Today’s economy is a fast, rapidly changing, virtually unpredictable landscape to do business in. The market landscape is changing every day. New businesses spring up and old businesses close as market trends take off in new directions, seemingly without warning. New, unexpected sources of competition emerge, forcing competing companies to alter their strategies quickly and effectively.
With the advent of the Internet and continuing on today, substantial research can be done quickly. Companies can check up on their competition with ease and alter their business strategies accordingly. With a rapid exchange of information comes an increased rate of business activity and change. As the global market sees more and more activity and encompasses more and more countries, we see new sources of competition arising all over the globe; as if domestic competition wasn’t enough!
It lends credit to the phrase, “It’s like a jungle out there.” And to an extent, this phrase rings true. Analogous to the diversity of jungle life, we see a diverse assortment of businesses out there, all of them with different services, approaches, and (sometimes strange) personalities. But with diversity and healthy competition comes a brilliance and vibrancy of life. Just take a look at the Amazon. Though this new economy is sometimes unpredictable and at times crazy, I myself am optimistic about the resulting benefits it will provide.
But the question persists: in the face of this new, global, fast economy, how does a business survive? Well by adapting of course! A business can adapt by becoming stronger, more intelligent, and craftier in method. This is not easily done, of course.
Our struggles to understand this strange new fast-track economy have been exacerbated by this seemingly endless recession we have been stuck in. Times are still tough! But they are also getting better. And though this recession has been hard on us all, I think it is also making us stronger: more lean, more efficient, more conscious of the market.
Add our current environmental crises to the mix and we can be seen to have a lot on our plate. But even though it has been a struggle, we are now more conscious of the environment than ever. Our hardships and worries have given us a greater awareness of the need to generate sustainable living…both on an ecological level and an economic level as well. Our hardships have proven to be bittersweet. I believe we will come out of this recession stronger than ever and able to build a better society in the future.
This article series will cover how businesses are adapting to the changing economy and how they are continuing to survive in this new, crazy marketplace.
In the next blog post, I will go over how successful businesses are becoming more flexible and change-friendly in order to keep up with changing market conditions.