Eight Ways to Avoid a Cash Crunch

7. Being afraid to get paid: "If I had to tell companies one thing to do, it's ask to get paid," says Swartwood. Business owners are busy, but make sure you get invoices out on a regular basis and ask to be paid. "It doesn't have to be an aggressive collection manner, but just a phone call. Don't be embarrassed." Swartwood also suggests keeping a bookkeeper on hand who has the experience to look out for aging receivables and who is comfortable staying in touch with vendors and customers.

8. Underpricing your products: A lot of small firms underprice what they do and are afraid to ask for the real value of their product, for fear they'll lose customers. If it's a good product, people will pay.