Happy Tuesday and Happy Valentine’s day!
I read an interesting piece in the Morning Brew yesterday that mentioned, according to a Bloomberg News analysis; Manhattan workers are now spending about 30% fewer days in the office. As a result, their collective spending dropped by at least $12.4 billion a year. Yes, that is correct $12.4 billion a year! The average worker spends $4,661 less per year on meals, shopping, and entertainment near their offices in New York.
Here we are with another situation of adapting and overcoming in 2023. If you own a business that services business professionals, you need to think of ways to create future sales because, at the end of the day, you still need to get results if you want to stay in business. Office tenants are reducing square footage, and some are redesigning their office space to accommodate our current situation. The big question is how a business primarily focused on revenue from the business community now creates new or additional business revenue.
I recently dropped off some dry cleaning at my local dry cleaners, which was the first time in a while. I used to drop off items to be cleaned on average three times a month. I asked the owner so, how have you changed since the pandemic? He said that with the loss of revenue from business professionals, they started emphasizing blankets, quilts, coats, and even pick up and delivery for clothing items. Will the revenue come back to pre-pandemic times? Probably not, but they are not being status quo and adapting to our new and different opportunities. At the end of the day, this local dry cleaner needs to survive.
It is tough, different, and challenging, but this is where leadership comes into play with a plan for today, not yesterday, and a process the whole team is on board with. Block out the noise, control what you can control, and stay focused.
Wishing you great success!
Out think, Out Market, and Out Sell the competition…..