To paraphrase W. Somerset Maugham, unfortunately, no one knows what they are. Here are three suggestions:

1. Play defense. This means conserve effort, resources and cash until you get more visibility into the near term future. This is true whether you are running a big company or your household budget.

2. Play offense. Depending on your risk tolerance, there are companies and individuals who are making market share gains even when times are tough. Some have the luxury of having the cash to buy depressed assets, others have the ability to find the pony even when there are way too many piles of manure in the pasture.

3. Bury your head in the sand. This is not the time to ignore obvious signs and simply hope for better days. Not that you have to make radical adjustments to your plans, budgets and business models, but now is a great time to review every assumption. Even incremental adjustments and improvements will increase efficiency, productivity and future results.