There is a lot of talk about recession. Which businesses are in trouble and which are thriving? Are you worried about your business? Let’s dive into what economists are predicting and what this means for you and your business.
Businesses on the Rise
HubSpot’s deal tracker reported data based on 70,000 of its customers globally and found that web traffic is up, which is good news for businesses. As website traffic increases, so do conversations between businesses and customers. HubSpot reports, “messaging and live chat, continue to increase, currently performing 26% above pre-COVID weekly averages.” This is the time to surprise and delight everyone who is connecting with you online.
In response to high website traffic, the demand for construction of websites has risen,
“consumers are turning to software to help them weather the storm.”
How bad is this storm? Should we expect passing thundershowers or is the sky falling down altogether? Easy there, Chicken Little.
Partly Cloudy with Sunshine
With rumors of another Great Depression on our hands, economists are being prodded for their predictions and expert opinions. Ibrahim Shikaki, an assistant professor of economics at Trinity College, was interviewed by HuffPost.com to help answer if we are headed for a recession or a great depression.
Shikaki reported that it may be difficult to determine how dire our economic circumstances are due to the unpredictability of this pandemic but she remains optimistic,
“we should remain hopeful that the country will see a much faster economic recovery because of how strong the U.S. economy was prior to the pandemic.”
Eric Sims, a professor of economics at the University of Notre Dame, was also interviewed by HuffPost.com and he agreed,
“Generally speaking, the U.S. economy is better positioned to recover from large shocks and potential longer-run shifts than much of the rest of the world”.
So, some economists are agreeing that the U.S. economy is strong enough to weather the storm, but what about our businesses?
Here’s What You Can Do
Make your business accessible and useful.
Entrepreneur.com suggests that during this pandemic, you should focus on growth and innovation. If you’re going the conservative route, you don’t need to spend money and resources to create something great,
“Incremental innovation can be something as small as using what you currently have as products and services, and focusing on sectors that are doing well during this time.”
At Seedling, we are working with our clients to build relationships and to develop an online presence.
To increase engagement for the Boston Winery, we have created a live online wine tasting. Boston Winery ship boxes of hand-chosen wine to customers’ front doors so that they’re able to participate in the live tastings each week. It has created a sense of community and has kept our clients relevant in their customers’ minds.
Seedling has been adjusting to social distancing measures internally as well, and we have turned to technology to help us adapt. We have a Google Jamboard where we can connect and collaborate on ideas, even though we aren’t able to be together in person. We also use online apps such as Slack and Coda to communicate with our team and keep us on track.