What will post-pandemic look like for small businesses? – Small Business Corner
How will the pandemic change the world of business? What opportunities will emerge for business growth, and what does that mean for pivoting existing small businesses or launching startups? It is important for small businesses to consider how changes will affect their companies and how they should respond now.
Remote work has proven to be the unexpected hero for many businesses during the pandemic. Remote employees save companies money and enable businesses to retain top talent that seeks flexibility and the ability to work from the comfort of their own homes. Alternative models of working from home, such as utilizing a co-working space or renting a virtual office, are likely to gain traction once the pandemic is over.
No contact shopping
Customers are likely to continue to seek shopping options that limit or eliminate contact with other people and highly touched surfaces. This presents an opportunity for certain companies to continue to develop new solutions that cater to contactless demand or boost sales for existing products in new markets and with new customers. A society cautious of contact presents excellent opportunities for innovative companies to cash in virtually.
The pandemic is an economic crisis that has put a monopoly on the average household finances, which is certainly a crisis when unemployment rates have skyrocketed. Therefore, it is likely many people will focus on financial planning so they are better prepared to endure if disaster strikes again. This presents opportunities not only for financial planners, but also for small businesses that can develop online financial education suites and self-help type financial platforms that may help people stay on track with their budgets, savings and emergency fund goals. Along the same lines, non-financial small businesses can also prepare by developing emergency repayment plans.
Health and wellness
Post-pandemic, many are likely to place greater emphasis on their personal wellbeing and healthcare companies will invest additional resources into providing remote care. The companies that invent new medical technologies that cater to remote care could usher in a new era of healthcare accessibility.
A baby boom is expected following the pandemic; if that occurs, companies that sell products and services to parents can expect surging sales. This could also make a good case for remote work training, as many parents could continue performing their jobs – even part-time – if they can work remotely.
A lot of things are going to be different once the pandemic subsides. It is important for small businesses to consider how those changes will affect their companies and how they should respond. In preparing for post-pandemic, small businesses can identify ways to improve their businesses, provide what their customers need, innovate new products and services, and position themselves for success in post-pandemic life.
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