Tips for the turnaround... Things will get better. Really! History has proven time and again that no matter how bad the economy gets, ultimately it turns around. Will you be ready?

Jason Boles, CEO of Fans Created, a consulting firm specializing in speaking, training and consulting services, writing about credit unions (with a message applicable across the board), notes "My biggest fear is that credit unions won't be ready for [the turnaround.] It's the guest we invited for dinner but didn't think would actually show. We want a recovery to happen, and we know one will happen, but we get caught up spending most of our time and energy focusing on the pains of today versus the joys of tomorrow... what concerns me most are the decisions we are making (or failing to make) today will have a huge impact on our business in the future."

Here's a few ideas for what you can be doing while waiting for the economy to regain its footing:

1. Train yourself and your people. There's no better time than a slow down.. or slow period... to cross train your employees.. and yourself.  Companies that rely on a group of "specialists" - each doing his or her own unique thing - are just not ready to compete in today's global economy. Train Assembler A to do the work of Assembler B. Train your accounting clerk how to do payroll. Ask the buyer of office supplies to learn about shipping and logistics. Perhaps your employees will balk at first, "It's not my job." Ultimately they'll thank you for giving them the opportunity to learn new skills that will position them for the next job - either at your company or another.

2. Learn how to use news releases, blogs, podcasting, viral marketing and online media to reach buyers directly. Get a copy of David Meerman Scott's book, The New Rules of Marketing & PR.  He'll explain how to leverage the potential of Web-based communication to build a personal link with your market. No matter what business you're in, you must harness the power of the net.

3. Become more efficient. What are you doing right now that adds no value to your business? Still producing that report that no one reads (just because you've always done so)? Are manufacturing employees having to walk clear across the floor for a part that they need a dozen times a day? Are you ordering (and then having to store) supplies weeks before you need them? This is the time for re-thinking and re-engineering any process that isn't as efficient as it could be.

When will the recession end? No one knows for sure. But by using the time wisely now, you'll be ready to cash in when it does.