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Recessions Offer Opportunity To Improve Your Processes and Innovate
There's been a lot of buzz about the economy, inflation, and an imminent recession impacting the U.S. While interest rates continue to climb in an effort to slow inflation, investors may feel drained by the stock market's volatility. Advisors warn businesses to plan for challenging times. However, recessions are historically short-lived, and many see the second half of 2023 carrying many opportunities for those ready to capitalize. In Wells Fargo's "Recession, Recovery and Rebound" report published in December 2022, analysts state the first half of 2023 will experience a recession with a continued global economic slowdown. However, the 170-year-old company sees the second half of 2023 ripe with opportunity as the U.S. pulls out of recession and markets begin to turn upward again. They further explain that not all industries are susceptible to the effects of the recession. Sectors such as energy, information technology, health care, insurance, communication services, and utilities are predicted to fare well.
Recessions are full of opportunity. No matter what industry you work in, a slowdown in the economy is an opportune time to invest in your brand, improve your processes, strengthen your business focus, and innovate to get a jump on competitors. Take a look at the history. Hewlett-Packard, Disney, Hyatt, MTV, CNN, Microsoft, Burger King, GE, and Adobe — these iconic companies were all founded during economic recessions.
Remember, recessions are temporary. The dot-com bubble burst holds the record for the most prolonged recession at 2.5 years. The Great Recession lasted under 1.5 years. Instead of pumping the breaks, Colgate-Palmolive and Johnson & Johnson invested in marketing and held up better in recessions than larger companies with less well-known brands. Netflix is an excellent example of using a recession to bolster its brand and impact. The streaming service responded to the dying video rental industry around the Great Recession by partnering with Xbox so consumers could stream through those products. Still, many tend to react to economic slowdown with the unfounded fear that they will need to hunker down and ride out several years of a harsh economic landscape. Time and again, we often see companies who take this mindset fall behind when economic recovery hits and ultimately lose market share.
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