The lifting of restrictions encouraged more entrepreneurs to reopen their businesses. This means economic recovery. But, finance executives have expressed concerns about going back to operations. In the AICPA Business and Industry Economic Outlook Survey, finance executives ranked their concerns as they returned to business.
- safety of employees and customers
- uncertainty over stay-at-home restrictions
- ·customer demand/ability to pay
Survey says most businesses plan to resume physical operations. They said they would prioritize safety measured for their staff and their customers. These include requiring masks and providing personal protection equipment. Others will make sure that the workspace allows social distancing among clients and personnel.
Considering all these concerns, experts say creativity is crucial for businesses to survive. They need to do the necessary adjustments to adapt to the new normal. As they say, there’s no other way but to pivot.
Converting Your Business
These concerns are evident in how small businesses have applied changes in their business models to survive this economic crisis. A GetApp survey showed that 92% of the small business respondents have pivoted in one way or another. Some businesses have shifted from a physical store to a new online delivery channel. Others have established a platform where they can provide service to clients virtually. Some developed an offline delivery system. Other businesses had to come up with a new product offering. And, some had to cater to a new target market.
Are you a business owner who wants to go back to business? Are you still unsure whether to stick with your pre-pandemic model or shift to another one? You might want to set aside your old model and consider these business ideas to adapt to the new normal. Considering the need for safety measures, here are some businesses you might want to venture into in exchange for your pre-pandemic business:
If you still want to keep your physical shop, you might want to shift from a restaurant to a fast-casual style of restaurant. Fast-casual restaurants are in demand among the on-the-go working population. This is perfect for a quick and easy food menu, one that only offers a specialty. If you’re interested, you might want to franchise a sandwich business. Another example of a fast-casual restaurant is a pizza parlor and a hamburger station.
In a fast-casual setup, you still get to keep the tables for your customers. The only difference is that it will be on a self-service setup. Your customers will order from the counter, then take their food to their tables. This will limit interaction inside your restaurant because your crew wouldn’t have to go all around the tables to get their orders and deliver their food.
According to health experts, proper ventilation is needed to prevent the spread of the virus. And avoid indoor locations if possible.
If you are in the food business, you might want to close your restaurant permanently. Remember, indoor dining could be a potential risk. Food trucks are on the go, with just a small window to facilitate orders. This will limit the face-to-face interaction between your employees and your customers.
Converting your restaurant into a food truck will not only keep your operations safe. It will also cut costs on property rent and overhead. You can also cut on human resources because you can limit your staff to three to five persons.
You might want to shift to a delivery service that transports goods within your neighborhood. It could be groceries, food, medicines, and other essential items. All you need is a van, a driver, and a delivery app. Start from one van and continue to expand along the way.
You may devise a system to limit the interaction of your staff as you do your operations. The customers may be the ones to directly carry their items and place them inside the van. Through this, you get to limit the handling of the items and prevent the potential spread of the virus. Ensure that you provide your delivery guy with masks and personal protective equipment as they go from house to house.
It is difficult to shift from one business model to another, especially if you have stopped operations for more than a year. The secret is to study the business trends these days and see what’s in demand in the new normal. Study how you can adjust given your capital, manpower, and resources. Then, create a plan with the safety of your employees and your consumers as your top priority.