In the midst of COVID-19, there are a whole new set of considerations that must be factored into your business plans and goals. “The online option will eventually become the default, low-cost, budget option — the standard option for time-sensitive consumers,” Ms Kelareva said. But the key to future proofing any business, is to be scalable and flexible to changing dynamics. Lockdown plans and provisions need to be in place with everything from staffing to stock. “There is a trend towards more high-end experiences where it’s booked events, minimum prices and more high-end food offerings,” Ms Kelareva said.
Top 5 ways that GDPR has impacted digital banking
Transport and parcel delivery services keep businesses running smoothly. In short, there will always be someone somewhere who needs something delivered. Many Bookkeeping for Chiropractors companies are hiring freelance graphic designers for their business as online projects have increased. Thus, you can pick many projects from different companies at the same time.
Meal kits and food delivery
We all have had significant lifestyle changes as a result of the shutdowns, changing everything from the way we work, socialize, shop, and spend time. Companies addressing these changes have seen substantial growth rates than most other sectors during the time of social isolation. And pandemic proof businesses the ones that cannot adapt to these changes, as we have seen in the news, have started filing for bankruptcy protection. Investors, customers and employees increasingly expect firms to be resilient and adaptable.
✔️ Money Transfer / Remittance / Bills Payment Service
Virtual therapy apps such as Talkspace are seeing more demand and even post-pandemic, these types of services will likely remain popular because of their accessibility and flexibility. The coronavirus pandemic has pushed more people to spend time at home cooking and baking, making all sorts of new recipes. One part of this new trend is specifically baking bread, which is helping Americans alleviate stress and tap into their creativity. In turn, companies that enable the baking of bread have seen their demand sharply increase, including makers of flour and yeast. However, some small businesses have proven to be uniquely suited to the COVID-19 crisis and have seen an uptick in demand.
- Plans should include specific protocols for different scenarios, such as natural disasters, cyberattacks and supply chain disruptions.
- Many of the top brands for meal preparation and delivery are skyrocketing due to people spending more time at home and less at restaurants.
- While many companies are hurting during the coronavirus pandemic, some small businesses are seeing lots of new and returning customers.
- If you really take off, you can even work with local distillers to create your own brand of liquor or a mixer.
- Our data set ranges from the share of small businesses operating in high-risk industries to small-business credit conditions and the state’s small-business friendliness.
- There are different types of writers which some of them feel like writing for the organization and on the other hand, some write for themselves.
Getting involved in this fast-growing industry could be as simple as becoming an Uber Eats driver or an Instacart shopper. You could also create your own independent courier service where you deliver groceries and income summary other essential items, or run errands such as picking up medications. In 2020, cleaning and antibacterial supplies flew off the shelves and many commercial cleaning services found themselves in higher demand than ever before.
- Then why not you can start your medical courier service for your local place at the initial stage.
- As more people than ever are stuck at home due to coronavirus fears, homeowners have much more time to tend to their lawns and gardens.
- Instead of riding out the storm and hoping for a vaccine, shift your attention to online sales and embrace an omnichannel approach.
- In 2020, cleaning and antibacterial supplies flew off the shelves and many commercial cleaning services found themselves in higher demand than ever before.
- But a bigger part of preparing your business for economic uncertainty is strategizing.
The early 2000s and 2010s saw a rise in firm strategies that focus on developing the most cost-effective operations while leveraging global resources, leading to the creation of far-flung global value chains. Firms often concentrated essential operations in a single country as part of their centers of excellence strategies. For example, companies concentrated on Chinese facilities for manufacturing and Indian facilities for call centers and software development. The COVID-19 pandemic and escalating geopolitical risks have highlighted vulnerabilities within business operations and underscored the need for a proactive approach to building resilience in global value chains. This paper explores how firms can build operational resilience, focusing on governance, risk management, supply chains, technology and regulatory compliance.
- It generally makes the recession proof list, no matter the economic climate.
- While many utility companies are public, some — like some green energy and solar panel companies — are private and can be a smart option for small business owners.
- Some set up shop in front of their houses, at street corners, or even on dirt roads where lots of bikers take a rest stop.
- While nationwide food delivery services and corporate retail deliveries have been the largest beneficiary, local delivery services such as GrubSouth in Huntsville, Alabama are also seeing strong demand.
- Companies should have detailed objectives and principles to provide a common vision to work toward.
If you have a background in health, exercise, and wellness, start creating content to help people better themselves and get out of a funk. Blogs and articles are a great way to share recipes and workout routines that people can easily do from home with little to no experience. Start filming the ways you decompress, be it cooking, exercising, meditating, stretching or just talk about health habits in general. Once you have the completed video, edit it, add music and upload it to YouTube, TikTok, Instagram, Facebook and other social media platforms to share with your audience. If you’ve built a dedicated following, you can work with your audience to create personalized workouts and diets for them, at a cost. Unemployment in August was relatively high, compared to some of the other top industries, at 12.4%.
So, it’s safe to say we’ll likely continue seeing utility profits soar within the next few years — making the overall industry a safe bet for business owners. Out of all utilities, investors are the most optimistic about the long-term growth of the renewable energy industry. Revenues for American renewable energy companies have risen by 5.7 percent annually over the past three years alone. And analysts predict the industry to grow by 22 percent over the next five years. In fact, according to the Economic Policy Institute, parents in 2020 were paying $42 billion for early child care and education, such as preschool programs. But the industry is still recovering from other impacts the pandemic had.
The Hudson Valley Seed Co., based in New York, has seen web-based demand increase five-fold in the past month. “Usually, we see vegetable and flower sales split fairly evenly, though at this time we’ve seen a much greater interest in vegetable seeds, especially high-calorie types like potatoes, corn, beans, and squash.” In particular, coffee subscription companies that deliver new beans weekly or monthly are getting a lot more attention from consumers.