The coronavirus pandemic has caused a lot of changes in our way of life. But for every change, we adapt. From this experience, we also come to learn many things that we can apply in our business or in a business we might want to build sooner or later.
Digital Is The New Normal
Everybody was indoors so schools, banks, restaurants, casual clothing stores, malls, and businesses were empty. Brick and mortar has long been struggling with its competition — digital businesses — but this pandemic was a massive hit. Sadly, some businesses had to close permanently. Still, some were resilient and were able to adapt thanks to technology. If customers weren’t able to visit them, they had to deliver to their customers. Mobile websites and apps were rolled out and updated. Businesses partnered with delivery or logistic businesses. From this, we can truly say that digital is a must in investing for new or old businesses to thrive whether there is a pandemic or not.
The Basics Survive
In a crisis, the survival necessities are always a must. And so, businesses related to luxury, leisure, and simple wants took quite a critical hit during the pandemic. Plain goods were truly breezing through the pandemic, long as they were able to establish their online delivery services. This doesn’t mean that innovative products won’t be a good idea to sell. Long as it has purpose and convenience that truly beats its basic counterpart, it will do well. From this, it gives us ground on what kind of business we should build so that it can thrive in various situations.
Trust In Community
Despite the catastrophic repercussions of the pandemic, the supportive spirit of many has helped many businesses to stay resilient. Fellow business owners and customers alike were empathic enough to do this. From this, we can see the importance in connections and bonds when doing business. Have faith in the local community. Do not hesitate to ask for assistance and in turn, try to help others as well if you can. Charitable businesses thrive because they try to help aside from simply earning.
Uphold Morality Even In Business
The law of supply and demand is an age-old economic principle which allows business owners to evaluate what product or service would possibly be a good opportunity for them to grow. But when do we draw the line between “business is business” and morality? Sadly, some are opportunistic so as to hoard crucial needs like hand sanitizers and face masks during the pandemic. This kind of action took only a while before law enforcers stepped in and regulated this. It is a great loss not just in income but also in credibility when businesses get entangled with bad rep like this. From this, we realize how to decipher what opportunity is good and what is bad. We realize that there are repercussions to our business decisions and that we should have some foresight regarding our options. One decision, even if it’s not a risky one, can lead to potential hazards.
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