Trent365

Hedging is something usually associated with a commodity. Like fuel.

By hedging on fuel prices, an airline commits to buy X amount of fuel over a set period of time at a fixed price. The reason they do this is to protect them against fluctuations in the price over time.

The key attribute here in the volatility of the price over time.

With all that's changing in the way we do business in the New Normal, the same volatility we usually associate with things like oil and currencies, may start to come in to play with other supplies for your business.

Face Masks, for example, maybe be part of every business for the foreseeable future.

If there is a sudden spike in COVID-19 cases again, the price of face masks might spike too.

Perhaps you could hedge face masks?

For a Spa, if we believe there will be volatility in the price of our skin care products, due to issues with the global supply chain, maybe you could do the same. Hedge against your skin care products?

Anywhere there is significant volatility in price over time, hedging is worth considering.

#hedging #hedge #rethink

In a recent interview on The Raad Life, Nicolas Ronco discussed the topic of Escapism vs Essentialism with host, Raad Ghantous.

The suggestion is that many spas are servicing Escapism wants vs Essentialism needs.

To me, Escapism is about the Short Term, whilst Essentialism is about the Long Term.

Both have their place. Indeed, many businesses offer elements of both.

And I do think this could be a very interesting lens through which to view your business.

Are you selling Escapism or Essentialism?

Because the answer to that question will inform your messaging, your pricing, your offering and even the timing of each of these.

Here's the link to the interview...

https://youtu.be/_mbGkHkjJp4

#escape #essential #shortterm #longterm

We are moving into a world where, at least for a while, physical contact is bad.

That's good news for Vending Machines.

Some are saying hotels will remove minibars in guest rooms due to the need to santise each and every item before a new guest checks in.

Mini Vending Machines in guest rooms could be an alternative.

Or even full size vending machines on each guest floor.

Think of the large, open fridges in supermarkets where customers are encouraged to help themselves to their preferred item. How many other customers have touched that milk carton before you selected it?

Vending Machines again seem like an ideal alternative.

Methinks we could be in for a bit of a boom in the Vending Machine business.

#vendingmachine #contactless #postcovid19

The 'New Normal' is on the mind of every business owner and manager right now.

For many, that means Face Masks, Social Distancing, Sanitising.

But what about the secondary financial impacts?

Not just the costs of these new safety measures, but of increasing inventory costs.

Supply Chains around the world have broken.

The best way to ensure your business against disruptions in the supply chain is to maintain higher stocks of inventory.

That comes at a cost, of course.

But you may not have much choice.

#inventorymanagement #supplychainrisk #businesssurvival

In times of crisis like we're all experiencing right now, it's easy to feel like you have no control.

We are all being severely influenced by factors beyond our control.

But it's important to remember you can always control your Effort and your Intent.

It's up to you how much Effort you put in.

Chances are, the more you put in, the more you'll get out of it.

Even though that might be less than you would have previously gotten for the same effort, it's better than the alternative.

And no matter what decisions you make, there will be doubters, disagreers & haters.

Guess what? They might be right too.

But as long as your Intent was good & pure, that'll have to do.

Your best Effort and your best Intent is sometimes all you can control.

#intent #effort #control

Over the past few weeks I've had people from all over the world reaching out to discuss various issues.

They're seeking for clarity in a world of confusion.

The problem is they keep receiving Mixed Messages. Conflicting information.

And that is the New Normal - Mixed Messages.

You need to deal with it in your business.

More importantly, you need to understand that your customers and clients are suffering from Mixed Messages too.

Clarity of Communication at this time is critical - but that doesn't necessarily mean MORE communication.

Over-Communicating at a time like this might only increase the confusion and anxiety.

#crisiscommunication #messaging #clarity

Trust has always been an important factor in any client relationship.

On the other side of this COVID-19 Crisis, it will be critical.

Trust has taken a beating during this current crisis.

We're not sure who or what we can trust anymore.

In every action, in every communication you have in your business, make sure Trust is the driving influence.

#consumerconfidence #trustbuilding #trust

There's been a bit of talk during these COVID-19 lockdowns about how long it takes to change a habit.

Most of what I've read suggests that after about 2 months, you'll find your new habits forming.

But how long would it take to change the culture?

Take the handshake or the kiss on the cheek. Neither are welcome in a post COVID-19 world.

In Thailand, the Wai gesture is used for greetings instead. No contact required.

Could that become part of the culture of greetings the West after 6 months? Or maybe a year?

Or would this level of cultural change be a generational thing?

What about the Pub culture?

If Pubs stay closed for a few more months OR the New Normal of social distancing changes the experience so much that it's just not appealing anymore, would the Pub culture that is so much a part of many countries, disappear?

#culturalchange #postcovid19 #habitchange

This current COVID-19 Crisis is a unique Moment in Time.

There will be much pain and suffering for many.

But there will also be a lot of opportunity. There always is from these big Moments in Time.

For those that are able to see them and are prepared to take a chance on them, the opportunities will be there.

Chances are though, you will miss these opportunities.

Don't believe me, just think about all the other unique Moments in Time that you have already missed...

The Internet, Social Networks, Bitcoin...the list goes on.

This is a Moment in Time. What are you going to do with it?

#carpediem #moments #opportunityknocks

Most arguments in favour of online shopping have traditionally centred around convenience.

There's been nothing really wrong with shopping the old fashioned way. It's just that online is a bit more convenient.

That was Pre COVID-19.

In a Post COVID-19 world, shopping offline SUCKS!

Long queues & waits to get in the store. Masks. Hand Sanitisers. Gloves.

It's just not fun.

Shopping offline has now become a painful experience.

So it's now just a question of how long and how much of that pain we can endure before the default of every shopper is to look online.

#onlineretail #retailexperience #postcovid19