Although the world economy is in another recession, the good news is recessions are a logical phase in every business cycle. Rather than fear a recession, you should actively position your company to leverage the next logical steps in the economic flow: innovation and corporate growth. Following are four ways to proactively move your company into a position to achieve higher levels of corporate value.
Many business owners cling far too long to their service offerings hoping new customers will be found to revive ailing revenues. But with revenues slowing, business owners are in an ideal position to invest in simple forms of market research and predictive environmental analysis.
Your customer marketplace is always evolvingusually in response to economic factors. Where will your new customers come from? What services will be needed to satisfy the evolving marketplace? How can you prepare your offerings portfolio for the next business cycle?