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Along those same lines, reward loyal customers. Imagine reward cards that offer one freebie after ten purchases. Reward cards also allow you to capture customer information including email and snail-mail addresses which afford more marketing opportunities.

3. Smart cost containment - Every expense matters in tough times. Look at those expenses that account for the large percentage of your costs -- utilities, maintenance, customer care, finance charges, merchant services charges, communications, and employee costs. Make your cost cutting decisions carefully realizing that some decisions can have large impacts on the future of your business. This might be a good time to invest in some “green” IT. A little more spent on the technology might lower your ongoing operational costs for years to come.

If you need new technology, consider both premises-based solutions as well as managed/hosted solutions. Paying for technology on a per-user-per-month or similar basis might allow you to conserve precious capital dollars. All sorts of solutions are hosted these days including phone systems, CRM, sales force automation, ERP, etc. Ask your technology advisor for some options and look at the total cost of ownership over several years before making decisions.

Hang on, Merle, this economic storm will pass and hopefully you’ll not only weather it, you’ll be better positioned for the future.