Is this unique environment that we are seeking to navigate, some Industries are better suited than others to survive and thrive? I came up with a list of 8 business categories well situation to maintain or even grow throughout this crisis.
Liquor Stores It’s just anecdotal right now but it stands to reason that with people stuck at home. Unable to go to work, restaurants or bars they will be consuming more alcohol. Liquor stores should benefit. Especially those with drive through windows. I expect that stores may even be allowed to carry out home delivery.
Delivery Restaurants. It will be hard for restaurants to survive this downturn but those that do a strong delivery and take out business will see that grow. I am already hearing from some restaurant owners in the QSR (quick service restaurants) category that their business is up despite the closing of the dine in facilities.
HVAC and Home Repair . It’s getting hotter with summer approaching. As HVAC units fail, they will need to be repaired. Same goes for plumbing and other home repair businesses. This should blunt the effects of the crisis for many of these companies.
Delivery Services : It’s not just prepared food that will be delivered. Everything from groceries to household goods to medicines will be taken directly to the home.
Grocery Stores . This category includes convenience stores and butcher shops. People still need to eat. And with social distancing and restaurants closed the public will be eating at home more than ever. So, we expect this business category to do very well just so long as they can keep shelves stocked.
Truckers . A key part of the food chain. Grocery stores and pharmacies depend on this category to stay supplied. Those engaged in these Industries will continue to operate.
Commercial Construction (limited). Residential construction is likely to see a steep downturn. However certain segments of the commercial construction Industry already have long term contracts in place that will carry them through this period of uncertainty. For commercial constructions it is often possible for workers to distance themselves from each other as they work.
Medical . We include pharmacies in this category. But it’s not going to be across the board. Opticians, Dentists etc. are going to have a tough time. However, those engaged directly or indirectly in the fight against the coronavirus will be busier than ever.
One problem these businesses won’t have is the ability to hire new workers. With Nationwide layoffs the pool of available workers will be bigger than it has been in many years.
One last thing to remember in all these cases is the critical importance of keeping employees and customers safe. For example, Domino’s Pizza and Pizza Hut are now offering a “zero contact” delivery option. Yesterday I spoke to a friend who had to have a kitchen appliance repaired. The repairmen showed up in what were hazmat like garb and explained how they would limit their interaction and disinfect before they left. These are the kind of steps that give consumers confidence to engage your services. Those Companies that take extra steps to reassure their customers will be best able to weather the storm.
Anthony John Rigney BCI
Business Broker