How Businesses Are Changing and Adapting

Change, while difficult, is the constant of life. The current pandemic has required a change of us all on personal and communal levels. Businesses are adapting as well to the changes and needs of consumers everywhere.

Businesses Are Adapting for the Better

For businesses, just like in society, change occurs at a gradual pace. Almost 25 years ago, we experienced the first wave of online businesses. Today, because of the current pandemic, businesses were forced to embrace e-commerce to stay competitive. If they didn’t have an online presence, they partnered with companies who did in order to reach a consumer base that was also adapting by self-isolating. Big businesses launched online stores. Local businesses partnered with ride-sharing companies to make deliveries on demand. Restaurants, grocery stores, and other businesses that are necessary to every community figured out how to adapt in order to serve their customers, and find new ones in the process.

Positive Change for Businesses and Customers

The big change in the relationship between businesses and customers started months ago with the first signs of the pandemic. Businesses put the well-being of their employees and customers first. Businesses started to take precautions to ensure the safety of their employees and those products were delivered in a way that minimized or even eliminated contact with customers. Local manufacturers refitted their machines to start turning out masks, face shields, and other PPE for both consumers and healthcare workers. The CARES Act also played a part in providing relief funding through PPP loans so small businesses could maintain operations and take care of their employees’ wages and benefits. Local businesses are even joining forces to pool resources and help each other serve their respective communities.

Looking to the Future

No one can truly say what the future holds. However, if one thing is certain, it is that after this pandemic, businesses will be more prepared for anything that comes their way. Also, businesses may develop a new approach to commerce and how they view their customers moving forward.

At Nanaki Capital, we provide financing solutions to small businesses to help them adapt during this pandemic and to help them prepare for the future. Contact our offices today to learn how we can help your business.

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