Best Employment Lawyers in Medina, OH

12 Ways to Cope with Debt and Keep Your Business Alive Be Honest Get in touch with creditors, customers, and vendors and let them know that you're in financial distress. This one move could buy you time, or at least make all parties aware as the first step to a sustainable payoff plan. Customers who owe you money might be more likely to pay up and creditors may settle for less each month, so long as they're guaranteed that you'll be repaying over time. Protect Assets Before taking drastic measures to handle debt, be sure that your business insurance is up-to-date. Depending on how you go about handling this financial crisis, your insurance company could refuse to renew down the road. Making sure that you're protected for the duration can eliminate one stressor. Cut Costs Find the parts of the business that aren't holding their own and create a plan to reduce costs. If office space isn't being used or expensive technology systems aren't necessary anymore consider eliminating them, even if just temporarily. Reduce offerings and streamline services to best suit your business's bottom line. Sometimes this means reducing staff, but that should be a last resort. Increase Revenue This could sound counterintuitive in the current business scene, but a minor increase in service costs to clients could add that little bit of cash you need right now. Selling at a discount to loyal customers is another possibility.