The COVID-19 pandemic showed us just how vital future-proofing your business is.
We’ve been able to stay in business without letting any of our staff go or even reducing hours. In fact, we’ve increased our turnover from what it was 12 months ago.
How have we managed that when so many other businesses, including some in our industry, struggle?
We have a diverse range of clients: Retail, expos, projects and large jobs.
As we entered the pandemic, we saw the retail and expo industries struggle or shut down altogether.
We immediately shifted our focus to the industries that were still going.
There is certainly value in having a niche. But in times like this, a narrow focus could wipe out your entire business.
We’ve seen first-hand that the key to our business thriving in these difficult times is to have a diverse client base, be adaptable, and always keep an eye on changing consumer demands. Making this part of your business plan will make it easy for your business to adjust to change.
When a business is adaptable, it’s no longer at the mercy of what’s going on around it. Instead, it is always at the forefront of what consumers want, ensuring its profitability no matter the climate.
An adaptable business will not only keep you afloat for the next few months. Being diverse and change-ready will continue to put you at an advantage for the next year or two, as businesses continue to feel the lingering economic effects of the pandemic.
COVID-19 wasn’t the first dramatic shift in economic conditions and consumer behaviour, and it won’t be the last. So if you want to have a business that can survive anything, start future-proofing now.