Four business learnings from the pandemic
While many parts of Australia and New Zealand are virtually free from the virus, the COVID-19 pandemic has changed the business landscape in many ways. The pandemic caused a lot of pain, frustration, and even cost some people their business, but for those who survived it, there are lots of learnings that can be taken from the pandemic and applied to your business now and into the future, pandemic or not (and we hope not)!
Customers shopping around
Job loss and financial issues meant that lots of people, businesses, and families started shopping around for more competitive options when the virus hit. Tighter purse strings have meant a lot of customers have moved on from their regular suppliers in search of something a little more affordable. This is great news for the businesses that already offer a more budget-friendly option, but even if this isn’t you, perhaps it’s time to introduce a budget line of products? It’s not always in your best interest to slash your prices, especially not permanently! But what you might be able to do is release a line of basic budget products or services, like our Super Saver range. They don’t have to be of the same calibre as your other products or services, but offering an economical option will be greatly appreciated by your customers! We have a Super Saver deal on business cards - 250 standard cards for only $9.95+GST and delivery. It’s not the ultra fancy option with all the bells and whistles, but it’s perfect for your budget conscious client!
Increased flexibility and remote work
COVID has of course taught us that a lot of people don’t need to come into the office regularly, or at all. In our digital age, there are so many jobs that can be completed from the comfort of workers’ own homes, in fact, they don’t even need to be on the same continent as their employer. For a lot of businesses and staff, this discovery and pivot has been really beneficial. Staff can save time on a commute, employers can downsize offices, and businesses aren’t restricted by location when it comes to hiring the best person for the job! We at IBS have a substantial number of remote employees who live all over the world, and log in to work from their own homes. We offer Virtual Assistant services if you would like to take advantage of the changed landscape and employ your own remote employee. We take care of everything, the recruiting, HR, and even performance management! All you have to do is reach out.
Considering what’s important
We all took some time during the pandemic to consider what’s important to us. Maybe you want to spend more time with loved ones, or less time doing paperwork. Perhaps it made you value your health more and take up a more active lifestyle. These realisations should apply to business too! If you’re anything like us, you will have been super grateful for your people - our staff and customers got us through the tough times and out the other side in tact! There were probably a few tasks that fell by the wayside when you were scrambling to keep things going. Maybe those things you forgot to do weren’t really that important after all - maybe you’d forgotten about them until this very moment! Or the opposite might be true and you’ve realised the value in those possibly small tasks. You will know what was worth keeping up and what can be dropped after trading through a world-wide pandemic. Take those learnings and apply them to your business moving forward!
We don’t know about you, but we’ve heard the word ‘pivot’ about four million times since COVID hit our shores. It’s overused, yes, but it’s correct. 2020 taught businesses to pivot and expand appropriately, and they had to do it fast! We saw grocers turning into meal box delivery services, we saw McDonald’s selling milk, and we saw restaurants switching to bottle shops. COVID showed us how quickly a business can pivot to meet the needs and requirements of the situation, and it’s likely had a prolonged effect on what your best products are. Maybe you’ve already adjusted your offering! Some pivots may have only worked during the lockdown period, but it’s very likely some of the special services you offered can be extended to more normal times. Think out of the box and consider what you would do differently should the situation repeat (hopefully this is a hypothetical!). Are there any pivots that would improve your businesses in ‘normal times’?