How to Tackle the Talk of Recession

Firstly, we need to leverage our professional networks. And reading this here on LinkedIn, you are already making significant headway, and taking the first step!

The pandemic caused a lack of in-person interactions, profit losses, and high unemployment rates… COVID has started impacting how businesses trade. Harnessing the power of a strong network is crucial for businesses, not just to survive the uncertainty of the pandemic – but to thrive during, and beyond, these times.

According to the International Monetary Fund (IMF), the global economy shrunk by 4.4% in 2020 – almost entirely the result of the COVID-19 outbreak.

However, it’s not all bleak; research published October 2021 from the IMP prophesizes a 5.9% growth rate for 2021. This increase in the global economy is expected to continue in 2022, as countries start to return trading and manufacturing to some sort of normalcy, with 4.9% growth predicted.

More specifically for the United States, economic growth is expected to rise 6% in 2021 and 5.2% in 2022, which will be welcomed to reduce the effects of the recession on businesses.

Businesses owners should be maximizing their network to drive profits with a low-cost expenditure. So how can we do this? Firstly, by not treating networking like a business transaction, businesses find more success when they are genuine when dealing with others. Build personal connections with clients before pitching your idea or sale.

Ever been told that word of mouth is the most crucial technique a business owner can use to grow their business? Referrals reign supreme! Word of mouth maximizes the relationships you’ve already invested in building.

Strong relationships drive consumers to recommend your business, expand your network and boost sales. According to the American Marketing Association, only 6% of businesses think they have mastered the skill of networking, suggesting most of us don’t harness this enough!

The pandemic may have slowed networking events and interactions, but now is the time to tap into the power of virtual connection and social media. Presence is everything for developing a business; with more users joining social media and browsing the web every day, businesses should utilize this network potential. Harness the potential of internet connections by joining an online group for entrepreneurs and building relationships with consumers.

Word of mouth(/mouse) is more shareable in the age of social media, where ideas and pitches can be spread with a click of a button. Build your business connections on LinkedIn and Facebook; use Instagram and other platforms to share content that attracts consumers.

Leveraging a network in 2021 may require a different strategy or approach, but it’s worth the investment!