Despite US government's 700-billion-dollar bailout, the economy is still in trouble. But don't let the recession crash your business.
Opportunity
When things go wrong, average managements cut back expenses in order to survive the recession. Layoffs, abandoning projects are common scenarios. Basically, they go into hibernate mode. So, this is the best time to get ahead of your competition.
Adapt to the Situation
However, a sit-back-and-relax attitude won't get you ahead of others. If there is a change in the economy, there will also be a change in consumers' needs. You need to quickly identify the change and sell products that match new demands. If you ignore the change and keep doing the same thing, your business will be doomed with the others. Also, a lot of businesses cut back marketing expenses, even though they shouldn't, so that demand for advertisements will be reduced. As a result, prices of advertisements will go down. Especially PPC's bit prices will drop significantly. So, you can run more ads without paying more.
Future Plans
There have been a number of recessions in history, like the Great Depression in 1929 and one at the end of the internet bubble. So there will definitely be another recession in the future. Make a plan for recessions while the economy is good. (It's too late for the current recession, though.) When the next economic crisis hits, you just execute your plan like it was a daily routine. So, you will get ahead of the competition while they are struggling to survive. In fact, Wells Fargo once agreed to buy Wachovia--without the government's help--while others were facing bankruptcy. If you want to stand out from the crowd, prepare for the worst before things go wrong.
© December, 2008