I know that its tempting to feel like this is the worst of times.  That things will never be right again. 

Well, I'm here to tell you that things will get better again.  In fact, I'm willing to bet you $100 that we'll see some of the greatest innovations ever known within the next decade. 

How can I be so positive?

From February 1930:

"Our greatest industries in this country today are the new ones.  And they are all dominated by young men who are ignorant enough to suppose that anything they imagine they can do.  Fundamentally they are right" - C.F. Kettering

From September 1958:

"America's shining economy is a bit tarnished now - and unnecessarily so - but it's a tarnish that we will wipe out.  Then the only limit to our new shining economic era will lie in our imaginations - and our imaginations are limitless." - Sylvia Porter

We need to imagine ourselves beyond this current economic low-point in the cycle.  We need to get back to basics and think.  Stop pretending that cost cutting and sitting quietly will keep you alive.  Because when the cycle goes back into positive territory, all this time that you did nothing but hope will have been wasted.  Your current competitors, especially the one's that were smarter than you, will have developed new products and services to lure your customers away.  And all of the entrepreneurs who are just now figuring out new ways to better serve your customers will also chip away at your market share.  In fact, by the time you figure out that you should have focused your time and attention during this economic "lull" on new ideas, prototyping and working closely with customers, you will have been relegated to the 3rd or 4th choice in consumer's minds. 

So what's your play?  Are you going to hunker down?  Play it safe?  Slash operating costs?  Waste millions of dollars on questionable "productivity/quality enhancements?"  Okay...but don't say you weren't warned:

"Somewhere out there is a bullet with your company’s name on it. Somewhere out there, probably in some garage,  is a competitor, unborn and unknown, that will render your strategy obsolete. You can’t dodge the bullet – you’re going to have to shoot first. You’re going to have to out-innovate the innovators." – Gary Hamel