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James Caan cuts down his fixed costs

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This could be a really good time to focus on your fixed base, advises Caan. Stop the cash from draining out of your business.

"The lease came up for renewal on the office space of one of my businesses," he says. "Ordinarily, I’d just renew. But because of the credit crunch I decided to move the company into serviced offices and weather the storm from there."

The lease will expire in June. By hedging his bets during an unsure economic climate, Caan can wait for better days rather than risking precious funds now.

"I’ll review the situation in 18 months or so," he says. For now, i’m taking down my fixed costs."

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