But instead of throwing good money after bad, it may be time to start getting realistic and acknowledging that your business might only be able to survive if you make substantial cost savings.

Here are my tips for keeping your business alive.

1. Stop propping up the business with more debt. It's great to be optimistic, but there's a difference between optimistic and stupid. And constant borrowing can be stupid. This includes debt consolidation and refinancing. If you're in a hole, stop digging. If you're in quicksand, stop moving! It's time to stabilise.

2. Cut out unnecessary expenses, including staff you can do without. Some you may need to terminate and put them on a part time basis. Cancel the subscriptions. Use electricity efficiently. It could be cheaper to use mobiles than land lines. Look outside the box to find ways of doing business more frugally. Sometimes lean times are great lessons for doing business in good times and can place the business in a better or more cost efficient position.

3. Talk to your creditors. Be transparent. This is key with people you owe money to. One thing creditors hate is being kept in the dark. Be honest and tell them things are slow. Negotiate longer terms or even a payment arrangement of some sort - but stick to it!

If you have to break it - tell them in advance - they hate surprises! At the end of the day, any creditor prefers to get something instead of nothing - they have bills and staff to pay too!

4. Don't panic or resort to desperately slashing prices - unless you have old stock to get rid of. This will only hurt your bottom line and only treats the symptom. It's almost like robbing Peter to pay Paul, as they say, just using a different method!

5. Go out and get new business! Don't rely on existing customers. As the business owner you should be more passionate about your product or service than anyone else. You are the only one that can tell and sell a compelling story. Roll your sleeves up, make some calls, get an appointment, and SELL like your life depended on it - because it does!

This may mean going back to basics, thinking of the innovative ways you got your business on its feet in the first place, before you had the overheads you have accumulated now. Some business owners have started pounding the pavements again, dropping leaflets and special offers. It may be time for you to do the same.

6. Lean times will help you be creative. Identify new revenue streams, such as a complimentary product or service offering.

7. Don't sell stuff you need. Liquidate what you don't need anymore, but keep the equipment and facilities you do need - personally and in the business. Again, this just treats the symptom. Because once you run out of things to sell, what are you going to do? Now, not only are you broke, but you have no leverage.

8. This is the time to be focused on customer service. In stressful times we can be so consumed with the “money problem” that we don't focus on good customer service. All you want is their money. This is BAD! Consistently good customer service does three things - makes the existing customer spend more, spend more frequently, and spread the word.

9. If you advertise, don't stop advertising, but change your advertising method. Be sure it's not a branding campaign you are doing, but a sales/results driven campaign. Stop the advertising that doesn't work and use more cost efficient methods.
SEO is one way, Google AdWords can be done cost effectively too. You may also need to change your homepage of your website - everything you do in your communication with potential customers must be results driven. Don't talk about how good you or your product are, but sell the benefits. That's all we want to know about - the benefits! Benefits sell.
Christian Oey is CEO of www.nobankruptcy.com.au, a financial counselling service.