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The first step in a turnaround is the hardest. You must realize your expenses exceed your revenues, and that no one is going to lend you anything unless you can fix this problem. Start by developing a detailed cash flow model. You must find a way to reduce expenses to a level that can be supported by the incoming receivables. This is not time to be optimistic in regards to how fast your customers are going to pay you. It needs to be real. Once your cash flow model is completed, you will be in a position to determine how much expenses need to be eliminated in order to balance the cash flow. Most likely, this will involve laying off employees, suspending payments to creditors, and determining if the company can survive. If you have more than one product then Activity Based Costing methods should be utilized to determine which products  produce the most net profit. This will also determine what percentage of the general and administrative expenses each activity should be costing. You may be surprised to find one or more products or services actually loose money on every order. If this sounds like a lot of work, you're right. Professional consultants can move quickly to create these models, flush out costs and help make decisions critical to the survival to your company. Half measures will not work.