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.

How Can You Generate Revenue in Uncertain Times?

Is that what we’re calling this: uncertain times? Does that adequately describe what some designers and furnishing retailers are going through? Or, are there a bunch of other “u” words that describe how hard it is to generate revenue right now better? Words like: unsure, unclear, unreliable, unsettled, unpredictable, unsteady, unresolved, undependable...

Calling the current environment for service businesses “uncertain” may be the ultimate understatement. Trying to survive in what has always been known as a “face-to-face” business when you are unable – or not allowed – to meet with clients or prospects presents challenges most designers have never imagined. 

In the second half of this post we’ll share some steps other designers have taken in response to the ongoing health crisis and social distancing requirements. First though, we’d like to share a few innovative ideas from other types of businesses that just might get your own creative juices for generating revenue flowing.

Innovative Ideas to Generate Revenue in Times of Crisis

Granted, keeping your business robust during a health crisis is easier said than done, so here are a few examples we heard of recently that may just offer some inspiration:

• Bakery cooks up some classes – A local bakery has been all but forced to close due to the restrictions placed on businesses. While they can deliver and are available for pick up orders, their revenue has been slashed. Their solution was quick to develop, and now, they are offering online baking classes at a modest fee. This is keeping them engaged with their customer base while offering a valuable service, and it has also allowed them to soften the blow of their lost revenue.

• Masseuse manipulates her business model – A massage therapist we heard of has had to stop all direct interaction with her client list. Revenue has dropped to nearly zero. Her response is innovative and effective. She has begun creating a series of meditation videos that teach self-massage techniques, as well as online classes for couples to learn massage for each other. While her fees are modest, she has weathered the storm so far and is looking forward to reopening her studio as soon as possible.

• Online coach tries pay as you go – Finally, we know of a weight loss coach who has had to adapt to a significant loss of revenue because many of her clients are either not working or are working much less. Their loss of income has forced them to stop working with her since they simply can’t afford her fees. Knowing how important her work is to her clients, her response is to offer the same services to all existing clients with a “Pay What You Can” business model. Clients who’ve continued to work with her to lose or maintain their weight always pay her something, while many pay nearly as much as she normally charges.

These examples of outside-the-box thinking and marketing are enabling business owners to survive in spite of the restraints being placed on them. The fact that they refuse to simply let their businesses die is inspiring and we hope they help you to develop your own approach to staying active and productive.

Virtual Solutions to Pandemic-Induced Business Challenges

A recent article titled How a new generation of designers is teaching (and earning) online, from the folks at BusinessOfHome.com, offers insight into how some designers are expanding their menus and markets in the face of the pandemic – and before.

According to author Haley Chouinard, “Whether it was fellow design professionals looking for business tips or clients interested in the decorating process, the inquiries [from] others repeatedly asking them for advice… demonstrated that there was a viable interest in their experience, which in turn meant that there was an opportunity to share—and monetize—their acumen in a more official capacity.”

This has led to many of these designers to offer workshops or courses, including online training, teleseminars, and/or webinars.

“I wasn’t interested in offering individual business coaching,” says Sandra Funk, who founded the Montclair, New Jersey-based interior design firm House of Funk in 2005. “But I didn’t want to ignore the hunger that I saw for this type of content, which was about sharing the real details on things like how to price a job or what language should be in your contract.” In April, after 18 months of planning, Funk launched The Interior Design Standard, an online business program for interior designers, Chouinard explained.

From eDesigner to eDesign Training

From Facebook Groups to one-on-one and group coaching, these designers are being creative in their responses to the pandemic-induced shutdowns we have all experienced this year. Interestingly, this also includes how to start an e-business about, and for, interior designers.

As an offshoot of her digital design service, eDesign Tribe, designer Jenna Gaidusek launched eDesignU, a platform for independent e-designers. “I launched the eDesign Tribe Facebook group in 2018 and decided to put together a course soon after,” says the Gainesville, Florida–based designer, who has been operating an online-only design firm since 2015. “There was so obviously a lack of information on how to start a virtual business or how to incorporate digital design into existing firms.”

In a slightly meta twist, [rather than merely offering how-to courses on setting up a virtual design platform], there is now even an eDesignU class that teaches designers how to create their own online classes, something Gaidusek collaborated with interior design business consultant Leslie Carothers to produce. “We saw that course as a way to incorporate other voices on the site,” explains Gaidusek. “Once designers knew this was something they could do on their own, they could create their own courses that we could host on eDesignU.”

Can you think of ways to combine the ideas from the first half of this post with those of the second? Perhaps you could offer homeowners some training on the design process on a “pay what you can” basis, as a way to build a future client list? Just a thought.

With all of these thoughts in mind, Ted remains available for business consulting support to interior designers and furnishing store owners. Whether virtual or facemask-to-facemask, with more than 25 years' experience in the luxury furnishings industry and through all sorts of economic crises and natural disasters, he should be able to help you cope with all the changing trends and priorities.

To get in touch with Ted, or for more design trends, business tips, and marketing ideas… Get in touch with TD Fall today.