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Thursday April 02, 2020 |Notes

The shift to the digital economy isn't temporary

There are new record unemployment filing reports again today - for the 2nd week in a row. It was only a matter of weeks ago when unemployment filings were at some of the lowest levels in history. The worst is still yet to come as the pandemic's repercussions are felt in waves across the economy.

Most elements are beyond the control of businesses and there's little reason to clamor or hope for a return to a pre-coronavirus world. Times will be tougher ahead and it's the best time to examine how a business fits into the new way of the world.

Assume the immediate changes are enduring: emphasis on digital economy, limited travel, little in-person shopping, increased remote work. Then consider that budgets will be drastically reduced. There's no room for extraneous spend for individuals and businesses.

Examine how these changes may effect clients and customers - then look to clarify how your business can best address their concerns.

The transformation to the digital economy was already upon us and is now more crucial than ever. This isn't a temporary shift. Identify the uncommon qualities that make your business vital to your customers/clients in the new way of the world and look to harness the existing infrastructure to adjust.