The all new
CBS News App for Android® for iPad® for iPhone®
Fully redesigned. Featuring CBSN, 24/7 live news. Get the App

Smart Business for Tough Times

Last Updated Aug 27, 2010 4:52 PM EDT

As the recession deepens, businesses are scrambling to adapt. Some are in serious trouble and looking for a lifeline. Others in better shape are searching for smart ways to take advantage of soft markets or weakened competitors. From either perspective, these are times that test a company's resilience and savvy. Those who make smart decisions now can survive — and may even come out ahead.

To sharpen your strategic thinking, we've gathered a set of tactical plays on both sides of the ball.

Play Defense
Refinance Your Debt
Prioritize Your Debt
Raise Cash Through "Factoring"
Sell Off Non-Critical Assets to Raise Cash
Price Optimize for Your Best Customers
Rebalance Compensation from Top to Bottom

Play Offense
Land a Private Placement to Fund Critical Investments
Exploit Revolving Credit
Take Advantage of Training Programs
Cherry Pick Top Talent Away from Rivals
Double Down on Strategic Advertising
Capitalize on Affordable Luxuries