CNBC reported that on November 19, 2021, the US House of Congress passed the $1.75 trillion Build Back Better (BBB) Bill, a historic feat that pushes President Joe Biden’s economic agenda forward. Now, it’s up to the Senate to push it further forward into law.
The BBB has gained media and public attention for several reasons. Citizens across the country are on its trail, looking forward to its promises of better healthcare, universal preschool for toddlers, paid worker’s leave, and college tuition grants. It’s also set to address climate change, increase corporate taxes, and improve IRS enforcement, especially for the country’s wealthiest.
Aside from the BBB, another bill was recently passed into law but was overlooked by the people: the $1.2-trillion Infrastructure Investment and Jobs Act (IIJA).
According to the Economic Policy Institute, the IIJA is set to revitalize the country’s industrial base through significant infrastructure improvements. With this goal, the IIJA is expected to provide investments in the manufacturing sector and approve research and development in a broad range of technology. It will also invest in the generation of renewable energy and the implementation of climate change mitigation strategies. This will help businesses and households reduce their energy costs and prevent economic disruptions caused by climate change. All of this is also expected to generate millions of jobs annually for the next decade.
Knowing this, now is a great time to plan growth for your business. With companies still feeling the adverse effects of the pandemic, both the IIJA and the BBB act as lifesavers. The IIJA, in particular, has the goal of rebuilding an economy that will benefit all industries. This article aims to provide tips on how you can grow your business during today’s pandemic and prepare it for the improvements that the IIJA will provide.
Capitalize on Consumers’ Media Usage Habits
The pandemic caused disruptions in many aspects of human society, including how people do their personal routines. Media consumption is now a major part of individuals’ personal routines.
People stuck at home increased their leisure time, and thus, they had more time in front of their smartphones. Social distancing has changed the way people purchase products and avail services. Most are done online. With this in mind, workers spend most of their time in front of screens.
All of these presents an opportunity for your business to integrate online and offline strategies. This highlights the importance of investing in omnichannel sales presence, so you can reach a wider audience, including those you weren’t able to reach before. Even large brands like Amazon and Starbucks had to take advantage of customers’ spending preferences, as revealed by CNBC.
Online and offline business integration can take off once the IIJA starts building and improving the country’s broadband infrastructure. Your business needs to be prepared even before the law’s efforts are realized.
Targeting consumers’ media usage for sales purposes is one way to foster growth. Another is to connect with them through social media platforms. You can identify your target audience, learn about their preferences, know their online behavior, and respond to their needs and concerns through this medium. Addressing them from this perspective is a thoughtful approach that can give your business leverage.
Don’t Forget Your Workers’ Health, Safety, and Security
Your employees are the ones who will help you run your business. While you are legally required to provide a safe and healthy work environment for your workers, you must also take proactive steps in implementing measures to achieve this goal.
You should first identify health and safety practices that you need to do to avoid coronavirus transmission in your workplace. Instill and enforce necessary precautions.
Of course, it’s best to allow workers to work remotely. If it’s not feasible for your business, prepare your workplace and facilities to make it conducive for post-pandemic work.
All of the changes your workplace will go through can affect your company culture, which is essential in driving staff performance. If you need assistance in this area, consider securing the service of a business culture consultant who can help you build trust with your employees and nurture a positive relationship with them. All of this can inspire long-term growth in your company, internally and externally.
Reach Out to Suppliers
The manufacturing industry can expect a significant boost from the IIJA. Along with significant improvements to transportation, these efforts can improve supply chain disruptions in the future. While it’s still a long way off, you can improve your stock issues today to prepare your business for growth and expansion.
Consider sourcing your stocks locally or nationally. If you do find suppliers within the country, it’s best to foster good communication with them. You should also confirm supplies will always be delivered on time.
As businesses look forward to a pandemic-free world and IIJA-boosted economy, keep planning for the future of your business. To prepare your business for growth, consider the tips above.