Credit Policy for businesses and how to extend credit and manage credit risk

Pay off as much debt as possible. If you can pay off any debt, now is the time to do it. Dealing with a recession is hard enough, but if you have a boatload of debt on top of that, your stress level will go through the roof and you might not be able to pay it a few months from now.

Pay cash for anything you need, if you don't have cash, ask yourself if you really NEED the item or do you just WANT it?  Put your business credit cards in the freezer or cancel them and cut them up.