There’s still an ongoing debate whether the US is officially in an economic recession – the definitive answer will be determined by the National Bureau of Economic Research soon. Despite the debate, many individuals and small businesses have been feeling a downward economic shift, with the end remaining uncertain. With a downturn at hand, now is the perfect time to maximize the potential of the virtual workplace.

Encourage telecommuting. Having a telecommuting program for your business will lessen costs and encourage higher efficiency with most employees. This type of arrangement, if done right, will provide several benefits for most businesses.

Cut down on business costs. Conduct a financial review and find any expenditures you can remove or minimize by finding an equivalent web-based. Do you have an external IT company doing system backups? Consider automatic online backups instead such as Carbonite and Xdrive. If you’re scheduled to purchase new software, see if you can find more affordable Web 2.0 apps that provide the same features, while looking out for enhanced features as well.

Grow overseas income. If you can, find overseas clients – preferably from Europe. After all, the American recession has less impact there, meaning both individuals and businesses there have more disposable income. With the Euro outperforming the US dollar, you can opt to charge your new, foreign clients in this stronger currency. This is much easier to do in a virtual workspace because of the wide variety of Web 2.0 communication tools available.

Move towards affordable online marketing. Newspaper and TV ads can make your marketing budget bleed. There are many cheap or free online marketing methods you can take advantage of, especially with the popularity of social networks such as MySpace, Facebook, and LinkedIn. Find a social network that suits your business best and attracts people within your target demographic. Business blogs also boost your company’s profile while offering your business a new level of two-way communication with current and potential clients. There are vast online marketing opportunities available if you look hard enough.

Look at trends. Doing a bit of research can help you plan your next move. According to the ads placed in Jobstreet, Monster, and other job forums, what industries are hiring and thriving? What niche markets have you overlooked?

Maximize your website’s potential. You might need to rely on your website more than your brick and mortar office, especially if you want to attract new foreign clients. Get a website consultant, if you don’t have one yet, with a proven track record of boosting sales.

A recession might not be here yet, but taking advantage of virtual tools and technologies at our disposal might prevent or lessen its effects on our businesses.