BUSINESSES, like everything else in the world, come and go. Those which tend to stand the test of time are those which are flexible, adaptable and those which offer mobile services.
Static businesses tend to fall victim to global events, be they recessions, unemployment, political fallout, or as we have seen recently - pandemics.
Having an adaptable business is no longer just good business sense. At times like these, being able to adapt to changing market conditions is arguably the single most crucial aspect of keeping a business afloat and ahead of the game.
Coronavirus Opens Doors and Slams Them Shut
Some people will angrily call out any business that profits from the Coronavirus pandemic. In most cases, those doing the condemning are running businesses which simply can’t adapt to the changing conditions that the pandemic has brought. Businesses will either sink or swim in the current panic.
Some businesses are so specialised that they will go under without financial support from the government. However, some businesses may have predicted this turn of events, and been duly prepared for it.
Others may not have been prepared but have such a flexible business that they can adapt their strategy as needed. It’s all about evolution, and as in species evolution, we’re talking about the survival of the fittest.
Food for Thought
There are several interesting notes to make concerning COVID-19 and business. One case study to look at is food. In many countries across the globe, restaurants have been forced to close their doors, as we all seek to self-isolate, quarantine and engage in social distancing.
Restaurants and suppliers of food will either be hungry to take advantage of new opportunities, or they will go hungry and feel the bite of recession.
Food delivery services are not a new concept. Pizza chains and Indian restaurants have been delivering food to our doors for years. In the last few years, adaptable restaurants saw the benefit in aligning themselves with major courier companies, such as Deliveroo, Just Eat and Foodora in Europe.
At a time of panic, these services are now no longer just an avenue for lazy people to order online; they are an invaluable tool in keeping people indoors and safe. Of course, they are also making a lot of money.
Supermarkets have experimented with food delivery, too. However, the delivery fees often put people off. Suddenly, an explosion of clientele who don’t want to risk going out are prepared to get their goods online.
A niche market becomes an essential one overnight. Those who weren’t prepared will struggle to catch up.
Some Casinos Took a Gamble, and It Is Paying Off
The same is true in the gambling sector. Generally, people are more prepared to gamble when times are hard, or they have lots of free time on their hands. Both are true, for many now.
Land-based casinos which have online operations will simply shift their focus to internet betting. It is easy for these sites to adapt to changing markets.
Small land-based betting outlets are in dire straits, though. Those outlets aren’t open for business, and even if they were, there are no sporting events worth mentioning taking place. Bingo halls are suffering from the same problem.
However, if a bingo hall runs an online site, or a sports betting outlet also runs casino games at their domain, they are ideally placed to take advantage of the opportunities available with this pandemic.
Those Irish online casino sites which offer casino games, live dealer games, poker and bingo can survive without their sports betting operations. Those which don’t provide these services are almost certainly doomed. Once again, flexibility and the ability to adapt are crucial.
The Final Nail in the Coffin
Our final example of successful adaptable business needs little introduction. High streets have been dying a slow death for years. Department stores, but more specifically, online retail has all but destroyed them. This pandemic is arguably the final nail in the coffin.
Retailers such as Amazon didn’t grow to gargantuan sizes overnight. They have an adaptable business strategy, and it comes into its own at times like these. Other e-boutiques and online retailers are reporting vast increases in orders.
Provided their suppliers can get the goods in, and that mail delivery is an option (unless they use their own personal couriers), they are ideally suited to not only survive the Coronavirus pandemic but positively thrive throughout it.
Is Your Business Adaptable?
One of the best ways to ensure that your own business is adaptable is to not think solely about the market as it currently stands.
You should always look to the future. Speculate, strategize, and plan for all unseen, but ultimately possible outcomes.
Predicting the future and allowing your business to be as flexible as possible, permits it to not only survive crises such as the one we now face but to possibly become stronger during them.
An adaptable business strategy which can see your business handle changing markets is no longer an option or something which you might want to consider to grow your business. Evidently, it is essential if your business is to survive through thick and thin.