The only thing that’s constant in life is change, so learning to pivot your business focus can help you stay afloat during economic shifts. If your company can survive a global pandemic, it’s a pretty good indicator of your adaptability.
It’s impossible to say what will happen tomorrow, let alone next year. So, unless you have a crystal ball, you might appreciate this insight on how to adjust your business practices in response to market changes.
Extend Your Current Services
First, find new ways to get your products and services to your target audience.
Here are some good examples of commercial businesses that took their usual services and tweaked them to address the social and economic changes created by the pandemic:
- Grocery stores are offering curbside pickup and delivery options.
- Hotels are renting spaces for people working remotely and nightly rates for medical staff working in COVID-19 units.
- Brick and mortar retail stores are becoming fulfillment centers for online orders.
Extending services laterally allows you to stick with the sales and business strategies you’ve known and package them in a way that meets consumer demands.
Pay Attention to Trends
Old habits die hard, but new approaches can form quickly. Look into the business trends that have taken root in the last 12 months and learn how to spot the differences between short-lived fads and new practices that are here to stay.
The concept of working remotely isn’t likely to end any time soon. Finding ways to align your business with that practice will improve your adaptability now and in the future. That may mean it’s time to invest in more robust technology so employees who still wish to work from home can stay connected without problems.
Sustain Your Changes
Don’t get too carried away! Shifting your approach to meet new consumer demands is essential, but so is finding ways to maintain those changes. Developing a business strategy that addresses multiple points – from extending your services to addressing new trends – will help you make necessary changes without overreaching.
Consider your buyers as well. Do you need to find new target audiences or secure your current consumers? Depending on your business type, finding a sustainable path to profitability can enhance your value to potential customers.
Unitl next time,
Read some of our other blog posts for insight into the commercial real estate industry: