Fiverr, the firm that is revolutionising how the world works together, launched a recession hub called “The Lift.” Geared toward entrepreneurs and owners of small-to-medium businesses, the site features on-demand help, articles, and guides from business experts. Topics range from financial assessment to business strategy, talent outsourcing, and marketing tactics.
Fiverr has also joined forces with Payoneer, the digital commerce tech company powering cross-border payments, and Xero, the accounting software firm for SMBs. Both are providing additional insights and content on The Lift for business leaders looking to successfully navigate a challenging economic period. As part of the partnership, Fiverr users will get 50% off their Xero subscription for four months and earn $25 cash back on Payoneer.
How are businesses faring during economic uncertainty?
The global economic crisis has impacted businesses of all sizes, but the financial burdens associated with an economic downturn can be particularly challenging for small to mid-sized businesses (SMEs) and entrepreneurs. These businesses are often operating with tighter margins and fewer staff, all while striving to expand and gain a foothold in the market.
In the United States, nearly 80% of small-to-medium (SMEs) businesses have had to re-examine their fixed costs (lease, insurance, etc.) vs. variable costs (staffing, benefits, etc.) as a result of the economic downturn, according to a recent Fiverr Business survey.
Nearly half (46%) of all businesses in Australia have experienced increases in their operating expenses, with 44% expecting operating costs to increase further. 78% of small-to-medium businesses in the US reported that they feel optimistic about their future prospects, and 77% said that freelance talent could help companies during times of economic downturn.
In Australia, 43% of SMEs expect growth over the next 12 months. By launching The Lift, Fiverr wants to help business leaders, many of whom may not have experienced a recession, to think through their strategy, embrace flexibility, and emerge from this period stronger.
What does The Lift mean for businesses?
Commenting on the product, Gali Arnon, CMO of Fiverr, said, “Around the world, early-stage businesses and entrepreneurs are facing unique challenges and unpredictable financial constraints as a result of the economic downturn. As a platform, Fiverr is committed to helping anyone bring their business goals to life — even amid economic uncertainty.”
“With The Lift, we are leveraging the expertise we have among our community of freelancers, as well as insights from key partners, to provide guidance that will empower business leaders to successfully launch, scale, or evolve their business in the coming year.”
“I am constantly impressed by the resilience and adaptability of small businesses as they navigate challenges and identify opportunities during macroeconomic headwinds. By leaning on their peers, advisors, and platforms like Fiverr’s resource hub, they can regain confidence and stay agile during challenging times,” said John Coldicutt, Marketing Director at Xero.
“With the right services and insights, business leaders can be well-equipped to navigate the current economic landscape and take advantage of emerging opportunities. As a company committed to supporting the expansion of business opportunities, we are eager to combine our resources and knowledge to support small and medium-sized businesses and entrepreneurs through this period and beyond,” said Robert Clarkson, CRO at Payoneer.