- Business Advocacy
On Sept. 17, Robert Fukui, president of High Point Marketing, gave a thought provoking presentation, “Reinventing Your Business Now and for the Future,” for the Alhambra Chamber's Tools to Help Your Business virtual seminar.
The presentation was a twist on the frequently addressed topic of pivoting a business. There were two primary focuses of the presentation.
1. Pivot with the long term in mind, not to simply survive the current crisis. Based upon the examples of past economic crises like 2008-09, 9/11, and dotcom bust, business never fully goes back to normal after a recovery. Every crisis always creates new normals.
2. Preparation for future crisis moments are the best solutions. While business owners can never predict the when, or the cause, of a future economic crisis, they can always prepare for them by paying attention to the constant changes in consumer behavior. For example, the current demand to do business virtually and touchless is nothing new. This has been available technology for years with a slow trend that has been moving the market in that direction.
What's changed is the crisis simply accelerated that demand. Some businesses were adapting to the new available technology prior to COVID while others were just happy doing business as normal. Once the pandemic hit, all these businesses were scrambling to put the technology in place to do things more virtually.
So, a key point to remember is "crisis doesn't create change, it simply accelerates what has already been occurring." And when businesses stay in tune with the slow market changes and adapt to them, they will be better prepared to deal with an economic crisis when it hits.
“It's not to say you won't have to make any changes, but you won't have to pivot as hard as businesses who were doing business as usual all those years before,” Mr. Fukui said. “Your business will be better prepared and most likely thrive during the crisis moments while others are playing catch up.”