This time in history is very compelling. It’s a time wherein businesses rise and fall. Those who fail to adapt are swept away by the waves of bankruptcy and oblivion. Not to mention the changing political and consumer landscape that affects any and every kind of business.
Brick and mortar companies are struggling to keep afloat as foot traffic has been decreased significantly by this pandemic. Lots of stores are closing down due to financial and management issues stemming from the lack of capital to sustain employees.
Yet, online service companies such as Amazon, Netflix, Zoom, and other online companies are thriving and are enjoying record growth they have never seen before.
What do they have in common?
Well, they all cater to what we can call a “Stay-at-home” lifestyle. Lots of companies are starting to shift to this kind of trend by offering online services to their customers. This enables them to stay afloat, boost sales, and for the customers to enjoy their services from the comfort of their own homes.
1. When Covid-19 hit, companies realized that an entire segment of consumers namely the mall-goers would be virtually unavailable. Hence, online shopping was the only viable option to transition into. Those that did so, kept their businesses growing and flourishing.
2. The closing of cinemas caused by the pandemic also gave a huge hit to the entertainment industry. However, with the introduction of online streaming services such as Netflix and Amazon Prime, they are able to stay afloat.
3. Restaurant also got their table capacity drastically reduced due to the pandemic. However, with cashless payments and food delivery services, they are still able to cater to many more customers that would otherwise be out of their reach.
4. Even tech giants such as Google, Facebook, and Amazon are switching to stay-at-home work for their employees which saves them money from renting office spaces.
5. Tourism also took a hit in this pandemic, but with the use of online virtual tours, consumers are still able to experience going to other places from the comfort of their own homes!
My own Covid adaptation
Now, like every other business out there, the VA industry also took a hit. Many clients suspended their subscriptions or even canceled them altogether. Still, my VA services were still thriving. How?
Remember that time is a valuable resource. Sometimes you have to invest and pay other people’s time if you want to save more of your own. Using the additional time that you have, you can now use to invest in other things that will further help you and your business
Since the pandemic doesn’t seem to be going away anytime soon, so does the stay-at-home style of working. So, you need to adapt your business if you want to survive and thrive in this changing landscape. Build your virtual team now before time runs out.