Although no business is recession-proof, there are measures that one can take to help navigate through the current liquidity crisis, says Geoffrey Thompson, a partner with the Vancouver office of Borden Ladner Gervais LLP who specializes in commercial insolvencies, creditors’ remedies and recovery of assets.

The most vital step you can take, Thompson offers, is to keep your banker happy. Financial institutions have come a long way since the recession of the early 1980s when they were quick to pull the trigger on outstanding loans. 'Today', Thompson says, 'banks are more willing to work with a client who is going through difficulties. They won’t be happy that you are having trouble meeting your financial obligations but they will feel better if you have a plan to get back on track. Banks now appreciate that a recession means you are going through tough times. And they realize that it is better to rehabilitate a loan and keep a customer than to shut down his or her operation.'