The past year has been a challenge for all business owners, even those in strong and growing industries. Businesses have had to adapt their delivery mechanisms, be more flexible with their workforce, and respond to changing and uncertain customer demands. The businesses owned by HRH Capital have been forced to adjust staffing, come up with creative safety protocols, and be flexible with growth plans.
Facing challenges can be both exhilarating and exhausting, as this year has proven, and it seems that these challenges are here to stay. Service businesses providing in-person contact are still needed, but are having to change their operations to ensure safety. HRH has been able to use our lean, operational expertise to apply principles to our service-sector businesses to ensure clean workspaces, organized operations, and the ability to smoothly move people in and out of appointments.
Growing has also required us to step back and consider the core services we offer, ensuring that customers are getting their basic needs met. Further, promoting our core services, the things we are strongest at doing, when others are floundering, has lead to strength in relation to competitors.
Through the different businesses in HRH Capital, we work with or touch a wide variety of industries. Early this year, some were ramping up while others were floundering as supply chains shifted. Then, over the summer as things started to stabilize into a “new normal,” we watched a shift where businesses that had strong plans in place were able to adapt and even thrive while others begin to struggle and closed their doors.
Just as we saw last decade with the recession, businesses can grow and thrive during difficult times if they know what their strengths are and are willing to adapt to meet changing customer needs.