I had the privilege of sailing on Sea Trek 2001, a re-enactment of the Mormon migration to America by sailing ship. On the crossing to Bermuda, the ships were in light winds most of the way and traveled with all sails out. Soon after we left Bermuda for New York a storm with high winds crossed our path. As the winds picked up, the crew furled first one sail and then another until we had only a single sail up on each mast. This slowed our speed but allowed us to ride out the storm while still progressing toward New York.

We are in the midst of an economic storm that has built gradually during the past two years. Unfortunately, there is no end in sight. So it's probably time to consider some ways you can "trim the sails" in order to weather this storm and keep your business sailing forward.

. Run profitably. If you aren't making money, you aren't really in business - at least, not for very long. You don't need big profits; just make sure you are running in the black. That will buy you the time you need to get through this difficult period. And don't be fooled by paper profits. Get into your financial statements and make sure you are generating positive cash flow.

. Go back to the basics. Continue to offer products and services that are winners. Cut any that are marginal; you don't have the luxury of subsidizing a loser. Make sure each employee is contributing. Reassign those who can be better used elsewhere. Let those who aren't contributing move on. And don't delay. Remember, cash flow is critical; you must make sure it's positive beginning with the current month.

. Be smart about R&D. This may not be the time to launch a new product, and you may want to cut back on R&D. Don't handicap your company's future, but don't throw money away on R&D that isn't focused on sure money-makers. Make sure your process is streamlined and well-defined so that every dollar is used efficiently. This reminds me of a story I heard a couple of years ago. I haven't verified the story, but it's worth telling. Snapple, the drink company, was started by three childhood friends who liked the drink business. In 1994 Snapple was acquired by Quaker Oats. During due diligence meetings, Quaker Oats representatives met with Snapple owners and asked them some standard questions. They got some surprising answers. "What is the process for selecting a new flavor?" the Quaker Oats officials asked. "Do you use focus groups, surveys, or something else?" The Snapple owners looked at each other and answered, "Well, one of us comes up with a flavor, and if the other two like it then we start selling it." "OK, then what's the break-even product run?" The Snapple team looked at each other. After a moment they replied that they didn't understand the question. "How many cases of a new flavor do you have to sell to start making money?" the questioner asked. Again the owners looked at each other and then one looked up and said, "Uh, one." Snapple was a company well-positioned to make it through tough times.

. Adjust your goals. Set realistic objectives for yourself, your employees and your clients. This may not be the time to try for sales records. In tough times a flat year may be good enough. The goal is survival. Use these tips to ride out the storm. We are in a major downturn following one of the longest and most dramatic expansions in history. But this slowdown will pass, and your company will be well-positioned to sail aggressively into the bright days to come.