When the fear of a recession looms, combined with the need to cut expenses as sales volume declines, it's tempting to play it safe and quit innovating. I disagree. I think this is the PERFECT time to innovate, creatively, while doing so with an eye towards keeping costs down.
Innovation can be expensive for sure, but there are many ways to be innovative without spending a fortune. Those who boldly innovate while others cower in fear usually are the beneficiaries when things pick up steam (and many times before things pick up), as they always seem to do.
Creative minds have a way to come up with OUTSTANDING ideas that do not cost a fortune to implement. Lazy/fearful minds tend to rest on their laurels. Yes, digging deep into what works well and 'the basics' is important and should never leave your 'toolbox'. However, there is always room for improvement and creative thinking.
Great art is not produced by the most expensive canvas and paints, it's often the artist with the least that produces masterpieces. Knowing that perfection does not exist, aim for perfection but be satisfied with that which is slightly less than perfect but actually implemented.