How Some Businesses Are Growing While Economy Remains Sluggish
A recent report issued by the Commerce Department stated slower economic growth that previously projected. It's dropped significantly to an annual rate of 1.8 percent rather than the 3 percent that economists previously hoped for. This news was reported by the national news media and most are attributing this shift in rising energy costs and steady increase in costs of living. It's hoped that this doesn't cause any further drop in this year's projected GDP and many economists hope that businesses will continue to grow and provide more jobs. It's become apparent, though, that many businesses will take the initiative toward ensuring the financial stability through updating their approach in a changing economy.
It's not new news to say that businesses have been forced to stay lean and competitive to just stay in the game and several different avenues have proven increasingly helpful towards allowing businesses to expand in a sluggish economy. This has prompted businesses to take several avenues towards this common goal while adopting trends in consumer markets and trends.
A lot of companies have done just fine for decades though the traditional real world storefronts but it's becoming increasingly essential for companies to get online and get social. A web presence is incredibly important these days and as social media continues to galvanize large portions of the public's interest, companies across the globe are turn to Facebook, LinkedIn, and Twitter to update potential customers and clients about their services and products. This seems to be where the traffic is and it's up to business owners to find ways to connect with their base on an increasingly personal level though various social media outlets. It's been less out of forward thinking and more of a way to stay competitive as a larger and larger number of businesses have already turned to social media to solidify their hold on their corner of the market.
The ability to expand smartly is key and businesses have found a way to do this while reducing their real world size. Many brick and mortar operations can sometimes supplement their sales through online avenues while reducing their need for real world space. Many StorageMart facilities have been used to house non-essential material while companies downsize their space needs and save on rental space, energy costs, and employee numbers. This has allowed many to expand their operations while running smaller and leaner. Staying competitive is the name of the game where low costs and versatility turns pennies into pounds, and pounds into profits.
Diversity is a buzzword and many industries have failed in recent years because they've remained content with having a business as usual approach. Sometimes market factors make some products and services obsolete. For example, a lawn care service will see less demand when there's less money going around. This is a luxury that gets cut when people are going over their itemized spending habits. One approach for lawn care providers would be to offer their services in local classes to help and teach the surrounding community how to care for their gardens themselves. Being able to shift with the market and stay diverse in your approach and services is one of the best ways to stay in business and stay in the black.
There are still a number of unknowns and questions that are concerning businesses as to the direction the economy will take in the coming years. The American market continues to limp along but it's still growing, even if it is slower than many had hoped for. The federal government and Wall Street are still grappling with ways in which we can get things going again. Until that happens, businesses will have to remain content with staying competitive trough non-traditional means such as diversification of services and an increased online presence.
