First, don't deny reality. Business cycles - both good times and bad - are unavoidable. They contribute to one grim statistic: the average company's lifespan is only 7.5 years. So, if your business is not eight years old, the odds are it will never be.
You should constantly plan for the next recession. Don't wait for bad times to force you to correct sloppy decisions or habits that unintentionally take root during boom times. These bad habits include overstaffing, overspending and overextending on everything from marketing to administrative overhead. They also include the failure to enlist customers as loyal patrons who will return to you in good times or bad.