by Rebeca Seitz

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In December 2020, the Organization for Economic Development and Cooperation (OECD) predicted the economy will bounce back this year by growing as much as 4.2%. That’s about what was lost during the pandemic. Goldman Sachs had an even rosier prediction for the U.S. economy: a growth rate of 8% in 2021. 

Both underestimated America. The Atlanta Federal Reserve is showing a 10% gain in the first three months of this year. 

The economy is awakening. Is your business ready? 

If not, here are a few areas to kick-start your thinking:

  1. Target Market Relative to Vaccine Availability. If your market is older, they’re getting back to life more quickly because they were at the front of the line for vaccination. “Boomers Are Vaccinated and Down to Party” read an April 4 headline in The New York Times. This age group is throwing dinner parties and visiting pubs every night of the week. Check the age demographic of your market against when it could access vaccines. Three-four weeks after that final shot is when they’re likely to start moving back into the public square.
  1. Manufacturing Impact. Manufacturing is at its highest growth levels since August 2018 right now. If you experienced supply chain interruption during the pandemic and slowed your marketing and sales efforts as a result, check again now. Be prepared to pay a fee to get yourseful to the front of what will no doubt be a long line of companies eager to re-stock. 
  1. Social Component. Consider how your business can serve the social desires of your customer. A deep-seated hunger for in-person communication and connection grew during the pandemic. IRL community has never been more important to or appreciated by consumers than than right now. Make sure your sales people are on the floor, ready to talk and help every customer who comes through. That online community you’ve been building? Bring it out of the virtual and into real life with a welcome back party or event – make that even bigger by partnering with other shops on your block. Add discounts for in-person purchases. 

Bottom line: it’s time to shine again. This giant economy – 70% of which is based on consumer spending – is shaking off its pandemic-induced slumber. 

Make sure you don’t sleep through it.