Unless you are a bank or an auto maker, it doesn't look like anyone is going to bail your business out. With a recession at our doorsteps the cry is, "no one is buying"!
So marketing and in particular advertising are the first cuts. Big mistake.
The recession doesn't stop all spending. It just means that most consumers are careful in their spend. Generally 80% of your profits will come from 20% of your customers. Those percentages will likely shift to more profits from less customers. But even if they don't, you can't afford to lose share with the profitable group.
Stay the course or increase marketing efforts with the best customers so you don't lose them. Build goodwill with good customers during lean times. It goes a long way when times improve.
While your competitors sulk and complain about the economy and wait for for business to return to normal, cash in on what your competition is giving you-None!