Keeping financial records up to date and accurate will assist a business during an economic downturn. When a business owner knows exactly how financially secure his company is he can better be prepared for struggles as well as successes. Also, it is imperative to not let accounts receivables get behind. While everyone is under pressure in a poor economy, the last thing a small business needs is customers who do not pay for their goods or services. Also, a business can endure an economic downturn by renegotiating prices from vendors. Typically, if a business has used a particular vendor for several years, that vendor will be willing to give a discount during hard times. If a vendor is not willing to work with your small business’ needs, then seek services elsewhere from a more affordable source. Try not to default on payments to these vendors as they keep your business going, and late fees and a bad reputation can be worse than any economic crisis.