The new language in my home has added terms like Zoom, shelter-in-place, online everything, and social distancing. What this has translated to is more home-cooked meals, puzzles, games, paying rent on my daughter’s out-of-town college apartment, and other things. It is a dramatic change from just two months ago!
In our post last week, we talked about organizations that made investments that helped them not only survive a past economic downturn but actually grow. This week, let’s look at those businesses and markets that are thriving during our current situation.
Like many firms, at HL Group, we have the flexibility to work from home right now. And like other firms, this downturn has affected our revenues. What is interesting is seeing which companies are booming in this crisis. They are still being challenged by issues like employee hiring, safety, and more – but they are busier than ever, it seems.
- Grocers (we still have to eat)
- Household Items (who doesn’t need TP)
- Delivery/Distribution (we can’t go out, we need things brought here)
- Entertainment (we’re bored and need a distraction)
- Utilities (we still need water, electricity, etc.)
- Maintenance (we still need things running)
It’s not easy for them by any stretch of the imagination. Each of these industries is being challenged to deliver and do so while keeping their staff, suppliers, and customers safe.
Like everyone at home – they are doing the best they can and getting creative with what they have. Many are looking at their core capabilities and missions, the tools, skills, and other resources at their disposal – and pivoting to continue moving forward as successfully as possible in the current climate.
The industries that are succeeding seem to be those that can expand manufacturing with little cost to produce their product. Many are online or technology-based. For companies like Zoom, Netflix, and other Cloud-supplied products, they just need to keep optimizing and pray the internet stays healthy so they can support the MILLIONS of new customers.
One of the neat things that will come out of this experience will be the considerable advances in the types and capabilities of services available at improved costs. Even those that give away their products (subscription vs. purchase at a later time) may not see revenue immediately. Still, they are harvesting vast amounts of information on an expanded user population that can be of immense use and value later.
Even in the non-cloud based technology options like our mobilePLUS application, we’re learning new and exciting things about our solutions that will be directly impactful in future markets. These include capabilities like 100% remote implementation of a software solution by all parties involved. Eliminating travel and time-consuming in-person installation and training will be crucial going forward, improving costs and time to value.
These are trying and challenging times for everyone – even those that may currently be experiencing economic success. It would be advantageous for everyone to look in their bag of tricks, and take advantage of those items that may have been forgotten or considered unimportant.
You never know what you might find, and what a little creativity could foster – both now and after this crisis has passed.