Agile Entrepreneurs Are Most Likely to Prosper Post-Pandemic

We understand if you're feeling a bit tired of pandemic-related blog posts. It seems like every recognized “expert” (and those who proclaim themselves to be), are spewing an endless stream of the stuff. And yet… And yet, the subject may be the most popular Google search being made today (see image for 3.1 billion search results). The upshot of all of this unsolicited advice is that being nimble will be a requirement for post-pandemic business success. Or, as the title above suggests: agile entrepreneurs and small business owners are the most likely to prosper moving forward.

The reason for this is clear for those who are also agile thinkers. The average person who’s spent the past 6-10 months working from home more than they ever imagined possible is reconsidering the spaces in which they live.

“Indeed, [the restrictive response to] the pandemic has changed many things, especially how we think about and use our homes. It was a year during which we all leaned on our homes a little bit more, willing it to bend and conform more to work, school, exercise, safety, and rejuvenation.” (Houzz Pro)

This shift in priorities should, perhaps, have been expected as many homebound parents and children found themselves spending more time together than ever before. Whether by government fiat or by choice for safety reasons, a large number of homeowners are reconsidering their design choices made in years past.

After all, feeling “stuck” is not an uncommon phenomenon today. Though usually in reference to their careers or work-life balance, the restrictions on movement and personal interaction placed on virtually all of us have bound them to an environment that was not meant for 24/7 habitation.

Changing Demographics in Design Markets

Further, in one of our recent posts, we shared our belief that “… beyond a change in priorities, you should also expect to see a shift in values; the very principles and standards by which individuals choose to live and do business. Literally, for many, they are responding to a shifting world view that has altered their perception of the nature of life. There is probably nothing that can shift priorities as dramatically for them, and you will need to be empathetic toward their needs at all times and in ways you may not have imagined, pre-pandemic.”

Many, if not most, business owners consider market demographics to be based on simple statistics: things like age, gender, wealth, and location. However, for the agile entrepreneur, the mindset must also be considered.

For example, how has your client base shifted their priorities? Has their home become more or less important to them in response to being “locked down” for months? Are they looking for more comfort or more practicality in their home’s design?

These are just a few of the questions you must not only ask yourself, you must also discover the answers if you hope to prosper in a post-pandemic world.

It goes without saying that we at TD Fall will do all we can to help. And, in fact, Ted is always available to work with you on an individual basis, consulting on how your business can best respond to the shifting needs of your design and furnishings clients.

With more than 25 years' experience in the luxury furnishings and interior design industries, he has pretty much seen it all. So, if you're ready to work with a professional consultant who can help you become one of those agile entrepreneurs our changing world demands, feel free to… Get in touch with TD Fall today.

Shifting Priorities – Business and Personal Focus and Values are Changing

Lives and livelihoods have been lost during the 2020 pandemic, and it has yet to fade into the background. As a result, shifting priorities can be expected among your clients, associates, and partners, whether business-to-business or business-to-consumer.

On a personal level, work/life balance has become more important than ever. Relationships, in both the personal and business arenas, are being prioritized by an increasing majority as interpersonal interaction has suffered from the rules for social distancing.

For many, once important pastimes have become trivial; with things such as fashion, social status, and even ideological convictions seeming far less crucial than in pre-pandemic times.

As shared in an article from The Guardian, professor of history and philosophy at the University of Paris Justin EH Smith made an interesting observation about life in quarantine.

“Any fashion, sensibility, ideology, set of priorities, worldview or hobby that you acquired before March 2020, and that may have by then started to seem to you cumbersome, dull, inauthentic, a drag: you are no longer beholden to it,” he writes. “You can cast it off entirely and no one will care; likely, no one will notice.”

And there we have the crux of the matter… “no one will care; likely, no one will notice.”

Except, the clever business owner MUST care and notice if she hopes to prosper in a world where “Nothing is the same as it used to be”, a declaration made by author Michelle Russell at pcma.org.

Individual Priorities are Trends for Businesses

Of course, on an individual level, the changes are usually highly personal, while businesses are responding to broader shifts, as they always tend to do, as a matter of course. After all, the larger the business the more they are forced to respond to changing general trends rather than shifting individual priorities.

In a report published by MIT, titled Amid the covid-19 pandemic, shifting business priorities, we discover that “Organizations are reshuffling projects and accelerating investments that were already underway, leaning heavily on technology to stay competitive.”

Further, “The pandemic is shaking up corporate priorities rather than introducing new ones. Nearly three-quarters (72%) report that covid-19 has acted as a catalyst to their companies’ innovation, but fewer (53%) have changed their technology roadmaps substantially.”

Some key points from the report include:

• Nearly two-thirds of survey respondents expect covid-19 to disrupt the way their companies innovate.

• Businesses are building new capabilities and ecosystem partners and automating as much as possible.

• [Normally slow-to-respond large organizations and] businesses have learned how quickly they can adjust when they have to.

These shifting priorities include: improving productivity, improving customer experiences, and improving the employee or agent experience.

Targeting Shifting Demographics

What does all of this mean for small business owners and entrepreneurs?

It should go without saying but must be reinforced, that when your target audience shifts their priorities, your response – or lack of response – will determine your level of success (or lack thereof).

Resilience and versatility are two of the greatest assets you have as an entrepreneur. Putting those qualities to use in response to your client’s shifting priorities will no doubt be a requirement moving forward, whether during or post-pandemic.

In fact, beyond a change in priorities, you should also expect to see a shift in values; the very principles and standards by which individuals choose to live and do business. Literally, for many, they are responding to a shifting world view that has altered their perception of the nature of life. There is probably nothing that can shift priorities as dramatically for them, and you will need to be empathetic toward their needs at all times and in ways you may not have imagined, pre-pandemic.

Ultimately, the ability to build and sustain relationships will be the saving grace of entrepreneurs and small business owners. By staying focused on the needs of your clients as individuals, you will be able to adapt to shifting needs more quickly and with greater elasticity.

In other words, you are going to need to be empathetic and holistic in your approach to serving the needs of pandemic-damaged clients. For that is what many of them will be; fearful, angry, resentful, damaged human beings who need your support and understanding.

Ted remains available for business consulting support to interior designers and furnishing store owners. With more than 25 years' experience in the luxury furnishings industry, he can answer questions about everything from general marketing to specific tips for developing a unique selling proposition and your UVP as the foundation and guides for your marketing strategy… Get in touch with TD Fall today.