In theory, it is probably obvious to believe that in order to survive in such a drastically changing economy, you need to make some difficult decisions for your own business.

But I will stipulate that most people stop at the theory and continue to "stay busy" for the sake of staying busy, without taking the diligent and required actions to make cuts in some areas, and increase spending (as difficult as it might be) in others.

Which group are you in - those who choose to remain busy, or those who take action to rethink how you do business?

Clayton M. Christensen, a Harvard Business School professor who focuses on innovation was recently quoted in the Wall Street Journal saying, "The breakthrough innovations come when the tension is greatest and the resources are most limited. That's when people are actually a lot more open to rethinking the fundamental way they do business."

So I hope we agree that you should make some changes and that now is the time. To drive the point home, here are 3 economic trends that support the claim that you need to innovate your business

1. Your universe of clients is declining (their businesses are hurting too).
2. The volume of hiring per remaining client is declining.
3. Your clients are reducing the number of vendors with whom they are working.

How should you change?
Ever heard the saying "What have you done for me lately?" Every single client is currently interested in services or products that can demonstrably reduce costs, increase revenue, improve margins or provide cash flow. As recruiters, the responsibility is yours to communicate to your clients that you will not only significantly help these various aspects of their business, but that you will do so better than any other recruiter.

Considering how the times are changing, maybe the ability for you to provide the best people for your clients' business needs a refreshing spin. You obviously can't address all your clients' financial concerns, so first review your client's business priorities with them to determine which of the above issues are the most important. (e.g. cutting costs or increasing revenue). How can you help your client reach their goals?

Another idea for innovation is to figure out how you can enhance the way you do business with your clients. You know that the universe of job order opportunities is declining, so how can you be the one that suggests something new and save your clients time/money or at least make their life easier? In the past couple of years there have been some tremendous advances in recruiting-related technology. Knowing and having access to the newest tools and technology - and being KNOWN for introducing them to you client, will absolutely set you apart.

Why is now the time? Because tomorrow might be too late...

When is too late?
The answer to this is simple - when your client cuts you from their list of vendors (and don't think you're too good for this!) Executive management at most organizations are limiting their total number of vendors in the name of cost effectiveness. I know of a Fortune 100 company that recently told every single vendor to cut their costs 10% across the board or they would no longer work with them - no exceptions!

These decisions are being made quickly, and if you don't quickly figure out how to answer the question "what have you done for me lately?" for your clients, it might already be too late. Once you're off the list, you're off the list.

So try something new, innovate your business and the way you do business with clients because if you can survive through this recession, you will position yourself for sustainable success and likely thrive afterward.