Warning to all budding entrepreneurs!! Almost 75% of small businesses fail during their first year. This number goes even higher during financial or environmental crisis. During Great Recession of 2008-2009 number of businesses, large and small, failed because they were not in the best position to manage during the time of crisis. They either did not have sufficient financial cushion or failed to generate enough sales to meet their expenses. The key to succeed in the crisis is to prepare for it ahead of time and take decisive actions once the crisis does hit. This is the time not to panic, and you will not, if you have planned ahead. If you do run into financial turbulence here are 3 important steps you can take to navigate through the crisis.