Common Characteristics of Businesses That Have Thrived During the Pandemic
While many businesses have declined during the COVID-19 pandemic, others have actually pivoted and thrived. But how are they doing it? What qualities do these businesses have in common that allow them to endure the financial hardships associated with COVID-19? It’s simple: the qualities that made a business thrive before the pandemic, are the same qualities that allow it to thrive during. Qualities such as adaptability, communication, and empathy have always been linked to a successful business. But emphasis on these qualities must be exaggerated during times of financial hardship. Some businesses understand the value of these qualities, which is why they are profiting during such a difficult time.
1) Adaptability
Most of us are familiar with the phrase “survival of the fittest”. For those who are not, it simply means that the individuals/populations (and in this case businesses) with the most adept qualities, will survive. The pandemic caused a monumental swing in the customer service industry. Restaurants shifted to “contact-less” delivery. Large corporations moved to “work from home” dynamics. Real estate and interior design markets adapted to fit the new “work from home lifestyles”. The market for personal gym and home-based exercise equipment like Peleton exploded as people built home gyms. There are countless other examples…
The reality is, during times of hardship, businesses must adapt. This is a very simple truth, but one that often times gets overlooked. Adaptability isn’t “flashy” or “exciting” but it is a principle that is absolutely essential for a business to thrive; pandemic or not.
2) Communication
In a study conducted in 2021, it was found that 74% of employees in corporate America feel they are missing out on company information and news. Additionally, it was found that 72% of employees don’t have a full understanding of the company’s overall strategy. (source: https://everyonesocial.com/blog/internal-communications-statistics/) Therefore, communication must be viewed as essential quality for any business. The assumption that “everyone knows something” usually results in “no one knowing anything.” Be sure to place an emphasis on how your office communicates company vision and expectations.
3) Empathy
The final quality shared by successful businesses is empathy. While the pandemic had a massive impact on businesses from a “macro” standpoint, it also had an impact on the hard-working employees and the customers they serve. Whether it’s financial hardships, caring for sick family members, lack of trust in vaccines, or simply fear of getting sick, COVID-19 affected businesses on the “micro” level as well. Our opinion on business is “we’re only good as we treat our employees and our customers”. When an employee or customer expresses a concern, expressing empathy is always the right move. Empathy has helped business owners retain employees and customers throughout the pandemic. This is exactly how it should be. Our customers and employees are the reasons most of us got into business in the first place.
For any business owners reading this article and wondering how to get their business back on track, start by assessing the current state of the 3 qualities listed above. What changes have you made to adapt your business model to the current situation? Are you staying up to date with current data projections of the virus for 3 months from now? When is the last time you evaluated the communication structure of your business? Do your employees know “who is in charge of what”? And finally, what level of empathy are you currently investing in your employees and customers? Are you a business owner that employees want to work for? Are you a business that customers want to do business with?
At FIRM6, we challenge ourselves to focus on these qualities everyday for the benefit of our customers, employees, and our business as a whole.