Navigating the Economic Downturn

The recession has changed consumer buying patterns and businesses have had to adapt. Consumers are very careful with how they spend and therefore companies are starting to use the same philosophy. Even companies that have avoided the effects of the downturn are now starting to witness these changes.

But how are companies adapting? Some have divested completely from unprofitable or declining sectors and have returned to their core competencies. Other companies have switched gears altogether and decided to diversify into new business arenas. For example, some of the manufacturing plants in St. Thomas, Ontario are embracing new technologies and moving to producing green power solutions. Although they are remaining in the same industry (manufacturing) they will definitely be producing a different product.

One of the benefits of a web presence is that it allows you to make changes quickly. Some companies are adjusting their websites to showcase a new product or service focus. Others are using a web presence to launch completely different divisions and are targeting more profitable industries.

The key to success in these hard economic times is to embrace change, be proactive in researching new opportunities and realize that the business environment we once knew might be gone forever. Remember recession is only part of the business cycle and eventually a period of expansion will come.