The future looks grim economically and businesses are bracing themselves and their budgets for the worst. And although this may initially seem to be the right strategy for a difficult economy, tightening budgets may actually be the wrong solution.
In order to survive, businesses need to grow and profit by innovating through the recession.
Many businesses have been hurt by past economic downturns and are now having a knee jerk reaction to the daily news of the hurting economy. Between the downgrades and deficits, companies are getting scared and reacting dramatically.
However, dramatic reactions are not strategic. The financial institution, Fidelity, put it well when they said "Panic is not a strategy."
When our knee jerk reactions are telling us that the only way to survive these economic downfalls is to cut back on everything, we as professionals fail to do what's most important: strategize and innovate.
Strategy is what will not only let your business survive the current state of the economy, but thrive. The best strategy for an impending recession is to innovate. Listen to your clients, listen to your team and develop new ideas. By simply being adaptable, you place your business far ahead of the competition - and your customers will notice!
Innovation, however, can seem costly at first to some. It requires brainstorming, meeting, and a lot of time spent in discussion - all with an end result of hopefully the next great idea. Who has the resources to do that?
Before, to do this, businesses would have to set up their own intranet with their own infrastructure. This was something that only a few of the larger firms with specialized IT departments were able to do, and some even invested millions of dollars to create their own solution.
With the development of cloud collaboration tools, this is becoming less of a fantasy and more of a viable option for any size business.
With cloud collaboration tools, businesses with one person or more can work with people inside or outside their company from anywhere in the world, at any time.
Inside your office, teams can save time by storing their ideas on discussion boards. Outside the office, teams, partners and clients meet less because everything is done and stored online, so there is no travel needed and everyone can contribute according to their schedule, so ideas come out faster.
Now, with solutions such as YourOfficeAnywhere.com, businesses are getting the tools they need to be more effective in a poor economy. Web-based collaboration tools let businesses spend less and do more all by enhancing the way we work together.
Kimberly Crossland is an avid online marketer and writer with a passion for business and technology.
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