Covid has taught us a thing or two about persistence. While we might not be happy about all of the changes that Covid has amassed, we can all agree that it’s taught us some new ways to do business. If you’re wanting to start a business or looking for information on how to build a business, these trends are just as important for you as for seasoned entrepreneurs.
Here are some of industry and market trends that have improved due to Covid, that are here to stay:
- Elaborate Risk Management
Risk Management is all about the back-up plan or avoiding risk to begin with. Supply chain issues continue to affect businesses across multiple industries. Although there has been some improvement since a few months ago there are still many problems with getting supplies that are expected to last until 2023. Implementing sophisticated and detailed risk management/avoidance, even at a small business level, will help prepare you and your business for the unexpected.
Everyone wants to support Local. It’s not a question of loyalty or wanting to do the right thing. Unfortunately supply chain issues continue to plague big and small businesses, causing major price increases across the board. With supply chain issues affecting so many products, consumers are getting a little more creative with where they’re shopping. I know, I’ve started buying pork products directly from a local farm when I couldn’t find the bacon I wanted at my chain grocery store. These small movements have staying power. Yes, it’s an additional “stop” for me but that leads to #3.
- Physical to Digital
Small businesses are going digital and getting very savvy with delivery options and pick up methods. All in the hopes of making it easier for consumers to purchase their products. The change of physical to digital can be seen in how many employees are still working from home. Businesses are realizing that office space is a huge cost and not one that is necessarily needed for employee efficiency. The digital changes for businesses can be seen from the smallest local retailer to the biggest of the big. Amazon is building distribution centers near large cities and the robotic systems for efficiency within those distribution centers speaks to the digital changes that we are seeing at all levels.
These trends are just a few of industry changes that business owners should be aware of and seriously consider implementing. There is a reason top businesses and experienced entrepreneurs are taking advantage of trends like these. If you’re looking to grow your business or looking into how to build a business, my Entrepreneurial Academy and my book, “Say Goodbye to the Boss,” are strong tools to teach you everything you need to be successful. To learn more, visit Learn How to Fund Your Retirement With a Lifestyle Business (charlesmalexander.com)