5 Ways to Adapt Your Business to the New Reality
The worldwide pandemic hit many industries, but even in these challenging circumstances, some companies managed to adapt and thrive better than others. Some of the useful changes they implemented to adapt to the new reality will keep bringing benefits long after the pandemic is over. These businesses will enjoy the fruits of their labour for many years to come.
1. Identify new opportunities
Ask yourself if there are new needs on the market that your business might be able to address. Think of adding new products or services that would help your clients to adapt to the new reality. How can your business make their lives better?
A good example of seeking and finding new opportunities would be the fitness industry – gyms, yoga studios, and such. Once their clients moved to work from home, many fitness studious realized the potential of online fitness classes.
They reached out to the new corporate clients offering the services for their employees. With their employees stuck at home, many businesses were looking to add online fitness and yoga classes to help their people cope with sedentary lifestyle and isolation creating a new opportunity for the fitness industry.
2. Make it convenient to pay for your product
One of the noticeable shifts in the fintech industry during the pandemic happened when brick and mortar businesses realized that their clients preferred to pay online rather than come down to the location to pay using a POS terminal. Many of our own merchants reached out to set up a virtual terminal or to add a payment solution to their website bringing the checkout to their clients wherever they are.
3. Look for alternative solutions
Try to make the best out of the challenging situation. One of our merchants had to lower their production volume due to the reduced number of workers permitted to work in the manufacturing area. Instead of being discouraged by the new reality, they came up with a plan.
They took their reduced inventory production volumes and turned it into something great by throwing a special sale event every time new items became available. They added this new level of excitement and a layer of exclusivity making their product even more desirable. Before each sale, their clients “camp” on the brand’s website well in advance to be the first ones to get their hands on the new inventory.
4. Analyze your competitors
Many countries are going through the exact same experience right now. Do research to see how businesses in the same industry are adapting all over the world. Try to understand what works for them in this new reality and it might give you some new ideas for your business. Who is doing well and why?
5. Spot trends
Companies who moved their employees to work from home will most probably not be going back to the way they were before the pandemic. Many chose to significantly reduce their office space and allow their employees to keep working from home making it a long-term trend worth looking into.
The same thing goes for business travel. Now that the companies realized that they can save a considerable amount on business travel and still get the work done, they will most probably look into investing in interactive communications platforms after the pandemic is over.
Try to predict what changes are coming for your industry. Are they short-term or are they here to stay?