In recent weeks the stock market volatility, more bad news on the subprime mortgage mess, less then stellar government economic reports and predictions by various doom-and-gloom business gurus have made it look like blood will soon be (or already is) running in the streets.

Yes, this difficult turn of financial events has hurt or even devastated some people and businesses, and, yes, more will follow.

So, businesspeople should be asking themselves whether it is going to get worse or if the economy has bottomed and soon will be on the road to recovery. Is the proverbial glass half-empty or half-full? Should you modify your plans for this year? If so, to what extent? What contingencies should you allow?

It is time to play the "what-if" game. What if a competitor leaves our market ... is there an opportunity? What if a vendor cuts back on delivery terms ... how can we adjust to meet our needs? What if our costs go up or down ... when do we adjust our selling prices?

No matter whether you are an optimist or a pessimist, in anxiety-creating times it is important to realize that there are tremendous opportunities out there for those who discover them and figure out how to take advantage of them. Many businesses that became successful started in the depths of the Great Depression, while many others were going broke.

But, just as there are opportunities created by a slowing economy, there are minefields and difficulties that make it easier to fail, so it probably isn't a good time to bet the business on a whim.

In times of economic difficulty, it is critical to retain flexibility, to anticipate credit difficulties and to look at possible lurking dangers more carefully, before making long-term commitments.

If anything, it is a time for greater effort spent on strategic planning and successful negotiating. It is a time to work harder on customer service, more targeted marketing and creating better relationships with your customer base and your staff.

It is time to ask whether the glass is half-empty or half-full. I think the answer is ... "yes."

Opinions expressed solely are those of the writer. Larry Galler, of Larry Galler & Associates, is a marketing and management consultant for small and mid-size companies. For more information or to get his free report, "Tolerations driving you nuts? Eliminate them now!" contact larry@larrygaller.com or call (219) 464-9463.