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The process of business planning does not end when the written plan is complete. Business planning is a cycle, which includes the following steps: Put your plan of action in writing ; Make decisions and take action based upon the plan ; Gauge the results of those actions against your expectations ; Explore the differences, whether positive or negative, and write it all down ; Modify your business plan based upon what you learned.

The economy is molting into a new, leaner animal. Rather than react in desperation to avoid doom, firms should interact with the current situation with innovative and forward thinking actions.

The analysis goes on to say, "Those diminished expectations - plus the pain of the current downturn - are fueling retrenchments in consumer behavior that could fundamentally reshape the economy."

Sometimes it takes a significant event or change in existing conditions for a business to create a written plan. I think it's safe to say that the state of the economy is a significant change that should prompt business owners to alter the way they've been doing things. If you already have a business plan, it's time to get it out and revise it. Make sure your plan includes answers to these questions:

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