Bill Simmons warns that "spending too much time focused on the big picture can mean that we fail to pay necessary attention to the little details" and urges business owners to take a close look at their current operations and the small print of their agreements.

The former president of Berean Christian Stores--the regional chain he led through bankruptcy last year to purchase by new owners--sets out some of the lessons he learned in an Industry Forum guest column in Christian Retailing magazine.

Now president and CEO of Beta Strategy, a business turn-around consultancy, Simmons says: "When times are tough, a good plan pays dividends." Examining bank relationships is vital, he adds. "Have you read your loan documents? All that fine print may come back to haunt you."

Simmons encourages stores to consider negotiating their lease arrangements and spells out some of the "worst-case scenario" options in the event of major difficulties. He also offers encouragement to those who are struggling.

"For many, the business waters are going to be choppy for some time," he writes. "Making adequate preparations and having a solid plan is critical to avoiding a shipwreck. Seek help from experts on navigation, when you can't find the way on your own."

Read the complete article in the February issue of Christian Retailing magazine. In addition, Simmons continues to discuss some of the issues in a recorded conversation with Christian Retailing Editor Andy Butcher for an online special in the digital edition of the magazine.