In this week’s version of Covid Insights, we are going to break it down into a few sections. Let’s start with some interesting facts we picked up from various industry media sources.
These trends have been fairly consistent since early March and we expect this to continue.
Interesting facts affecting the restaurant industry include the following.
Here are some insights affecting the retail side of the business.
The much over used term “the new normal” does not feel strong enough as we prepare for the Post COVID-19 consumer. They will fundamentally change their behaviors for eating out and grocery shopping in a manner we have never seen in our lifetimes. We need to prepare.
Here are a two interesting quotes that I feel are relevant for this week.
“….despite the horror of it all, this is the best time ever to start a business.”
“You only find out who is swimming naked when the tide goes out.”
I take away two thoughts here. Disruption creates opportunity. The best innovators will look back and see this as the pivotal moment of their career. And, strategic planning takes on a new meaning. We need to plan for the unthinkable and promote a mindset of adaptability during tough times. Leadership is more important today than at any point in our careers. Oh, and always where a bathing suit! 😊
It is not a secret that those focused on the food service side of our business have been impacted the most. Out of necessity, we are seeing some fast moving and innovative strategies emerge.
What ties each of these together is that they had to reinvent themselves very quickly. Many more examples are out there. Two of these companies are long standing, yet their leadership looked beyond the four walls and allowed their teams to create new solutions. As we know, it was hard to steer the Titanic. Sysco and Baldor could have been the Titanic, yet they found a way to adapt quickly. I expect many more innovations from this sector.
Our goals to support our clients going forward include the following.
Submitted by a friend of LIA