The recent past has been a very prosperous time for most business people. The economy has been robust, fueled by a housing boom and by strong consumer spending. At the same time, investors in the stock market saw huge gains land in their portfolio accounts. Since the bursting of the housing bubble, a reportedly slow holiday shopping season, and a stock market trading more sideways than up, some doubt has appeared in the minds of those same business people.
While the economy may rebound after a slow period of readjustment, other analysts predict a recession. In either case, or in any other economic circumstances, an alert business owner or manager is always prepared for change. The current economic climate is never permanent. Good times and bad times are interspersed with mediocre times. This has always been the case. It is nothing new, and insightful business people have always had alternative plans in place for the inevitable changes in the economy.
The question arises frequently about how to make the necessary adjustments in a business to not be caught moving in the wrong direction. The first step is to examine the economic climate with eyes wide open. Look at the data realistically, and don't shy away from possible bad news. Just because a person doesn't want recessions, doesn't mean they won't happen anyway. The best solution is to consider how your company can prosper and even grow during more challenging economic times. Keep in mind that many fortunes and careers were made during the Great Depression of the 1930s, in the most difficult time for business, in the Twentieth Century.
There are always business opportunities in any economy. The kicker is they might not be the same ones that led to your company's success during an economic boom. The new opportunities are not wrong, they are just different in their focus. Many times, an organization's core business will be transformed easily to the new economic situation. The products and services offered will not be far removed from the previous successful offering. They may just need a slight twist to make them work in a different economy.
Don't neglect marketing and promotions during an economic downturn, these functions will be needed more than ever. In fact, marketing should be part of every area of your business from idea conception to the marketplace.
There is no better time to streamline the process than during a recession. Changes that were needed to improve the company are much easier to swallow if they involve entirely new products and services. Whole organization involvement empowers everyone in the company, resulting in greater commitment on everyone's part. Creative and flexible organizations win in recessionary times.
Times change all of the time. Change is the one constant in all economies. Don't cling stubbornly to what had been working when the writing is already on the wall. Embrace change and move your company forward.
If you make adjustments to meet new circumstances, any bad economic news won't hurt your company at all.
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