As if the SARS-CoV-2 virus alone was not enough of a concern for the world, we now must face a slowing global economy.
The Congressional Research Service estimates that this virus has trimmed economic growth 6% with hopes of a partial recovery in 2021. The level of unemployment as a result of shutdowns and furloughs had become more unprecedented than the virus itself. This challenge has resulted in the increase of poverty, domestic abuse, small business failures, and social unrest. Furthermore, global trade could fall by 32% dependent upon the “depth and extent of the global economic downturn”.
With the uncertainty of the global economic climate and the uncertainty that the SARS-CoV-2 has brought to employers, the circumstances must be thoroughly evaluated regularly, and rapid decisions and changes have had to be made.
As we reached pandemic status, the government stepped in to provide a stimulus package that would provide temporary relief for millions. The relief was widely accepted by employees and small business owners alike. It did not take long for the questions to arise “who would really survive this pandemic?”, “will small business competition fail?”, and “how long can this assistance last?”.
While these were and are still valid questions, the answers remain uncertain. Mass layoffs across large companies continue to make headlines while daily, small businesses are forced to close shop. The Payroll Protection was designed to last 2-2.5 months which means most would have run out of money by mid-July.
Due to the length of time in which many employees and employers have found themselves in financial hardship as a direct result of the pandemic, Congress discussed extending the previously passed Cares Act and/or passing a new stimulus package. Last week, President Trump took matter into his own hands by issuing an executive order that would allow the enhanced unemployment benefits of up to $400 (down from $600 in efforts to motivate workers to look for new jobs). Experts say that this executive order’s benefits would run out within five weeks.
Amid this economic backdrop, there are companies that are performing very well. Companies like Google and Facebook are seeing record breaking quarters. Even startups who braced themselves for the impact of COVID, have experienced tremendous success and growth. Hypercore Networks has seen a steady 3-5% increase in monthly revenue since the start of the pandemic. How is this possible?
Marketing to Customers
The pandemic has changed how the world does life including but not limited to changes in consumer needs and spending. How companies reach their customers have also changed. In Corporate America among a highly technical and regulated industry such as telecom, it is no longer common nor feasible to travel just to shake a potential client’s or an existing client’s hand. Video conference calls, in some cases, have lost their appeal after their initial fad at the beginning of the pandemic. Customers want to be able to get what they need, when they need it, and in a way that they feel comfortable with.
Having a digital presence has never been more important. In pervious articles, we have discussed the increase in internet traffic since the start of the pandemic and it has not slowed. Hypercore Networks has changed the way we reach customers. While we still participate in many video conferences, calls, and webinars, we invested heavily into marketing to our channel agents regarding specific products. In doing so, we discovered a large need that prompted us to launch a new solution that will be unveiled later this month.
Internal Changes & Accommodations
With the health and safety challenges that this pandemic has brought about, companies have had to adjust rather quickly. For some, this looked like hiring. With unemployment so heavily in the news, it is hard to believe that companies are hiring but it is true. New positions and roles have, in some cases, been created solely to ensure compliance with the local, state, and federal mandates surrounding the pandemic.
Hypercore Networks has not created a position for this sole purpose, though we have hired throughout this pandemic. To provide the utmost safety to our teams, our executive team has taken much of the face to face meetings responsibilities though those have been very limited as well. Upon return the executive is quarantined at home and monitored daily. Most sales reps are not encouraged to travel.
Aside from the health aspect and all that goes into that domain, our business is within a highly government regulated industry. We have delegated the responsibilities of researching and implementing changing laws, mandates, and/or programs to a team which is made up of executive leadership to ensure compliance. What changes has your company had to make?
It is no secret that the world we live and work in is much different now than it was at the start of the year. Amid the backdrop of a slowing global economy and the uncertainty that this and the virus itself bring about, many companies and business owners are finding new ways to reach their customers and thrive. To do this, analysis of the situation, quarterly plans to succeed, execution, and resources to pull from whether it is financial, relational, or technical is required. Only with a solid infrastructure can a plan succeed and/or pivot as needed.
Hypercore Networks has not only taken the global economic climate as well as the developing COVID pandemic into consideration, but we have also executed plans to push forward to continue serving our clients. We have secured our teams, our partners, and our clients through sound infrastructure and open communication. We are here to help ensure that you and your team have the infrastructure and tools in place to adjust as needed during and even after the pandemic. Contact our sales team today at firstname.lastname@example.org to thrive in this pandemic.