You've made it this far by relying more on your wit rather than a checkbook balance. You can victoriously press through this difficult situation. First, take a deep breath and gather your resolve. Second, begin to put your persuasive and creative energies to work so you can survive the drought. Here's how.

Get Your Priorities In Order
Half the battle is knowing who must absolutely be paid first. Focus on legal and credit obligations. As an employer, you should always meet payroll. Besides maintaining goodwill with your staffers, many states carry "timeliness rules" that come with penalties when violated. And then there's the IRS, which requires that you make timely payroll deposits and frowns on (read: penalizes) non-compliance. If you've set up a retirement plan that includes your employees, forget about using plan contribution funds to ride out a financial crisis; it's a violation of federal pension law. Thinking about missing your quarterly tax payments? Don't. If your estimates don't balance out in the end, you'll be penalized, and catching up on missed payments can be difficult. A bad credit history can stifle your business, so avoid ruining yours.

Think twice about not paying at least the minimum on credit cards, bank equity lines, insurance premiums, and auto or equipment leases. These are double-whammy creditors: They quickly report your delinquencies to the bureaus, and they're heavy-handed -- stopping your service or coverage and even repossessing their goods.

Know When To Push The Envelope
You, too, can still manage your bills during a cash crunch and remain in good standing with your vendors. Remember, every creditor has its threshold, defined by collection muscle or industry standards. Many companies don't even pursue a past-due account until it's at least 60 days late. It's commonplace for some creditors to send you a 30-day term invoice while considering 45 to 60 days a satisfactory payment. It's important to know the protocol of your marketplace and work it to your advantage. Try finding grace with your smaller vendors.

If you're running short and are 35 to 45 days late, try waiting to determine their threshold. Make a note for future reference as to when you received the first follow-up call or letter. For example, if the vendor called you when you were 45 days past due, the next time you're in a pinch you could aim at paying them somewhere in between 35 to 40 days. Remember, though, paying late may come with its penalties. When spreading out your obligations, always factor in additional late fees and interest, and pay off your most expensive debts first.

Boldly Negotiate Relief For Yourself
Successful bootstrappers are notorious for garnering the support they need. Be up front about your cash position -- you may surprised at how cooperative your suppliers can be. For example, long-distance phone carrier MCI offers its small-business customers Preferred billing cycle options. You choose when your bill is dated, working around your receivables. Some suppliers will offer you extended payment arrangements, if you ask. It really is a buyer's market these days. Suppliers are competing fiercely for your business, so someone is bound to work with you. It's up to you, however, to spell out what you need.

Build Up Your Credibility
Before you pick up the phone to sound the horn, determine whether your cash crunch is short- or long-term -- is the check coming in three weeks or three months? You don't want to make your vendors more nervous than they should be. Alerting everyone as soon as you're in trouble may hurt you more than it should. Your vendors may start spreading the word that you're having problems. You'll need some credibility to burn when times get tough, though. A rule of thumb: If your money is delayed for two months or longer, call your vendors to explain the situation.

Spell Out Your Safeguards
There are two types of liquid cash: Cash that's under your pillow and sources you can pull from. Make a list of ways you can generate some cash. Examples: Get a loan from loved ones, take or do part-time or odd jobs, host a garage sale, apply for an equity line or other financing, or take an interest-free cash advance from a 25-day cycled credit card. This process can be give you a psychological boost as well as provide you with a ready supply of solutions when your capital is thin. Finally, always tend to the business of collecting your money from others. Standard operating procedure:

• Collect project deposits and progress payments.
• Submit invoice and back up in the right form and to the proper company representative, so there's no delay in processing your payment.
• Make sure you and your clients understand (and agree on) the payment terms.
• Follow up with a payment call the first day after an invoice is due.