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Understanding How Small Businesses Will Use Tech To Drive Economic Recovery

By: Brian Wallace

 

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Small businesses drive the economy, and the only thing keeping the economy from grinding to a halt right now is the fact that two thirds of Americans have been able to continue to work from home during the pandemic. Halting the pandemic is our top priority. A nation of people dealing with lifelong COVID-related complications coupled with the death of millions is guaranteed to decimate the economy.

Technology is Key

But keeping the economy going hinges on how we leverage the technology available to us, as well as the technological advances that come out of this difficult time. Technology is going to pave the road to economic recovery. Here’s how.

First off, this pandemic has shown us the importance of universal broadband access. Much like the WPA put people to work building national parks and roads, we could put those out of work to work building internet infrastructure to guarantee that every American has access to high speed internet. This plays directly into the next point – how technology is holding off a complete collapse.

Accommodations and Access

Second, the work from home revolution has shown us that people don’t need to be in an office all day. Because of the technology we already have, much of our office life is already spent in front of a computer. Most meetings can be emails and when collaboration is needed tools like Slack and Zoom can fill those gaps.

Working from home is not only keeping our economy afloat right now, it is also going to pave the way for the economic recovery. Giving more people access to jobs means a higher percentage of the population can work, and this is precisely what disability advocates have been fighting for for decades – reasonable accommodations for people who want to work.

During the last economic recession companies like AirBNB, Uber, Warby Parker, and Groupon all got their start. The thing all these companies have in common is that they give more people greater access to low-cost options for things they need, which played a part in lifting us out of the Great Recession.

We’re poised to see even more technological advancements come out of this economic downturn. From universal broadband to 5G technology, communications are becoming more important than ever and will be a major driver of this revolution.

What amazing technological advances are on the horizon? Learn more about the economic recovery from the infographic below.

Published: July 28, 2020
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Brian Wallace

Brian Wallace

Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency based in Louisville, KY and Cincinnati, OH which works with companies that range from startups to Fortune 500s. Brian also runs #LinkedInLocal events nationwide, hosts the Next Action Podcast, and has been named a Google Small Business Advisor for 2016-2018.

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