Some businesses are seizing the opportunities for change presented by the Covid-19 epidemic while, a portion are waiting and seeing, and a few are withering away.
Procrastinating might be a good strategy for some, a majority of businesses can’t delay adapting to face the changed economics posed by the pandemic.
As Eleanor Roosevelt said “it takes as much energy to wish as it does to plan,” and I add do.
To give you an idea of how others are dealing with Covid-19, let’s look at stories we researched of companies in these perilous times.
First an example of a large enterprise we all know, and then there is a look at three smaller businesses and what they have done.
When the pandemic hit, most Uber riders stopped using the service, revenues plunged. Uber focused on building its food delivery business (Uber Eats) and its app that helps carriers make hassle-free bookings and shippers tender shipments easily (Uber Freight); both are growing well in fact Uber Eats revenues are currently greater than it rider service, although that business is slowly rebuilding. Also the company focused on retaining its presence in overseas markets; it recently won the right to continue operating in London — one of the ride-sharing company’s largest markets.
In the realm of small businesses, the pandemic has caused many to decide it is time of looking at the core business model and what they bring to their customers. Some are making the decision to morph or perhaps close. Here are some examples.
First we share the example of Jane who operates a chain of Texas printing shops. Covid slashed her business’s monthly revenues, especially from print for trade shows which no longer were happening. Plus her local restaurant and church business printing went to zero. Jane did not panic, as a business women she assessed the situation, largely unknown, and made a plan to move forward. First, she took care of her employees, making sure they and their families were okay and safe; appreciating their commitment and their key role in moving forward.
Then, she identified opportunities to make money along with necessary changes to her business. Jane realized sales were going to be more online and self-service; she changed her staffing and ordering accordingly. She also saw an opportunity in supplying products for Covid. She began printing signs for social distancing, sanitizing, etc. as well as making face shields. As a result, she was able to rebuild revenues through new customers and former customers buying other offerings; and her business is once again growing.
In a smaller suburban township, Charlie has a candy, sweet shop serving his the local market. People come for their daily piece of sweetness and local news (gossip). Covid hit hard, shuttering the store. When the sweet shop was allowed to re-open after eight weeks, customers dribbled in hungry for its offerings but fearful of its confined space. Charlie being aware of this started his first website with advertisements of daily sweet specials and headlines of news.
Customers could opt for delivery of the sweets; which he employed local youths. But they needed to come to the shop for the local news.
Charlie put in social distancing measures as well as published sanitizing measures to ensure the safety of his employees and customers. Plus on his website and in his store he created message boards where locals could leave messages for each other, recreating that community feeling, which he realized was the essence of his business.
Charlie’s sweet shop picked up a few new customers, plus those who moved away from the area got back in touch as they were in need of the local offerings; his business is slowly rebuilding based on building on the sense of community (and wonderful sweet offerings) his candy shop offers that was/is needed during this pandemic.
Julio inherited his family business from his abeula. His grandmother was the best cook; family and friends tell stories about her cooking and this led to her opening a local restaurant. ‘Abeula’s’ was a hit in its urban location; nightly locals would come to celebrate special occasions nd would bring their out of town family and friends to taste the amazing food. Abeula passed and the restaurant was given to her grandson, Julio and his seemingly tireless wife, Consuela, to run. Pre-pandemic, by using the same recipes as his abeula and many of the same cooks, Julio was able to keep the restaurant going.
Covid shut down the restaurant for more than six months. During this time Julio and his family and their employees had no income. Julio didn’t have his heart in reopening to an uncertain future and many of his employees had to find other jobs to support their families; so Julio looked for alternatives to keep his abeula’s memory alive. He contacted a large food conglomerate who agreed to license the recipes, and sell via supermarkets to the fast growing Latina sector and those who also crave the flavors. The conglomerate is planning to produce the offerings for the frozen food section of the supermarkets and agreed to use “Abeula” as the brand despite the recent push-back on names of ethnic offerings.
Julio, came up with a viable and potentially lucrative alternative to share his abeula’s recipes while providing for his family.
Covid has hit all of us hard, many have lost family, friends and customers. But, the pandemic does not have to end your business as well. Take this time to assess your business model along with your customer needs. Consider what you want to do with your business plus consider its essence.
Morphing with purpose seems to be the answer for many, others will decide to shut-down and move on to their next adventure.
May you have a successful outcome like Jane, Charlie and Julio, as well as stay healthy.
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