5 CEOs on their recession plans

Prepare for a rainy day: If you manage the business well throughout the good times, then the bad times are not quite as pronounced or profound. But it's more difficult to manage during the good times. Make sure that you're being fiscally responsible because if you aren't, then the tough times become much more difficult. If you look at J&J, whether it's our acquisitions or the way that we manage our business, we're a fiscally conservative company.

Nothing to fear but fear itself: When you read the newspaper, listen to TV or radio, you hear these purveyors of doom telling us how bad everything is. Leaders need to instill confidence - Americans are entrepreneurial, innovative people who always rise to the occasion.

Video killed the business trip: During times like these you have to really look at everything you're doing to make sure you're being more efficient and effective. We're trying to use more videoconferencing rather than travel.

Keep a shopping list: We're opportunistic if the right prospect presents itself, such as a couple years ago when we acquired Pfizer's Consumer Health Care business. We're also looking at acquisitions that let us enter new markets, move us into new technologies, or broaden our base geographically. We have a list of companies for each of these groups that [we] compile and watch on a routine basis to see if there may be opportunities for us.

NEXT: Jim Skinner, McDonald's