The other day I was taken by a slight surprise when I met an old acquaintance running a successful offline business. Guess what he was doing?
He had his own candy production unit. Not really a big investment, however he was very good in terms of the distribution network and customer service. Within a small span on 2 years he was making a very good profit margin with good repute in remote areas of the country.
Then there is the recent tragic fire at Hafeez Center. Spoke to my vendor there today, the company lost 9 shops and stored stock there due to the fire.
Times, good or bad – or something in between will always be as they have always been.
Mankind is essentially the same for thousands of years. The tools in our use have changed. No matter how we try to justify , we haven’t changed psychologically.
So time changes, that’s why companies need to be prepared for contingencies. While most companies have a business continuity plan – what COVID-19 has shown us very clearly, there was no planning for the time when there was no business. What do you do when there is no one to buy from you?
What do you do when there is no one ordering from you?
and so on …. very reputable brands have had to layoff staff.
This side is as much true as the other side – the increase in online businesses such as delivery services or adaptation of the same by companies. My employer had never considered WFH a viable model, however as a part of the contingency planning we started WFH and currently about 80% of our colleagues are WFH. The business is running smooth. 🙂
As a business should we diversify?
Should we adapt?
Should we become leaner?
What do you think?