Survival of the fittest, natural selection - call it what you like, but don’t call it luck. Businesses that have survived and thrived during these unprecedented times have evolved their way to success by listening to consumers and making smart, data-led decisions to build their presence and popularity. Let’s take a look at some age-old trades; the butcher, the baker, the candlestick maker, and how they’ve evolved over the decades to become more relevant than ever...including during the COVID-19 pandemic.

The Butcher

Struggling to exist:

Butchers have been around in one shape or form for many hundreds of years, with ancient Romans using stone tools to manufacture their cuts of meat. Today, when most of us think of a butcher, we still conjure up an image of the local village store with sausages hanging in the front window and a sign on the street advertising the special of the day. But, needless to say, these traditional bricks and mortar style butchers were hit extremely hard during lockdown and the ‘invisible loss’ we referred to last week is quickly becoming visible, to the point you may sadly never see some of these artisans open their doors again. Those that do manage to survive will have more than likely lost a significant share of the market.

Fighting fit:

The butchery industry as a whole, however, has done a roaring trade over the past 6 weeks - thanks to those forwarding thinking innovators who went virtual. Yes, meat in a box delivered to your home is a thing and it’s a raging success. These businesses that took their trade online boomed during lockdown and Alert Level 3, gaining more customers than ever and consolidating their competitive advantage with larger databases which they can now remarket/upsell/cross sell to.

The Baker

Struggling to Exist:

Like the butcher example above, many main street baking establishments have had high overheads and wages to pay for with zero income during lockdown. Bakeries employing a traditional business model have been battered over the past 6 weeks. This is partly because of the lockdown and partly due to a lack of investment in digital and a failure to establish customer databases for communication. Customers want to interact digitally; they want to search, to contact, to order, to pay and to arrange collection virtually, and the lack of investment by businesses in this space has been costly.

Fighting Fit:

But again, has this meant no cakes and pastries have been sold in Alert Level 3? Nope. Au contraire. Many bakery businesses has evolved in recent years, boasting a sweet online presence and using customer data effectively to communicate and engage with customers. As a result, repeat business is strong and their potential market has gone from a few hundred nearby locals to thousands of cake lovers with internet access.

The Candlestick Maker

Struggling to Exist:

The ancient business of candlestick making, born well before the days of electricity, died a long time ago, due to its stubborn and eventually redundant focus on candlesticks being a source of light. Seems pretty obvious right? But it wasn’t at the time and many candle stick businesses slowly ‘burnt out’, pardon the pun, in denial of the changes happening in their market.

Fighting Fit: 

But that's not to say candles aren’t still a thing - because I bet most of you have a fragranced candle in your home. And that’s the catch. Innovative candlemakers managed to keep the art of candle making alive by shifting focus from the essential service of bringing light, to the high-end luxury market of bringing delightful fragrance into the home. One of the early adopters of this concept shift, Yankee candles, is now the biggest candlemaker in the US. 

Which brings us to ….

Your Accountant

Accountants can be traced back to ancient civilisation, where they were mostly relied on for keeping a record of crop and herd growth. In more modern history, business owners of all sizes have relied on accountants for their financial expertise and understanding of financial laws and processes. But that’s changing now too. 

Struggling to Exist:

As increased automation threatens the traditional role of business accounting, and NZ small to medium enterprises (SMEs) demand better advisory options, Kiwi accountants are being challenged to upskill in order to remain relevant.  Sure, an accountant can take away the stress of tax and compliance, but those who continue to focus all their energy on compliance are merely a few years away from extinction. Interestingly, there has been a 30% spike in online searches for accountants during COVID-19 and these are not new businesses opening up. These are established business owners who are feeling dissatisfied and wanting more than a transactional relationship. They are business owners who want help to ‘survive then thrive’ post COVID-19.

Fighting Fit:

What today’s business owners need is a growth partner. A professional who not only has your finances covered, but who also helps you seek out growth. A trusted advisor who can point you in the right direction of the best marketers, HR experts and the latest technology deals. An accountant who wants to do more than check IRD boxes. A Grow NZ Accountant who can help you with the what, the how and the who - not just the ‘grow your profit/cut your costs/increase your revenue’ style of accountancy.

If your accountant is an old-school ‘candlestick maker’ type, contact the All Accounted For team for a no-obligation chat about how we can become your growth partner and give you confidence in business.