Many of us continue to reel from the global economic crisis surrounded by the rubble of corporate collapses, career fallout, and companies teetering on the edge, not knowing where to go next. The recession has taught us some hard lessons of competition in tough times. While many companies are struggling, there are some that are flourishing. We take a look at 6 strategies that are crucial for businesses to thrive in the new economy.

1. Get closer to your customer

We’ve been through a dramatic shift in the past year, from a world where banks were safe places to keep your cash, the stock market was a lucrative investment vehicle, and jobs were relatively safe. The consumer outlook was optimistic, liquidity abundant and expectations high. It’s not just the client that has been shaken up, the entire playing field has changed. Now it’s time to go back to the client and find his new schedule. More importantly, it’s time to ask customers what they’re actually willing to buy. Do your research and get very, very curious. What do they like about your product or service? How does it make them feel? What place does it occupy in their lives and how does it touch the lives of those around them? What do they really think about your industry as a whole? Gaining these insights will ensure that you stay ahead of the market. If you’ve been guessing the answers to these questions, your customer is probably further from you than you think. Remember, the closer the customers are, the fewer marketing dollars you’ll need to yell at them. Now it is crucial to research your market.

2. Innovate and Create

Innovation has become the most important thing in this recession. Many companies have tried to implement innovation by going to corporate retreats or playing strange games with different colored hats. This is unnecessary and probably too expensive when times are tough. How do you innovate to improve your customer experience? The answer is that if you have followed step one, you already know the answers to step two. Ask your customers what they want to see, how they want the product or service to be improved, ask what bothers your customers, or ex-customers, about your offerings. This will provide you with the key to how to create and innovate, not for the sake of innovation but for the sake of your customer.

3. Price matters

The Walmart model has proven to be one of the champions of the recession. The company was up 18% at the end of 2008, showing that pricing is more important in today’s environment. It is crucial to examine the pricing structure of your products. You may have one of the most recognized and desirable products on the planet and you can still find room in your budget to lower the price or add value. An example of this is the new iphone(TM) released in June 2009, which was priced to sell. The demand for iPhones is unmistakable, as is Apple’s strategy of pricing its phones according to its customers’ low revenues and its value-oriented mindset.

4. The world has changed, and you?

Do you still have the same old tired strategies, tactics and mantras repeated in the guise of innovation from before we knew about Bernie Madoff? Now is the time to take stock and examine your overall strategy. If your approach is the same as it was before September 8, your customers will most likely find it outdated and you will lose market share to your more dynamic competitors. Remember that it is not the survival of the fittest; it is the survival of those most adaptable to change.

5. Cash is king

Managing cash flow is becoming increasingly important, no matter how big or small. Companies that offer attractive payment terms for prompt payment do well in this environment, as do those that use invoice factoring. In times like this, it is crucial to check the credit of your customers, you can do it simply and cheaply with online services. And of course, the obvious strategy for maintaining cash flow is to cut costs where possible.

6. Focus Focus Focus

We all know how easy it is to lose focus. Following the above steps closely and keeping the customer at the heart of the business will ensure not only success in the coming period, but also increased market share and profits. The approach results in following these steps repeatedly to be the best in the industry.