Camco International's David Potter was blunt: “Many smaller public companies are trading on AIM at lower market cap than their cash. Some of these are profitable, there will some terrific buying opportunities.’

Nicholas Barber of Bolero, agreed. ‘The main opportunity will be to exploit any competitors who are more weakened by events than your own company. And, once you're confident of more than just surviving, take the opportunity to invest ahead of the curve including hiring some of the outstanding talent that's coming onto the market.’

Martyn Hope, Web Repair Services: ‘When shedding roles and people that you always saw as critical to your business and therefore to customer service,’ he explained, ‘you must somehow maintain the equilibrium of the organisation, whilst also retaining your engagement with your customers.’

‘Spend more time with your customers’ implored Peter Waller of Corero, ‘so that you  know about what opportunities do exist. Form strong relationships. And as times improve, you will be in pole position to take advantage!’

Michael Hunt of Silaris International spoke of the need to deliver fresh strategies, leadership and organizational capacity and change; and he suggested that the outcome may even be to create a sustainable and somewhat more equitable world….

Zeus Technology's Paul Brennan, a father for the first time at 45, was facing up to some personal challenges as well as those in business, but his advice was to continue to develop opportunities and grow while others around are  only looking for the reasons for failing to grow. There are significant opportunities if we are realistic and know what has been a differentiator – not by locking down the hatches and waiting for the storm to pass,’ said Mr Brennan.

‘Horde cash, stay alive and keep the core business intact,’ says financier Paul Frew of Elderstreet Capital. ‘Win business from competitors, focus on products and services with a strong business case.’

Jon Richards, Aria Networks, isn't at all negative: ‘For businesses without debt on their  balance sheets there should be some very attractive acquisition opportunities. Also where competitors fail there will be real chances to grow market share.’

‘Use the sense of crisis to achieve those radical internal changes (structures, processes, systems) which the organisation resisted during the Goldilocks period,’ advises Nicholas Barber.

Tina Rogers of Thesaurus stresses the importance of keeping confidence & optimism high. ‘It is too easy to talk yourself down’, she cautions,. ‘One of the chairman’s roles is to keep the board confident, whilst maintaining a very tight control on costs & cash.’

The Chairman’s Network represents hundreds of years of experience. And that means plenty of problems will have been tackled and overcome. Mistakes will have been made, lessons learned. What good hard pragmatic advice can we take away from this insight into the ‘Brains Trust’?

Martin Jervis, Blackbaud Europe, is straight in: ‘Panic early, do more than you think  necessary.’

‘Be focussed,’ says Steve Purdham. ’Look for the positive. And more than ever, cash is king!’

Ken Olisa, Restoration Partners: ‘Managers are those who can tell the difference between threats and opportunities and can reduce the threats to a minimum. Entrepreneurs are alchemists who can turn threats into opportunities. 2009 is a year where threats and opportunities rain thick and fast – deciding whether you are a manager or an entrepreneur is a vital prerequisite for surviving the year ahead.’

As a restructuring and turnaround specialist, Nigel Southon has sound advice: ‘10% unemployment means 90% of people are still working, so keep positive.’

What comes across time and again is, take action! These people have obviously achieved success in bad times as well as good, by refusing to be dictated to or blown off course.

‘Hope is not a strategy’ says Michael Hunt. ‘In adversity there is opportunity, all competitors face the same issues. Be bold in change and lead the way.’

‘Bad times favour well run companies that offer value to easily accessed customers and have their costs under control’ says Nigel Southon of VentureGrowth. ‘If you're one of these, you can improve competitive advantage while the other players fall by the wayside.’

‘Chairmen need to really listen to their CEO & boards if they are to understand the real  issues,’ adds Tina Rogers, ‘And also never say “in my day” or “I remember when”.’

And if your business is not a big one, don’t worry - ‘Never be afraid to be insignificant’ adds Paul Brennan. ’Leadership is about consistently achieving results beyond expectations by creating a climate in which others can shine.’

‘Try and keep debt below 30% of equity,’ says George Ryder. ‘Monitor where investors are buying/divesting for your industry on the stock market. And monitor competitor activity closely, especially entry into new or complimentary markets. Avoid eroding business critical skills unless absolutely necessary. Improve relationships with stakeholders, especially  suppliers and investors.’

Simon Orme has some sound advice concerning product and market analysis: ‘Products and services for which there is a demand in an expansive economy quickly wither and die when the economy turns colder. Equally some market sectors will weather the downturn in better condition than others. The strategy is to analyse the offer portfolio and market sectors served and identify which will continue to be viable in the new market conditions.’

‘2009 offers opportunities,’ says Mike Fish, ‘for companies which seek them out and can take a risk to grasp them. Never forget – your customers have to continue their business in the hard times. If you can offer them something that is of more value than the saving from doing nothing, and that sustains and advances their business – then they will buy. This requires a relentless focus on change.’

The final word goes to Peter Waller: If you have to cut back - cut deep. And cut once.