In 2021, the World Bank forecasted a 5.7% global economic expansion with the optimism of a vaccinated economy. However, at the start of June, it slashed it around to merely 2.9% along with the warning that warned that many countries could fall into recession as the economy slips into a period of stagflation. Wikipedia describes stagnation as the situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high.
World Bank President David Malpass points to the war on Ukraine causing the surge in basic commodities compounded by existing Covid pandemic-induced damage to the global economy. These factors created a perfect storm for a global economic crisis. Nomura Holdings, a Japanese financial holding company predicts that the US economy will likely fall into a mild recession by the end of 2022 as the Federal Reserve raises rates to tame prices. The financial conditions will be exacerbated further with worsening consumer sentiment, distortions in basic commodity supply, and the consistent deterioration of the global growth outlook.
All these do not paint a pretty picture for the balance of 2022. The optimism of a healthy and robust economy has clearly eroded but our generation has one card up our sleeve - technology. With the advancement of technology since the 2007 crash, we see opportunities that are not present back then.
One of them is maximizing no-code development. This visual programming allows professionals and non-professionals to create functional apps, websites, and software without writing a single line of code. You can build it by dragging and dropping buttons and headers or even using premade templates. It removes the skill barrier that will usually take years to learn and instead creates it using a graphical interface. You can learn more about it HERE..
In this article, we will discuss what to expect in a modern recession and how to prepare for it as early as now with no-code,
When crisis or recession hits, businesses tend to go in three different directions according to Coaching No-Code Apps.
Businesses who go in offense mode look internally in their structure and make investments to maximize opportunities. These companies usually review all internal assets and processes to trim the fat for the upcoming recession.
Businesses that employ this strategy will find new ways of solving problems with minimal new investments, programs that will cater to existing customers and diversify revenue and market.
In defense mode, businesses cut and slash budgets, halt expenses to 3rd party providers, and review short-term purchases. During this phase, businesses are considering automation to streamline systems, restructure to maximize staff and increase operating capacity
What is better? Depending on your business, but usually, it’s doing mixed mode. It’s about getting the best of offense and defense catering it to your business. These kinds of tactics help navigate a business through rocky waters that happened during the start of the Covid 19 pandemic and now the looming recession. No-code development can help create the right tools to cater your strategy.
No-code cannot prevent you from experiencing the effects of the recession but it can help mitigate some pain points. These are some ways no-code platforms can help you create the right mix of offensive and defensive tactics to strengthen your business’ foundation. This can be extremely useful, especially for small businesses who are just recovering from he effects of the pandemic
No-code development empowers anyone to do web development and even app development. This means that all departments can have at least one member who can do no-code automation. Building software or apps that can improve customer experience or reduce costs can be a smart business move for the business.
Another way to maximize resources is with your initial laptop or desktop system can be used with no-code. There are still minimal fees but it would not require the large investment that new technology usually requires. Rather than limiting feature development, no-code offers a lower cost base for you to try the technology for your business,
There is also the issue of low maintenance since anyone can access the backend and understand it, certain changes can be made with little help from agencies or retainers that might cost a fortune.
As you find and solve problems in new and more efficient ways, you need to build a prototype or even an MVP to validate the idea. This is where no-code can help your business since it’s a relatively cheaper way to test an idea rather than have someone do it for many months.
With the help of experts, you can build and launch in just weeks. As soon as data or customers come in, you can easily iterate and update without business disruption. You can create customized digital tools to help connect remote workers, move data to the cloud, and manage processes.
We discussed the value of automation for a business in Easy Automation with No-Code. Inefficient processes that are prime for standardization and automation can be started by anyone. No-code AI development has already started which can contribute to a business’ hyperautomation. Hyperautomation is the cooperation of various technology such as AI, process and task mining tools, and no-code to reduce redundant tasks. We deep-dived into that in our previous article, How to Apply Hyperautomation with No-Code
Now that technology adoption is higher than ever, creating no-code apps and websites are a practical choice for businesses. It can be created faster and easier than a regular coded website and has lesser maintenance. It has some limitations indeed but it is just starting so we can see better things to come from it.
What it does is it lets technology become more accessible to businesses of all sizes and perform the tactics we mentioned above. This can help lessen the negative impact of a recession and come out stronger after that.
There’s a calm before the storm so batten down your hatches and start a no-code project today. Need help building it or want a no-code expert? Then we are the team for you, schedule a FREE consultation call today.
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