You don’t have to let a crisis or recession cripple your business. Don’t fold your hands and say there’s nothing you can do. The truth is, there’s something you can do. In case you’ve forgotten, some of the fortune companies you celebrate today were born and grown in the midst of severe crisis and global recession. One of such companies is Microsoft.

Developing a fresh business model can help you reshape and redirect your business for success when crisis or recession hits. Some of the great ways to come up with improved model for your business include the following;

Embrace new Technology

Clinging to an outdated and rigid business model can further hurt a business, especially when crisis hit. So, if you have been sluggish to embrace new way of getting things done, a time of crisis is a perfect time to have a rethink. Embracing a new technology can be the turnaround point that your business has been waiting for. It can help reduce cost of production, and as a result make your prices more competitive than before.

Also, embracing new technology includes updating your products, services and business practices as a whole. This can help attract new and more customers. For instance, a publisher should consider offering publications more in digital forms than hard-copies. In recent times, traditional magazine and newspaper companies are increasingly embracing online advertising and digital media subscriptions to expand their customer base. Many people now prefer to read online publications to traditional prints.

Go Online

It’s surprising that in this digital era many businesses are still traditional-bound. Obviously, they are losing a big chunk of potential customers since many buyers now prefer to explore and purchase products conveniently by going online. If you do not have an online presence, a time of recession or crisis presents you another good opportunity.

For instance, staying safe is the watch-word for most people around the world right now because of the virus outbreak. People are locked down at home and they prefer to order groceries and other products from the comfort of their homes and have them delivered at their doorsteps. They are not prepared to risk their lives queuing in traditional stores.

Consider Passive Income Streams

You can also look for other avenues to stay in business and earn income during recession. The best part is that you don’t even have to do something directly to earn money when passive income stream is involved. For instance, you should consider a dividend investment. Instead of spending your dividends on personal stuffs, you should consider re-investing dividends to help sustain your business during crisis.

Finally, you can use outsourcing solution to cut back cost in times of crisis, instead of maintaining a full-time staff.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.