During a recession, there are typically two ways for a business to adapt.
With a limited amount of available resources, the first method of survival would be for the business to become smaller, more efficient, and better able to survive on fewer resources.
Whereas, the second method of business survival would be to respond to the same pressure by developing capabilities that broaden their markets.
Although it may be more commonly advised for businesses to tighten their focus during tough economic times, the second method of survival may be a superior option for some businesses. Learning to expand their focus by thinking outside the box and utilizing a variety of resources could give them just the strategic advantage necessary to outsmart their competitors.
