No one knows what the future might bring for the economy and business in general.

Did management at your company make aggressive moves to cut back expenses as a response to the recession last year? If so, it might be prudent to assess whether those decisions make sense in an environment of economic growth - even tepid economic growth.

I don't pretend to know what is coming with respect to economic developments, and the range of professional opinions about the future is extremely varied. Regardless, it's time to start thinking about the resources that would be required to support your company if the economic tide begins to turn.

It would be extremely disappointing if your company missed business because management was not ready to capitalize on fresh opportunities. Don't forget: Postponing this exercise of preparing for success just provides an opportunity for your competition to get ahead.

Here are some sectors to consider:

Working capital

Do you have sufficient working capital to fund growing revenue? We all know that one of the curses of growth is the cash crunch that can result from spending money to deliver goods or services that are not paid for some days after an invoice is rendered (often called "funding the receivable").

Do you have sufficient liquidity in place to support the company during a growth phase? This would be a combination of cash on hand and lines of credit to tide the company over until the collections on new receivables are realized.

As part of this exercise, you should do a quick cash forecast. It's also a good idea to meet with your banker and discuss how this year is looking for your company.

Human resources

Does the company have sufficient human resources in place to support even tepid growth? If management has reduced the work force or other infrastructure to adjust to an economy in sharp decline, is the company positioned to support some level of growth from 2009 levels?

Obviously, all companies are not in the same situation - not all will be in a position to contemplate hiring - but I would expect that there are few times where one would have better access to quality people than right now.

Do you have a contingency hiring plan in place should your company experience growth that requires more people?

Physical infrastructure

If you've postponed or deferred capital investment or other physical infrastructure, it's time to revisit those plans. It's quite possible that pricing from your vendors has changed in the interim.

It might make sense, even under the current straightened conditions, to make an infrastructure investment.

In any event, it is necessary for management to have a clear picture of potential capital projects that are going to be required in the near future.

By preparing for success, management can position a company to maximize the opportunity should the economy begin to pick up some steam during the year.

If a company's management neglects this exercise, it does so at its peril. If managers are unable to cope with small growth, the competition will be there in their place.

Bruce Rector is president of The Rector Group management consultants. E-mail him at brector@therectorgroup.com or visit www.therectorgroup.com.