A recession is a good test on how good and skillful you are as a business owner. This is one of those times when you cannot expect to have always the profits that you have been used to having in the years when the economy was good. The revenues from the sales of your goods will be much lower as people have less money to spend so one thing you can do to help your customers is to lower your prices, so the can still afford to buy your goods, and still give you a chance to make some margins even if they will be much lower. 

A recession is no time to advertise they way you have doing so in better times - be factual and candid this time with your customers and your employees so they will appreciate your sincerity in trying to help in these trying times. Remember that your business depends first and foremost on your market - your customers - and in the loyalty of your employees, so they should be your focus now when things are not really so good in business. 

Keep your shareholders too well informed on the critical situation that the company has to cope with in the next several months, or even longer. You have to assure them that the recession is a temporary thing and when the economy recovers, they will again reap the yearly profits on their investments like they have always been having. 

If you can help it, avoid retrenching your workers as they are actually the lifeblood of our business. Remember that they have their own families too to support, and you will be making their lives very miserable if you terminate their jobs. If you have to cut down on operational costs, do so first with the other types of expenses. 

The banks that you have been dealing with to support the financial requirements of your business will still be willing to help you with your financial problems, as the lending of money is their main line of business. If no one borrows their money, they will have no business at all. Because there is a recession the banks will have their own predicaments, but they will still be open to working with you. 

In fact, it is during this time of a recession that business owners will likely come together and share their insights with one another. No one can survive a recession solely on his own, so businesses including banks, will have to help one another survive these critical times.