The 2017 Small Business Credit Survey reports that small businesses faced continued financial challenges in the past year, most commonly around operating expenses and salaries[1] Planning ahead for those slow-downs can make the difference for your business.

Here are four ways to handle those financial slow-downs:[2]

Build your banking connections

Having a good banking relationship can help you get financial help when you need it most.[3]

Consider a secured loan

You may have assets that will allow you to get a loan even when you’re going through a slump. Accounts receivable, inventory and equipment can all make you more attractive to lenders and help you secure a fixed-term loan.

Maximize cash inflows

Look at areas where you can avoid getting squeezed by late payments. Implement security deposits of 50% for orders that are particularly large and could leave you in a bind if the customer doesn’t pay on time.

Have a plan

Tracking tools can help you plan for shortfalls and compare your month-to-month cash position - allowing you to manage the ebb and flow of cash more easily.  PNC's Cash Flow Insight tool allows you to monitor spending and see the impact of actual projected transactions.