As individuals, business owners and countries, what can we do to try to reduce the impact of what looks like an impending recession?
Keep purchasing from businesses if you can afford to or purchase gift cards from businesses you want to keep alive
The central clincher of a recession is us all stopping spending at once. Cancelled purchases become a downward pressure on others’ income, which curtails their spending, in a giant global cycle. Whilst we all have to be careful with our spending to protect our families and loved ones, there have been incredible demonstrations of customer love and generosity towards local businesses, that will make a real difference.
Be open to online offerings
Countless services are quickly adopting remote options: Zoom based Yoga classes, Video call physiotherapy, workout at home video. Whilst this might not be our first choice compared to getting together in a room with our favorite humans, trying these out could help keep your community organizations alive.
Help organizations adapt by moving them online and becoming delivery based
If you have time and skills to donate, you can help local organizations adapt to our new circumstances. Building websites, setting up Shopify stores, helping deliver physical goods (whilst adopting appropriate safety measures and following local guidelines) in your community can all enable bricks and mortar businesses to retain some of their income and provide jobs.
Promote new offerings from organizations you like
As organizations adapt by offering discounts, delivery and digital services, you can help them by telling your friends online about these new offerings.
Do not stockpile more than a few weeks of supplies, and only what is necessary