July 16, 2020
On Ramp Energy
For most of us, the amount of driving we have done in the past few months has been radically reduced. With businesses shutdown and the emphasis on staying home to reduce the spread of the COVID-19 virus, automobiles sat idle more than they were driven. Automobile insurance companies returned a portion of insurance premiums to reflect this reducion in usage. Now the on ramp to reopening the economy is available and people are getting back on the road again. At this point in time, are you ready for the acceleration as the economy comes back to life? Maybe your business was shutdown or maybe your business was deemed as essential. In either case, you need to be ready for the reimagined ways of conducting business.
For the past few weeks this communication has been talking about rethinking and reimagining your business as we come out of the past months of shutdown. This most recent time period has not been experienced by our economy in over 100 years. The last pandemic of the early 1900’s was very different. The population was different, the knowledge and technology was different, and the economy was very different. During the past 100 years we did experience a “Great” depression and multiple recessions. Each of these events caused changes in the way businesses conducted their transactions after these events had passed.
This event is no different. Changes have already taken place and have reshaped the way peoples expectations will need to be met. The gradual move to on line ordering and curbside pick up for example was beginning to make its way into our economy. The shutdown accelerated this need and business adapted to the demand. As we come out of this shutdown, there is going to be a return to the prior shopping methods, but the on line ordering and curbside pickup is going to remain. It is going to be part of the business expectations of the customers, so it will need to be part of your business delivery systems.
This week you need to look at what has changed in your customers’ eyes based on what they experienced while going through this most recent few months? What new or different expectations do they have on the vendors they used in the past and what will they be looking for in the future? For example, there is some change going on with respect to people going to the gym to work out. Because they were closed and some remain closed, this group of consumers have found other methods to get their workout fix. Businesses who are delivering exercise equipment to the home or office has increased. Gyms who offer public outdoor workout sessions have increased. These are adaptations which this industry is having to deal with and it is reshaping what they will need to do moving forward.
The on ramp to a revised economy is open and people are accelerating onto that ramp. It is too late once the opportunity passes you by so what are you planning on rethinking as you prepare your business to take advantage of these changes?
Need a jump start to rethinking your business practices? Give JKL Associates a call at (313) 527-7945 in Michigan or (407) 984-7246 in Florida.