The credit crunch could be said to have a lot in common with an earthquake. One massive shock followed by the prospect of many smaller aftershocks, stretching out the tension and anxiety long after the immediate danger has passed.
The current financial situation (post quake, pre-aftershock?) has left business execs with an interesting conundrum. Do you (a) cut costs, sweat your assets and protect your revenues until confidence returns or do you (b) invest in new ideas, hire additional heads and prepare yourself for the eventual upturn.
For me, the defensive, risk averse approach of (a) is definitely the wrong one. To use a football analogy, there aren't many teams that successfully protect a 1-goal lead by sitting back and defending for long periods of time. And once the balance of goals has been restored, the side with attacking approach is far better positioned, mentally, to go on and win.
Is your business attacking or defending?