There are 3 Types of Businesses during COVID-19… Which One Are You?
The economys is continually changing during the coronavirus pandemic. Now that the reality of self-isolation and quarantine has started to sink in for many Australian’s, businesses have had to rethink how they’re going to continue their daily operations.
While this is certainly a solemn time for many people, we think it’s crucial to be alert – not alarmed. As a business, it’s ideal you be on the lookout for new opportunities, making lemonade from lemons!
It’s time to be prepared for the new ‘normal’.
We have noticed that three are different types of businesses have emerged, some have resulted by choice; others had no other options.
The Unfortunate, The Ones in Limbo and The Proactive
Sadly, they have been hit the hardest by the wave of government legislated changes and felt the full weight the Coronavirus has had on our economy. The harsh reality is, sometimes there’s not much that can be done.
Then there’s the businesses that have panicked or lost all hope for survival as a result of the current climate. It’s almost as if they’re blind to the potential opportunities to pivot their business. We’ve found that these types of businesses have decision makers that are consuming news media 4x as much as others, likely paralysing them from pivoting, diversifying and adapting to the current market space.
The Ones in the Limbo
Sitting in the middle of our three groups is the limbo crowd. These are characterised by businesses that still have plenty of wiggle room when it comes to opportunities (i.e. their practices don’t require close physical contact to clients), however they haven’t pursued any of these opportunities proactively – or they’re not sure where to begin.
Often, there is a sense of “wait and see” before these businesses act. While it can be wise to play it safe and stick to what you know, in these unprecedented times, we think it’s better to give new things a try, change the business model and continue to flourish.
The Proactive Lot
This brings us to our final category: the proactive group. It’s here we have seen businesses that have pivoted, diversified and are prodving services and products to meet the current market conditions. We can already see this in play with businesses that have not only begun using Zoom and screen sharing programs to help them work from home (WFH), but also with businesses taking their services online in a scramble to reach consumers.
May restaurants have diversified and changed the business model from dining in to focus on food deliveries and take away meals. High-end resturuants haven’t just thrown in the towel, many have resorted to delivering fine dining meals to homes across Australia.
How to Be More Proactive
It’s important to note that while some groups are doing better than others – all businesses are encountering struggles in some way, shape or form. Consumer spending is at an all time low as people begin to reassess their finances.
But how can you minimise the impact? How can you ensure your operations are more like the proactive category? Have a read of our previous Blog ‘Pivot and Get Innovative’ to find out how to plan your Covid-19 strategy.
If you’re still unsure of how to take the next steps, get in touch with Elite Marketing & Media and we’ll help you navigate through the current landscape.