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With the credit crunch and the implosion of CIT, the environment for small business financing has been downright hostile. Basically, many owners have given up on things and instead have focused on creative ways to boost cash flows.

So in light of all this, the announcement of the $500 million small-business plan from Goldman Sachs (GS) and Warren Buffett certainly was an eye-opener. Perhaps your business can get a piece of the action?

Well, the details are fairly sketchy. But here's at when we know so far:

If anything, the financial implosion has been a boon for Goldman Sachs (GS), which has posted record-breaking profits and bonuses. The turmoil has also been nice to billionaire investor, Warren Buffett, who is snapping up juicy deals.

Unfortunately, millions of Americans remain unemployed. What's more, small businesses continue to suffer, as sales are tough to grow and financing is almost impossible.

With this in mind, Buffett and Goldman have teamed up for something unique -- that is, to launch a $500 million program to promote small businesses in the U.S.

In any recession, customers get stingy. It's natural.

But is there something different this time; that is, are customers becoming long-term frugal?

Perhaps. With an unemployment rate at 10.2%, it will likely take several years for it to get to normal levels. What's more, consumers are saddled with debt and have experienced drastic reductions in wealth (especially with the fall in the real estate market).

It's never easy to acquire a customer. Yet, when it happens, it's tempting to become lax when it comes to the legal details. And it's true that many contracts do not necessarily need to be in writing.

However, this is no excuse. Having a prepared contract shows your professionalism and seriousness. It's also a way to gain leverage. Keep in mind that the drafter of a contract usually has an edge.

So, when putting together a sales contract, here are some things to keep in mind:

Web.com's (NASDAQ: WWWW) small business customers have certainly suffered during the recession. Yet, the company has been able to deal with it. Then again, small businesses realize that they need a strong web presence, which is exactly Web.com's laser focus.

In Q3, the company posted revenues of $26.1 million, which was up a bit from the $25.5 million in the same period a year ago. Most of the revenue came from recurring subscriptions.

Unfortunately, when a company cannot pay its debt, the consequences can be severe. In fact, when it comes to bank debt, liquidation may be the only alternative.

However, with the recession, creditors realize that it may make more sense to work things out, especially since there are signs that the economy is making a comeback.

So, if you're behind on your debt payments, there certainly steps you can take to work things out. Have a look:

In the restaurant business, Troy Smith is a giant. He is the founder of Sonic Corp. (NASDAQ: SONC). Now, the company has a chain of about 3,600 units across 42 states.

Unfortunately, Smith died this week. He was 87.

Like many great entrepreneurs, Smith got experience in his industry before he started his business. After serving in the Army Air Corps in World War II, he got a job as a truck driver for some cafes and restaurants. From this, he started to brainstorm business ideas.

There are certainly many advantages to getting a franchise. You receive leverage from higher marketing dollars, an existing platform that increases the speed to market, a brand, and helpful techniques and systems to improve success.

Great, huh? Well, as with any investment, there are risks. And, you need to get a sense of these before acquiring a franchise.

This means conducting an extensive due diligence. So, here are some tips:

Ray Kroc did not start McDonald's (NYSE: MCD). But he was the one that had the vision and energy to turn it into a global powerhouse.

Back in 1977, Kroc wrote a book about his story, called Grinding It Out: The Making of McDonald's. The title is appropriate. You see, he did not get involved in McDonald's until he was 52 (in 1954).

What I like about Kroc's book is that he has some simple advice for building a successful business. And, it's always a good idea to look at the fundamentals. So, here are some of the takeaways:

I recently talked to someone who wanted to start a business. He said, "But there is something I don't like to do: sales. It's something I'm really not good at."

Well, I said to him, "You better learn fast."

Sales is critical for any successful business owner. In fact, it is more than just about nabbing customers. It's also about hiring, forming partnerships, and even courting the media.

And, in the current economic environment, sales is perhaps even more important. After all, who wants to part with his or her money right now?

One of the best ways for your business to get exposure and credibility is through public relations. Yet, hiring a PR firm can be expensive, easily running $5,000 to $10,000 per month.

Despite this, it's possible to do PR on your own. Keep in mind that a key to success is having an active and passionate founder or CEO who makes media relations a priority. This has been the case with many great leaders, such as Howard Schultz at Starbucks (NYSE: SBUX) and Marc Benioff at Salesforce.com (NYSE: CRM).

So, let's take a look at some of the steps you can take to improve your PR.

Back in the late 1960s -- when the hippie movement was in full force -- Donald Fisher started a blue jeans store in San Francisco. Yes, it eventually turned into a retail empire, called The Gap (NYSE: GPS). The company now has more than 3,100 stores and $14.5 billion in revenues.

Unfortunately, Fisher died over the weekend. He was 81.

When Fisher started his business, he had no experience in the retail trade. Instead, his background was in real estate.

But this was no problem. Like any good entrepreneur, he saw a mega opportunity -- that is, a change in the fashion habits of the masses. After all, the Gap stands for "generation gap." And the Baby Boomers were certainly ripe customers -- and willing to pay.

Nike's (NYSE: NKE) "swoosh" logo is incredibly powerful and captures the essense of the company. Interestingly enough, back in 1971 Carolyn Davidson designed the logo for a mere $35 (for more stories about logos, check out the LogoBlog).

So of course, your company's logo is critical -- in terms of branding, getting customers, and presenting the right image. And, the good news is that there are many affordable options to get a top-notch one.

Since coming on board Yahoo! (NASDAQ: YHOO) early this year, Carol Bartz has wasted little time in making changes. Part of the strategy is to get the company more focused.

So, it looks like Yahoo! is in the process of selling its small business unit. All in all, it's a good asset, with web hosting, domain name services, and merchant accounts. The deal may also include the HotJobs division.

It was only three years ago that Aaron Patzer started Mint.com, a free web-based financial planning site. In his mid 20s, he encountered much skepticism. But, this was no problem for Aaron. He realized he could make a difference.

And he certainly did. This week, he sold Mint.com for a cool $170 million to Intuit (NASDAQ: INTU).

Actually, over the past few years, I've been able to have calls as well as meet with Aaron. He gave strong demos and was always passionate about his company (he would even demo his personal account, showing that he would "eat his own dog food"). Mint.com seemed like a mission for him.