There's no disputing that the current environment is creating challenges for businesses but it's also creating opportunities for business owners who are able to identify the possibilities and act on them. And the businesses that are best placed to take advantage of these opportunities are those with a clear vision of where they are now and where they are going.

Most business owners understand the value of planning but in a changing environment, many are finding that traditional planning methods aren't addressing the current issues. A broader understanding of the environment they are in and a long term vision can help make it easier to determine the best path in the short term.

Most business owners value the different thinking and ideas provided by external sources such as independent directors, boards and advisors. As greater involvement of talented individuals who can add value to your business planning and execution can help you to realise opportunities as they arise.

The current economic crisis has seen succession move to the back burner for many businesses. But is this really a symptom of the economy or are owners just looking for excuses to avoid handing over the reins? Succession doesn't have to be a simple exit. Change of ownership is a journey that, with some planning, can give owners the best of both worlds.

Want to know more? Download a copy of the 2009 ANZ Privately Owned Business Barometer Key Insights and Results Summary.