On Friday, Goldman Sachs reported that in a survey, 51% of small businesses stated that they will go out of business within three months because of the economic struggles that the coronavirus has brought with it. Jason Zagami of Seedling and Jim Tata, Hubspot Account Manager, want you to know that you don’t have to be included in that 51%.
Jason says, “Now more than ever, every business needs to go virtual, it’s all about virtualization and distribution. How are you going to get products, services, and information to people?”
Jason has been through three recessions with his various companies and through the recessions of 2001, 2004, and 2008 he has never laid off a single employee and has never declared bankruptcy. He remembers when he owned a gym and leading up to the recession of 2008, he only accepted recurring ETF drafts and credit card payments (instead of cash) to ensure that his company had the cash flow to survive the recession,
“We played it smart, we didn’t over leverage in debt, and we always had ways for people to get money to us no matter what.”
Here are some ways that you can play it smart too with the help of HubSpot and tools that they are teaming up with.
Tools for Success
Hubspot offers integration with two different systems that allow businesses who need to generate money digitally and track their intake while predicting future income. Jim Tata says,
“Recessions cause changes - we’re not in an official one yet, but we all know it’s coming.”
Here are some platforms that can be used with Hubspot to help your business stay ahead of this recession.
If you own a brick and mortar business or an e-commerce business, Shopify is the resource for you. Shopify is the #1 e-commerce platform, it will allow you to accept orders and payments online. You can pair Hubspot’s metric system with this so that you’ll be able to predict your financial forecast. Jim explains,
“I have gotten numerous requests even in the midst of this current crisis for places with brick and mortar locations wanting to get online because of this.”
This system will help businesses get their business selling online fast and record their progress so that they will be able to survive this recession and the next.
If you are a services-based B2B business, then Stripe will get you paid quickly and consistently. With Stripe, you can customize your quotes and capture payments digitally through Hubspot’s Products and Quotes section. Jim explains,
“This system will allow you to know when these payments are accepted when these deals are signed, and you can use these to forecast and know what’s coming down the lane with these uncertain times ahead.”
You can choose from multiple templates, once a template is chosen you can customize each deal, or choose an already structured service from your library, and finally, you can customize discount, fee, and tax on each product.
If you have a connected Stripe account, it will make the payment process for you and your customers simple and quick, so that your business will have its money right when it’s signed. Seedling uses Stripe to avoid past due invoices and writing off bad-debts,
“With Seedling, we get paid day zero, we do not work until we get paid in hand.”
You Can Do It
People are shopping, they want small businesses to succeed. If you utilize these tools in congruence with Hubspot, you will keep your business on track and be able to plan for the future. Jim leaves us with this message,
“There’s a time to pivot and this is the time to change your focus if you haven’t yet.” If you make yourself available to the consumer, you’ll be just fine.