When you’re a business owner or if you work on your own, any mention of an upcoming recession trigger a very loud alarm in your head. You have the choice of being scared and paralyze or you can do something else that will surely let you have more sleep at night.

Think about your first reaction when you started reading in the newspapers every day that the stock market was plummeting and recession was around the corner. Did you feel fear? It is a natural reaction, don’t be ashamed for that. The life of your family and that of your employees -if you have them-, depend on your business. If it is gone, what will you do?

You don’t know if your business will actually be affected by the recession, if it ever comes. Whether it happens or not, it will do good to you if you start preparing for a worst case scenario.

Just like big companies have crisis plans when something bad happens in their business, you too must have a contingency plan in place.

Why is that helpful? Because if something bad actually happens, you will be better prepared to weather the storms. A crisis plan lets you think ahead about possible solutions and answers to face adversities and by doing this before the crisis, you make sure that you’re not going to be taking decisions based on fear, rush or pressure. Planning leads to better decision making.

What you will include depends on the particulars of your business but the basics are cashflow -how to keep it-, accounts payable -how you will pay your creditors-, if you have employees what you will do about them if your sales drop dramatically and how to keep generating revenue.

Did you know that many of today’s largest fortunes were made during the Great Depression? What this means for you today is that no matter what happens, there are always opportunities to make money.

Use your lateral thinking and discover now possible income streams that you haven’t thought of. Research new markets, new products, new ways to perform what you actually do. Discover what else could work in your business.

There are countless opportunities to try. Most of the time we’re too busy with day to day problems to figure out new ways, specially if your business is doing good. Invest some time in planning for the future. In this global market, what happens on the other side of the world will most likely affect you. Be prepared.

Take this as an opportunity to explore new venues. The more prepared you are, if the so much predicted recession never comes, the better you will be able to stay in business and add value to the people you serve.

Claudia Juarez. The Small Biz Crisis Coach, teaches entrepreneurs and small business owners how to deal with business crises from the inside-out keeping the motivation alive in the process.

www.MotivationEmergency.com