Ask five people about the state of the economy right now and you will get ten different answers. News about record inflation and people struggling to make ends meet are sandwiched between stories about record corporate profits and businesses offering higher wages and sign-on bonuses.
So which is it?
More importantly, what is the state of the economy for the small businesses and entrepreneurs who have historically been the backbone of local economies?
Here are some facts: companies large and small are laying off employees. Walmart, arguably one of the most successful and profitable companies in the country, recently announced it will cut hundreds of corporate jobs after slashing its profit projections.
And here is a comprehensive list of firms which have announced layoffs since the beginning of July.
Small businesses are notoriously flexible which gives them an advantage in difficult and changing economies – a point driven home during the COVID-19 pandemic. Even so, in a business landscape changed by a surge in solopreneurism thanks to the gig economy, the world of small business itself has changed.
Here are 11 Current Small Business Trends & Forecasts for 2022/2023 To Watch Out For. Chances are, this was published earlier if not at the beginning of the year. Upon reviewing the list, there are three that stood out for me as it pertains to AutoConversion.
The first, at number 5 is the Continuous Rise of Remote Work, showcasing the rise in work from home scenarios as a result of the COVID-19 pandemic showing no sign of slowing down in the future. For AutoConversion, most of our content has come through remote recording sessions powered by StreamYard as opposed to on-site pre-pandemic. And all of our post-production is done remotely with workers.
But not everyone believes that working from home is the best way to go, let alone even good for us. Author Malcolm Gladwell has slammed working from home, asking, ‘What have you reduced your life to?’
Secondly, at number 6 in the list above is Leveraging Technologies. Leading the pack for Enterprise Social Networking Software is Slack, which we use here at AutoConversion as our Member Network and On-Demand Library. Slack is a critical part of our tech stack that benefits premium members.
And the third area is number 7 going Cash-Free or Just Less Cash. The context here is on accepting digital payments in lieu of traditional cash payments, primarily for retail but in no way limited to this. The article does not mention blockchain or cryptocurrency, but Accepting Cryptocurrency From Customers as a Form of Payment is certainly an innovative approach to how money “exchanges hands,” something we have successfully implemented this year at AutoConversion. From Brazil to Nigeria, global crypto adoption is on the rise despite market uncertainty.
What About Your Business?
The landscape has changed, and an environment experiencing near constant upheaval and challenges is difficult to assess accurately. But it does drive home the importance of focusing on the basics of any successful business – making the most out of what you have and seizing every possible opportunity for growth.
Connecting with clients and customers is always important, and today’s customers expect more than catchy jingles. They expect fast and noticeable results, and they expect clear and concise communication. At least in my experience.
What say you?
B2B Hour on AutoConversion
Live Wednesday August 10th at Noon Central (US & Canada)
In the News…
- US Economy Sending ‘Strange Signals’
- Substack Lays Off 14% of Its Workforce Amid Uncertain Macroeconomic Outlook The Wrap
- Ford plans to cut as many as 8,000 jobs, mostly in its gas-fueled vehicle division, Bloomberg has said, citing anonymous sources.
- Your remote employee may be lying
- Is social media consuming us?
About B2B Hour
B2B Hour is a live streaming networking event and idea exchange. We feature special guest interviews, panel discussions, and debates. Anyone in the B2B space is welcome to tune into the live stream and use the live chat to interact, but to join us ‘Backstage in the Yard’ you must sign up to receive the link each month. The live stream is powered by StreamYard, which is an essential part of our tech stack that benefits premium members, and is limited to 10 people include the producer. Therefore, seats are limited and RSVP is required. See the B2B Hour sign up page for details.