By Mr Retail
How should we run our business once the pandemic ends, or once it recedes into the normal course of everyday life?
Since we have been dealing with this for two years now, it can be very hard to think about what “normal” looks like again. I really think that years like 2018 and 2019 may never come back and there will be a “new normal,” so, let’s explore some things you may want to do differently in your business.
Many of us changed some practices during the pandemic. Now is the time to question if and when you will go back to them. I know for us, we had seen a sharp spike in head unit sales and it is starting to slow down, even though it is still better than 2019 levels. Our rear seat entertainment business is also slowing down a little, but again, it is much better than 2019 levels. So rethinking inventory levels and marketing efforts in these categories, for us, is a prudent thing to do.
I would consider some contingencies such as “once I see THIS starting to happen consistently, I will change THAT.” It could be inventory levels on certain categories.
Being in business these last two years has been extremely challenging at times. It has made some of us wonder if it’s worth it. And those are valid questions. So, I would encourage you to do anything possible to create a work environment that creates teamwork and promotes creativity.
How about re-evaluating employee benefits packages? If your company has had a hard time attracting or keeping quality talent, maybe it is time to revisit your benefits packages. Things like paid time off (including number of days off), health insurance (maybe more than one option for employees) and 401k plans, etc. should all be considered. And if doing this means that you have to address your pricing a little or make a little less as the owner, I say all of it should be under consideration.
Also consider things like how many hours and days your employees work in an average week. It may surprise you to know that little tweaks may pay big dividends here in employee satisfaction.
Have you created any company policies during the pandemic that need to be relaxed at some point?
We are about to get back to where the best entrepreneurs are going to be the ones that not only survive, but actually thrive. And I for one, want to see you thrive.
About Mr Retail
Mr Retail offers opinions and information on car audio retailing for CEoutlook. He wishes to remain anonymous. He has owned a retail store in this country for over 20 years now. Mr Retail loves what he does and loves the 12 volt industry and is happy to share his hard won expertise.
Photo: American University
Well said. If the last two years has taught us anything it’s that change is constant and there is a lot out of our control. You can control your business and small business owners need to focus on running their businesses efficiently in order to survive.