The biggest temptation for business leaders in an economic downturn is to say "No" to any new request for capital, every less-than-certain new initiative or plan to enter new markets. To me this is a recipe for slow painful business death. The more evolved business leaders are following a smarter path – they say "Yes" when it makes good business sense.

There are three times you must say "Yes" to make sure your business is capturing the terrific commercial advantages available in down markets and making sure your competitors aren't beating you to the opportunities.

First, you must say "Yes" to some number of business development activities. Good companies are in a constant state of change with the best employees coming up with new ideas all the time and your business development people trying new things that may or may not have immediately measurable results.

In the biz dev arena smart leaders are saying "No" to frivolous business trips and high end dinners but they realize they must say "Yes" to strategic business development activities. Trade shows are critical in most industries – simply reduce the personnel and cut back on the non-strategic entertainment. The same is true for exploratory meetings with potential partners – just pick the most likely to succeed or deliver high results. Such intelligent "Yes's" will let your employees and prospects know you're proactively in play; and not wasteful.

Second, you must say "Yes" to either necessary or strategic capital expenses. The world economy is stuttering as decision maker after decision maker gives an automatic "No" to capital expenses unless it's life or death. Read between the lines and you see this is an ideal buyer's market. As with business development judgments, consider the merits of capital outlays.

Obviously you can't give carte blanche to every department for new capital expenses; that would be insanity in a tough economy. However, consider a memo to each department letting them know resources are available for once-in-a-lifetime deals and encouraging them to seek out opportunities requiring a capital expense approval.

Third, as companies across the world are firing, laying off, and buying out employees to reflect an amended market it seems the business world is under a hiring freeze. You must look past this and say "Yes" to strategic hires. Consider for example a Vice President of Sales from a competitor that recently went out of business. Most companies are thinning the ranks at the top while others have an across the board rule for some time period that no new employees will be brought on. Most companies would say "No" to this applicant.

Again, the evolved business leaders will be on the lookout for exceptional people who weren't available before the economic crisis – especially those who can "pay their way" within just a few months. The Sales VP from a bankrupt competitor may well bring a pipeline of new customers who are looking for a new supplier. Say "Yes" to a meeting and snap up the superstars who can immediately pay their way.

If your company has any policy that involves an automatic "No" response; revisit it.