What's Your Recession Plan?

Yesterday I spoke with Yacov Wrocherinsky, founder and CEO of Infinity Info Systems. Yacov, who is one of the sharper business owners I know, is a member of several peer groups (I believe that includes YPO, EO and Vistage). He was telling me about some of the discussions he’s been having with other "larger" business owners and, in light of this economic environment, they all find themselves asking each other "what's your plan?" He explained that while he is still optimistic (it is hard to be an entrepreneur and not be optimistic), he is also realistic. While he still intends on hiring more support for his growing business, smart business owners like Yacov make plans in the event that business declines significantly. He made it very clear to me that it is just a plan and that he hopes he won't need it, but making a plan before an actual crisis may allot you the time, and resources, to think about things in a more well-thought out manner.