you can't make your payments on time, there are ways to defer some of them to keep your business operating. You can request to skip a payment or add it to the end of the payment terms. This may be possible for bank loans, vehicle loans, credit lines or equipment loans. Call your representative and explain that you're having cash flow problems and would like to skip a payment now and make it up later.

I would not use the the term "financial crisis" with creditors because it may alarm them more than necessary and cause other problems. Cash flow is the accepted term for when things slow down and money is tight. Always act and speak in a professional, optimistic and confident manner and they should be able to offer you some option for refief in the short term. If you are at least halfway through any loans or payment plans you may be able to refinance, skip a payment, pay lower amounts and get longer terms. Never just miss a payment without talking to the debtor, in most cases they will be ready to help you.

More on deferring debt in my new book "90 Days to Success as a Small Business Owner" available on Amazon and bookstores.