Those measures seem to be working. So far, fewer than 20 of about 15,000 customers are on Pryor's critical list, she says. In Huntsman's latest 10-Q filed August 6, however, the company reported that allowance for doubtful accounts climbed from $47 million at the end of 2008 to $53 million as of June 30.

No matter how proactive companies become now, though, there's still the past to deal with. For very delinquent accounts, Krank says she often tries to set up struggling customers on extended payment plans — as long as 18 months — that include interest and the right for a supplier to put liens on a customer's property, thereby ensuring payment if the customer tries to sell the assets. "Most people in business really want to pay off their debt. If you're willing to work with them, even paying it off over time, it really makes them feel good," she says, "and you're getting this steady cash flow" that can be as much as $1 million per month for some clients.

That method has an 84% success rate, she says, "and that way you preserve the relationship."

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