Make sure your small business has a solid strategy to survive economic downturn:

Secure Credit Now

You may not need that business loan or extra credit card now, but as the recession deepens, credit will get harder to obtain. Be sure to secure extra business credit, and attempt to prudently invest the money at as high a rate as possible. This will ensure that you have some options for financing future operations while paying the least in interest.

Diversify

In a weak economy, diversification may be your best strategy. For example, if you primarily create marketing plans, try expanding your services to include related services such as issuing press releases for your clients. You can diversify further by targeting services to a different clientele altogether. For example, if your business is mostly local, try expanding your reach online by offering web-hosted seminars.

Offer Specials

Retain customers through a downturn by recognizing that they are feeling the recession too. Offer discounts on products to stimulate sales, or institute a referral program that rewards current customers for reffering new ones.

Streamline Marketing Efforts 

Every marketing effort should be crafted toward bringing in qualified prospects and selling a specific product or service. A recession is not the time for branding - ie., don't just try to "get your name out there".  

Cut Costs 

Analyze every item of overhead in your business and cut expenses where possible without affecting the quality of customer service you provide. Some likely areas to cut include merchant credit card processing fees (encorage customers to pay in cash vs. credit); postage (pay bills online vs. by mail) and mortgage/rent (talk to your banker or landlord about re-negotiating payment terms).