One of my earliest jobs was stocking shelves at a health and beauty aids store. It was good training in maximizing time, effort and efficiency. My boss at the time had a simple philosophy, “If you can lean, you can clean.”
In other words, there was always something productive to do. If there were no customers, then there were shelves to face, floors and displays to clean, and inventory to organize. Sitting around waiting for something to happen or someone to come in was not an option.
I’ve been reminded of that recently as the furniture industry struggles with the uncertainty of tariffs and their impact on the global supply chain. Faced with slower traffic and uncertain pricing, many in the industry are taking a, “wait and see” approach to business, doing enough to keep goods on shelves but little more.
See also:
That is an understandable and prudent course, but that does not change the reality that within any company right now there are things that can and should be done to strengthen operations and set the stage for a more successful recovery once the global sourcing situation is resolved.
For example, now is the perfect time to invest in staff training, to inculcate best practices, review strategies and address issues that in busier, more hectic time, might be put off. This is also a good time for technological and process upgrades.
Thinking about changing ERP systems? Cost issues aside, that’s a process that is invariably disruptive, time consuming and fraught with the potential for error. What better time to undertake that transition than when business is slow. When business picks up, you’ll have the appropriate systems in place, debugged and ready to support the increased business that will likely follow the resolved tariff situation.
This is likewise a good time to consider assessment and reinvention of key touchpoints with consumers. If you’ve been noticing warehouse and delivery processes getting sloppy, now is the time to undertake a systematic re-evaluation to ensure that, whatever the next phase of industry evolution entails, you and your team are ready. Been thinking about reorganizing a warehouse to smooth work and traffic flows? What better time than when volume is low.
Periods of slower activity can also be a good time to experiment with new product segments, store layouts, pricing and offer configurations as the risk of disruption lower than during periods of heightened traffic and sales activity. Additionally, what better time to experiment with new merchandising segments than when the existing business is slow.
Again, the goal is to lay the groundwork for accelerated recovery as conditions improve. There is little doubt that business is disrupted currently, and there is equally little doubt that conditions will change.
How companies handle the interim will go a long way to determining the winners and losers longer term. How are you capitalizing on the current situation? We’d love to hear from you.