Diagnose the situation: Analyze your financials and put together a conservative forecast for the next 12 months. Based on this, what can you afford to pay?

This shows the creditor that you understand the situation. At the same time, the creditor will realize what is realistic in terms of restructuring the debt.

And, if possible, try to be proactive. That is, if you know you'll be unable to make a payment, provide notice to the creditor before the due date. This will help to build trust.

Research pricing levels: Have lease rates fallen significantly? How about materials costs or equipment? If so, it's a good idea to use this information to your advantage and renegotiate with your vendors. This can be a great way to help boost your cash flows.

Loan modifications: The costs of a loan can be lowered in many ways. For example, you can eliminate accrued interest and fees, extend the loan term, skip a few payments, or even lower the overall interest rate. What's more, try to get the lender to not make a negative report with the credit agencies.

Get it in writing: Make sure the terms are clear and part of a binding contract. It's also a good idea to have a qualified attorney review the agreement.

Resources: For further help, you can check out The Complete Book of Dirty Little Secrets and The Worst-Case Scenario Business Survival Guide.

Tom Taulli provides a variety of financial services to business owners, such as business plans, cash flow management, and taxes. You can reach him at taulli.com.