When will the economy hit bottom?

That is the question on just about everyone's mind from Anderson to Peking, China, right now.

As a business owner or senior manager, how well are you positioned for the economy's recovery?

Are you poised to grow at a sustained rate or ready for a sudden burst, if necessary, when the economy once again starts that upward climb to the next pinnacle in the economic cycle? Or are you just stagnating?

This ride we are on with the current economy cycle reminds me of the movie "The Perfect Storm" with its massive waves and matching troughs. I am reminded of how harrowing it is simply to survive until the storm passes.

I am sure many business owners feel as if they are caught in a terrible storm while riding in a small boat that is leaking like a sieve.

I am not convinced that we are at the very bottom of the trough just yet. But I do think that we are pretty close. Now is the time, therefore, to begin in earnest with your strategic planning in regards to where you want to land on the upward swing of the economic roller coaster.

I believe there are three driving concepts for businesses in regards to life after this storm.

Those who want to recover assets to their pre-recession level before the bottom fell out and the economy ended up in the cesspool; those who want to recover and capture what they perceive they should have gained during the negative economic occurrence; and those who want to gain substantial market share and maximize their profits to fund them through the next trough and into the future.

Each requires a different mindset to adequately plan for accomplishing these goals. The first requires little to no planning. Just go with the flow and realize a proportional return on your actions.

The second requires moderate planning and analysis in regards to what the business's profit trend was historically, then calculate the hypothetical losses and the result to determine what will be necessary to recover over the projected growth for an equal period of time. This requires instituting an operational plan and adhering to it.

The third strategy encompasses all of the second strategy's planning, plus an action plan that details what must be done to acquire an increased market share as well as retain it for the next eight to 10 years.

Businesses desiring to accomplish a substantial market share increase must begin accumulating assets now to drive the growth level that is desired. Waiting will only result in failure to accomplish the rewards that the business seeks.

There is a tendency to reward ourselves first when things get better, but if you want to really reward yourself, squirrel those funds away as operating capital versus seeking short-term gratification.

An additional benefit is the money bags (i.e. banks) will view you in more favorable light when and if you need their assistance in grasping the most marbles possible even as others are forced into leaving the game.

By no means is this an easy course to follow. You will not only have to fight your own tendency to satisfy your cravings for nice things, but the cravings of your significant other and all those who look to you for gratification. However, I assure you that it will be worth it.

Put that new car or pickup on the back burner for another year or two and be a Scrooge McDuck, the one who stayed ashore and survived the Perfect Storm.