1. Housekeeping. Whether you've been neglecting the bookkeeping or the physical upkeep of your business, doing the housekeeping is a good way to pass the time during slow business periods.

2. Research. This is a great time to investigate new products or services and future opportunities for growing your business. If time is aplenty, you can lay the foundation for future expansion. If you need training or licensing for your future business, you can work on getting these credentials during the slow economy.

3. Policies and Procedures. You can devote time to improving your internal operating procedures so that your employees will be better trained when business starts to boom again. Involving your employees in this process will give them a bigger stake in the future of your business.

4. Vacation. If business is slow, it might be a good time to take some time off. You can refresh yourself personally so when you return you will be renewed and ready to reinvigorate your company.

5. Competitors. Another type of research involves getting to know your competitors in the same or similar markets. What are they doing right and wrong? How can you improve your company based on what you learn from other companies?

Your small business is a precious commodity. Whether your business will weather the volatile economy depends upon your financial management skills and resourcefulness during this period. Being creative and productive will help you to keep your small business fresh and poised for growth when the economy rebounds.