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Top Three Trends That Can Help Keep Your Business Alive During An Economic Downturn

Top Three Trends That Can Help Keep Your Business Alive During an Economic Downturn

The world is about to enter into a major economic depression. You don’t need a forecaster to figure that out. The pandemic which started from China and spread to virtually all parts of the world is the major cause of the anticipated economic crisis.

For months, operations and business activities have come to a grind. As a result, employees are being retrenched, governments’ reserves are declining and there’s pandemonium in the atmosphere. However, even in the midst of the crisis, you can still find a way to keep your business alive using these major trends;

Trend #1: Outsourcing

As you probably know, outsourcing is an evergreen business solution. Large companies adopted outsourcing in time past both to fast-pace production and reduce staffing cost. This trend has continued till date. Smart companies are increasingly outsourcing in recent time to achieve the same purpose and much more.

Thankfully, the pandemic has proven that working from just anywhere is doable, as long as the right tools are set in place. More than ever, now is the best time to outsource more work to independent contractors to save huge on full-time staffing cost. It’s also the most cost-effective way to fill skill-set gap. Offshore outsourcing offers much more cost-saving benefit without bridging quality, as long as you are diligent to hire the best skills.

After all, conventional work in the office may not get back to how it used t be for the rest of the year. So, this is the right time to make the most of outsourcing to keep your business activities alive in a cost effective manner.

Trend #2: Remote Working

Remote working has proven effective and needful during the pandemic. The employees who were not been retrenched now work from home to stay safe. According to recent surveys, this trend is likely to become a new normal even after the crisis. This is because it is helping companies cut back overhead costs significantly among other benefits. The remote employees are also enjoying the trend since it saves transportation costs and helps them stay closer to their loved ones.

So, if your company has been paying lip service to remote working all along, now is the time to get serious. Look into possible obstacles such as lack of robust internet access and strive to get them resolved.

Trend #3: Delivery Services

If your business is among those that are stuck in a brick-and-mortar operation, it’s high time you started having a rethink. During the lockdown, smart businesses that have already gone digital were still generating income.  Their eCommerce websites allow people to order groceries and other items online, and the items are delivered at the customers’ doorsteps. It’s time to go completely digital with your business. Take your offers to your customers in their comfort zones instead of waiting for them to come to you.

So, go ahead and make these trends essential part of your business during and after the pandemic.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.

2 Responses to “Top Three Trends That Can Help Keep Your Business Alive During An Economic Downturn”

  1. Way cool! Some extremely valid points! I appreciate you penning this article and also the rest of the site is also really good.Thank you so much Daven Michaels

  2. James Warren says:

    Good blog post. I definitely appreciate this site. Thanks!

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