You may have heard this over recent weeks:
“According to Darwin’s Origin of Species, it is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself.” (A quote which apparently does not come from Charles Darwin directly, but from Leon Megginson, ‘Lessons from Europe for American Business’, Southwestern Social Science Quarterly 1963)
I hope you are all adapting and, consequently, surviving.
Me? I am trying, and at least learning from the experience. One learning so far – do not go shopping.
The retail experience with social distancing is now vastly different from that of March 21st.
My story: my motorcycle needed a service and some new coolant. I decided to go to Halfords, a UK based car part and cycle retailer. Having mentioned I was going there, my wife reminded me her car needed a new wiper blade.
But the rules are different now: a 15 minutes SD queue outside, then ask the assistant behind the desk which used to be the front door to get what I wanted, and wait for the staff to find it, leave it on a table and move away so I can tap a card and pick up my coolant and blades.
Except… not viewing the coolant meant I told them the incorrect product description, they said it was not in stock. And I ended up with an incorrect size of wiper blade, not discovered until fitting when I got home.
A repeat visit a couple of days later while on another essentials trip took the blades back and exchanged for a carefully specified bottle of coolant – which they had in stock all along.
They have adapted their approach to social distancing – and done so very well. But it was quite different for me, used to picking what I want and need from a shelf.
The lesson – get it online. My fault, I have not adapted quickly enough, and wasted a load of time in the process.
I have survived despite this slow approach to the new environment. With a Covid19 vaccine still some months away, I know I still have lots more adapting to come. So do retailers.
It is possible you do too. What is the experience like for your customers in the coming months?
In the most recent Phil’s’ Finance Thoughts I promised a little more help on communicating via video, using the ABC. A you may recall is for _____________ and B is for ___ ________ and the C – unsurprisingly, is for communication. Here’s a couple of tips:
- The most important question to ask your team members at the start of a meeting now? “How are you?” Only now, actually listen to the answer. Make sure they are OK and have a chat about what they have been doing. My previous use of this question, expecting it to be followed by “fine” and then move on is now out of touch.
- Structure your team meetings. Make sure they have a Purpose, and Process and Payoff for everyone attending. And make sure people know what you think the Payoff – the benefits of that meeting are to them. How will they better – or at least less badly – off afterwards?
- Not sure how? You can always schedule a Zoom call with me if you are not already “zoomed out”
Buzzwords of the Week – EBITDAC (yes, really)
Definition – E – Earnings
B – Before
I – Interest
T – Taxes
D – Depreciation
A – Amortization
C – Coronavirus
Alternative View – this is snake oil! Not everyone is even convinced by EBITDA, but adding back losses due to Covid -19 is stretching credibility. Another outcome of overpaid M&A consultants. If someone genuinely suggests this – move on quickly.