The stock market fell today to its lowest level in nearly two years. Many investors scrambled to sell after a spate of bad news.

It’s the same sense of panic and dread if your business is failing and you are running out of money. You are getting deeper in debt. You can’t even afford to buy needed supplies, pay your rent for an office or mortgage for your home. Bills are starting to stockpile and creditors are starting to knock on your door. Employees, if any, are starting to panic and leave you. Worse, your bank just called that they are putting a hold on your savings/checking account (your last money!) until you pay your business loans. It’s a free fall, with each day you seemingly worse off than before.

So what do you do?

I’ve never been personally in this situation, but I have talked to some entrepreneurs who’ve been in the same exact predicament. With one step away from declaring bankruptcy and closing the business, finding a loan (or new loan) to ease the financial pressures will be very tough. Here are their recommendations:

1. Understand why you are having this problem. If your bucket is leaking and has holes all over, you can’t stop the leaking by simply plugging in every hole. You need to replace the bucket!

2. Get help in terms of grappling with the situation and finding the right strategies to do. Sometimes you need a fresh set of eyes to help you see the real picture — flaws and all. You can consult your mentor, or even a close friend. Who knows, you may have an acquaintance who have been a CFO and willing to help struggling entrepreneurs like you! Or check with free resources in your community such as the Small Business Development Center or similar mentorship programs.

3. Bite the bullet, no matter how painful. The solution can be anything — revamp your marketing, restructure your loans, rethink your product, or even fire your husband as your general manager! Whatever it is, it will bound to hurt

Any ideas?