don't delay resolutions.
Delaying resolutions to your capital situation is like planning for disruption to your business. Along with "eating healthier" and "working out more", management should include "address outstanding capital needs" on their list of New Year's resolutions.
The credit markets got funky this year - economic uncertainty caused lenders to act more conservatively, and higher pricing moved many borrowers to the sidelines. The market disruption changed the availability of alternatives but not the timeline of existing capital situations and resulting needs - i.e., that maturity date is still coming up, that acquisition is still in the pipeline, etc.
A shortened window for execution only increases the risk of process missteps and the magnitude of consequences. Delaying also puts you in a less attractive position by pushing your back against the wall, which is visible to your lender - e.g., can see the decreasing cash runway, increasing time pressure, etc.
The Uncommon Borrower doesn't delay resolutions to their capital situation - they 1) maintain awareness of upcoming needs and available paths/solutions, 2) adapt their game plan to protect operational certainty, and 3) move proactively/early to increase optionality and improve negotiating strength.