Business owners are nothing if not resilient, especially small business owners. Businesses have had to bob and weave and alter their businesses as best as possible to survive. In some sectors, they have thrived. Here is a look at how the past year will change the way we do business for years.
Business Owners Have Become Better Managers
When times are good, it can be easier to manage a company. Good cash flow, for example, can make up for some mistakes. No so when times are lean. Like the recession of 2008, business owners have had to become better managers, using limited resources more judiciously. This will likely stay with us for a while.
Prior to this year, some companies were reluctant to embrace having employees work from home. Now, many realize it can actually improve productivity. There is less commuting time, more flexibility and a diminished need for on-site office space. It seems everybody has something to gain.
Use of Video Conferencing
Video conferencing has become more main stream, not only in employee meetings but in client presentations. We can get more “face time” with clients and potential clients when it is done by video. Presentations can even be accompanied by produced video segments and charts and graphs. Even doctors and lawyers have discovered the value of using this technology more frequently.
Consumers are Willing to Pay for Convenience
Convenience is king as evidenced by the growth of the delivery and ride sharing industry. We can now order virtually any meal from any restaurant and have it delivered to our door. Delivery has also seen growth in other business segments like home improvement, propane tanks, landscaping products and more.
Use of Cash
The pandemic has generated more of a reluctance to exchange cash. This means even small businesses need to prepare by accepting as many forms of non-cash payment as possible.
More Business Is Being Conducted Online
You can now view, buy and have a car delivered to your driveway…all without visiting a dealership. Every day people are viewing and renting living spaces without even seeing them. People spend thousands of dollars on expensive jewelry online. What aspects of your business can be accomplished online?
If your business can take steps to make life more convenient for your prospects and clients while making them feel safe, consider it.
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