With Furlough, the surge in unemployment rates and a sudden loss of job security, there wasn’t an industry in the world that wasn’t affected by the COVID-19 pandemic. Even now with things taking a turn for the better, some businesses are still struggling to regain their footing in a post-COVID world.
That’s why we thought now would be a great time to discuss how best you can reinvest both your time and money in a world post-COVID. If you’re thinking now might be the time for a new career plan, take a look at the cost of a coffee franchise to start making your plans into a reality.
How Has COVID-19 Affected Consumer Spending?
You can’t figure out where you’re going if you don’t look at where you’ve been. That’s why before we address how best to reinvest your time and money, we need to first look at how COVID-19 impacted consumers.
Spend Less, Save More
With all the fear and panic that came with the pandemic, it’s understandable that people began to hoard a little more than just toilet paper.
In a recent study by The Times it was shown that at the start of 2021, household savings were up to the second highest level on record with a collective £190 Billion saved during lockdown.
What Were People Buying During Lockdown?
With the vast majority of people staying inside, needless to say there was a drastic change in spending habits for most households.
As everyone’s lifestyle became more home-based, so were the things that people spent money on. While spendings on things such as holidays and personal grooming decreased, there was an increase in the purchases of:
- Gym and office equipment
- Bikes
- DIY
- Hobbies and crafts
We think it’s worth noting that another of the most popular products purchased during lockdown (after cleaning and sanitation products) was actually coffee!
How Has COVID-19 Impacted Investments
When lockdown first began, the stock market took one hell of a hit and remained tumultuous for quite a while. As things have begun to settle once more, the stock market in turn has begun to level out. But that’s not to say they’re out of the woods yet.
With the world bracing for the very likely chance of a global economic recession, everyone is having to reevaluate their investments.
The Importance of Reinvestment Post-COVID
The uncertainty within various industries post-COVID is perhaps one of the most obvious long-term effects of the pandemic.
With hundreds of companies closing for lockdowns and not all of them reopening again, it’s understandable that you may look to pull as much profit as you can from your business plan in the coming months. That doesn’t mean that you should. In fact, one of the most critical mistakes that you as a business owner could make at this time is not reinvesting.
Here are some of the key areas business owners in particular should look to reinvest time and money in a post-COVID world.
Technology
Multiple lockdowns and working from home saw a massive shift from in-store to ecommerce shopping, and businesses should be paying attention to the latest technology trends in their particular industry.
For example, at Esquires, we launched our new mobile Click and Collect system to continue serving our customers in the safest and most efficient way possible.
What’s more, technology is forever changing and expanding, so investing your time and money to keep up with the trends in the industry is incredibly beneficial.
Customer Service
When the pandemic first began, confusion and uncertainty were rife. And so was understanding. Customers were willing to cut businesses some slack with the sudden disruptions in both workforce and supply chains and how that impacted the service they’d grown accustomed to.
However, as things begin to return to normal and with over a year’s worth of frustration built up, customer expectations are going to return in full force.
So, while you may still be tackling issues brought on by the pandemic, your customers are going to be expecting at least the same standard of care and consideration that they did before the pandemic began.
With this in mind, it’s now more important than ever for you to focus your time and money in customer service. Be this through training your current staff in how best to handle customer frustrations with empathy and understanding or by focusing on becoming a brand that keeps their customers at the heart of what they do.
Workforce
Perhaps one of the most notable impacts to businesses across all industries in wake of COVID was the workforce. Between Furlough and working from home, all the way to businesses making cuts to the number of employees, there has never been a more vital time to show appreciation to the ones who stuck with your business through it all.
Things are still uncertain and your employees will want and deserve a sense of security and stability. Make sure you take the time to recognise the hard work your employees have been putting in and listen to any anxieties they may have, professional or otherwise.
It’s also worth finding out where your employees see themselves within your business. Do they want to take on more responsibility or have the chance to learn and progress along with your business? If so, then that’s something worth investing in. A business that listens to and cares for its employees is more likely to function efficiently post-COVID.
There are still uncertain times ahead and by finding out how best you can invest your time and money now, you can help keep your business running as smoothly as possible in a post-COVID climate.
If you’re concerned about business uncertainty in the wake of the pandemic, read more about why franchising is the most stable business plan post lockdown.
