Surviving the Recession to Become Globally Competitive

In this week's newsletter, we highlight some of the things businesses are doing to survive the recession. The highlighted companies in the stories are real businesses that are implementing various strategies in order to survive these turbulent times.

The good news is that businesses have many options to improve their business. The hard part is determining which option is best for your business. Choosing the correct route will be different for every business. However, if you choose the right strategy for your business, you may be able to not only survive the recession, but also become competitive in a global economy.

Below are some of the many ways businesses can improve their business to become globally competitive:

Use the Internet
The Internet is the easiest and fastest way to reach a worldwide audience online. Because of the ubiquity of technology in the marketplace, every business should have a website and an online sales strategy.

Pay Attention to International Market Conditions and Learn to Adapt to Them
If you know what current market conditions are, and can forecast future market conditions, you can formulate better strategies for your business.

Diversify Your Business' Supply Chain
Have any of your suppliers simply not been able to supply your business with raw materials before? What did that do to your production? It is always good to have a relationship with other suppliers if a situation like this ever arises.

Enter New Markets
Whether you enter new markets domestically or internationally, you are diversifying your sources of sales. That means if one market experiences a decline in growth, your business' overall sales will not suffer. You are not "putting all of your eggs into one basket."

Focus on Customer Service
Your customers may be the most important part of your business. Focus on them, and make sure they know that you genuinely value their business.

Pay Attention to Emerging Markets
Many experts claim that emerging markets like India, China, and Brazil are going to grow faster than developed markets once the recession is over. Could your product be in demand in one of those markets?

Increase Marketing
Many companies are cutting their marketing budgets now, and consumers may notice your products because of this.

Plan for After the Recession
If you have the resources, focus on building your business to gain competitive control in your industry, or in the markets your business competes in.

Click the picture bellow to read more about these examples in the latest edition of Intelligent World.