I was thinking about something Frank Cannata shared with the team at The Cannata Report the other day.
He was speaking to a dealer who has most of his employees working remotely now. These days that can be any dealer. But what this dealer has discovered during this time is that when things get back to normal or return to some semblance of normal, he won’t need as many employees or as much office space.
This may be something some of you have also discovered during this shelter in place scenario where your employees are working remotely.
My significant other is an engineer with an architectural engineering firm that does building construction and renovations. When I shared this observation with her, she told me that this isn’t anything new and is something her firm has been seeing for a long time. As an aside, her firm had to lay off some employees and furloughed others as many construction projects have been suspended because of the pandemic. She’s fortunate right now to still be working.
During this downturn in business, her firm has been revising its marketing materials to emphasize its expertise in design and construction in the medical and lab space. Her firm believes that once this pandemic subsides, there will be an opportunity for significant growth in those markets.
The dealer Frank referenced may be right, he may not need as many people or as much office space because he will have a smaller workforce or because more employees will work remotely. That may be an epiphany shared by many other businesses and organizations.
If you haven’t thought about how things have changed, perhaps forever, I encourage you to monitor how your customers’ businesses and different vertical markets are currently conducting business as well as what market segments might be poised for growth when this is over. By tracking those businesses and verticals, you may find opportunities where there were none prior to the pandemic, including markets you hadn’t focused on in the past.
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