Cut unnecessary expenses. Examine all aspects of the business. Review historical records to ascertain thoses expenses that have and have not proven to be of value to the business. DO you have redundancies? Can you delay certain expenses and marshal case? Make the difficult choices to sell off or close unproductive lines of business.
Increase the advertising/marketing budget
Be careful, limit increases to those areas you know are/have been successful. Now is not the time for experimentation.
Invest more time in your business
Review your records daily. Be in a position to act immediately and from a position of knowledge. You are your best and most cost effective asset.
Invest in your employees
Know your work force. Do not lose competent employees. You may also consider hiring new employees at a reduced rate. During a recession many competent workers may be looking for employment. It's a buyer's market. Also, while your business is slow invest in new training for your employees. Remember, the recession is temporary. Be prepared to act first when the recession is ending.
Budget for the recession
Have cash flow projections for the short term and the long term. Make realistic assumptions and predictions.
Avoid drastic price cutting
Such cuts can only help cash flow temporarily and may ultimately lead to expectations of lower prices from your customers.
Provide discounts to the long term and reliable customers
Build and strengthen existing relationships. Increase customer service. This is an inexpensive way to strengthen customer loyalty.
Take advantage of the recession and the period of uncertainty
As contracts and leases near their expiration, become a tough negotiator. Seek reduced costs from your suppliers.
Take advantage of opportunities
Particularly those involving the expansion of your business -- but do your due diligence.
Maintain your personal credit
In light of the current credit crunch, your business's ability to get credit may depend on your credit as an individual.