The economic forecast is not good.

The Dow dropped 205 points, oil remains north of $120 a barrel despite slipping a few bucks and filings for unemployment benefits hit a five-year high.

But there are measures businesses can take to ease the pain.

Brian Carlson, president and CEO of Beverly Hills-based Excel National Bank, offered this in a statement: "Historically, those taking advantage of market conditions during challenging times eventually prosper." Excel has a Fresno branch.

What to do?

Among Carlson's most common recommendations:

RENEGOIATE OFFICE LEASE - Landlords will oftentimes renegotiate a lease in order to keep you as a tenant even though you may be locked into a long-term agreement. It's not uncommon for them to lower the rent rather than risk losing a reliable tenant and source of revenue. If they won't budge on the rent, perhaps they will consider other perks such as added parking, a break on utilities, etc.

CONSIDER PURCHASING COMMERCIAL SPACE - Owning your own office may prove more financially advantageous than leasing it. With real estate prices plunging, there are deals to be had in the commercial market. Not only may you benefit in the long run as this asset appreciates, but there are tax benefits associated with such a purchase. Also, if the space is large enough, you may even consider having tenants so you can generate added revenue.

PURCHASE NECESSARY EQUIPMENT - Instead of leasing major equipment, consider purchasing it. Whether it's a commercial printer, manufacturing tool, forklift or state-of-the-art production equipment, reexamine your lease and see if purchasing might prove more prudent. Also, the market is growing for previously owned equipment so explore that cost-savings alternative.

REFINANCE DEBT - If you've made a significant purchase in recent years and find that the monthly payments are becoming increasingly more difficult to handle, explore other financing options that will lengthen the term of the loan thus lowering those payments.

REEVALUATE COMPANY'S BENEFITS PROGRAM - When was the last time you examined your company's health benefits package? How about the 401K or pension program? This may be the time to sit down with your accountant, insurance agent, etc. to explore cost-savings measures.

CONSTRUCTION TIME? - Many of those in the building industry (e.g., architects, contractors, etc.) are hurting right now, so this is an ideal time to get a long-awaited construction project off the ground. Loans, particularly SBA loans, are available to push through such projects.

PARTNER OR MERGE WITH ANOTHER BUSINESS - Now may be the time to join forces with a competitor or even purchase another company that is similar to yours. If you're starting from scratch, begin scouring publications read by your industry and/or attend trade shows to explore opportunities and develop companies to target. If a merger makes sense, make sure that you are "on the same page" as far as future plans and methods of doing business are concerned. When considering purchasing another company, do your due diligence and know what you're getting into.

LOOK FOR BARGAINS - Scan your trade publications or the online services that pertain to your industry to determine if any of your competitors are going out of business. If so, you may be able to help them liquidate while helping your company acquire some much-needed equipment. Items like color copiers, manufacturing equipment, etc. are increasingly being sold for pennies on the dollar.