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The worst-case forecast of most capital expansion projects is rarely pessimistic enough. Staying power analysis can help a company better assess whether it can withstand the worst circumstances. These are the steps to take when doing a staying power analysis: 1) describe a hostile environment, 2) translate the consequent deteriorations into operating statement and balance sheet results, 3) make estimates based on the assumption that capital projects will encounter trouble, and 4) analyze cost-cutting possibilities. If the analysis shows company assets won't be able to cover the debt, that must be known in advance. Then if people want to risk the company, at least they know that's what they're doing.

The loan negotiation process between bankers and company managers is not always skewed in the banker's favor. Success depends on negotiating strategy. Managers need to learn to think like the banker and identify the bank's objectives in making the loan, meet those objectives with the least damage to their company's position, order the restrictive covenants by priority so they can give in on one or two without hindering the company's overall objectives, and influence the banker to relax or withdraw noncrucial restrictions.