What Makes a Resilient Business?
Just returned from a brief vacation to Long Beach Island, New Jersey, I had a chance while there to browse and make some observations about The Five Most Important Types of Business Management, businesses reopened, redesigned, and those not to reopen probably ever again. There were triumphs and tragedies. One of my favorite book stores ever, the Bookworm in Surf City, sadly closed and I did not have a chance to tell Julie, its owner, goodbye. It had the most creative selection of books I have ever seen in a store and was just the right size for browsing. I could buy books like “The Very Hungry Caterpillar” for my then young daughter (now age 24) and histories, novels, biographies, the latest best sellers and commentaries on politics, mysteries, thrillers, stories of the Island and storms, poetry. It was the kind of place where an avid reader could get lost for an afternoon. The difficulty to continue is a commentary I think on independent bookstores caught in the vise between Amazon online purchases and the much larger Barnes & Noble. On the other hand Book Swap, at the other end of the Island and in Bay Village, was able to combine selling new hardbacks and paperback books with a “swapping” arrangement where customers could trade in their used books and look for more. Book Swap benefits by its location among many other shops and modern arrangement. It is newish although not brand new and has a fresh feel. It must have required quite an investment of time, energy and capital to keep going.
There are examples and this helped when I was planning, of course, from the restaurant and hotel businesses and others. What makes an idea and business last through a long probably most difficult time in a business owner’s life? What makes it work? I came to the conclusion that it is a fortuitous combination of hope, capital, imagination, motivation, partnerships, talented people, attitude and luck. This does not mean that the businesses that did not make it through the COVID-19 times did not have many of the qualities I name but if one or more of these attributes is missing, it does make it exceedingly difficult to continue.
Without hope there would be great reluctance to make the investment of time, capital and energy. Without capital even where there is hope it takes a great deal of creativity and imagination to go on. Without partnerships and contacts running a business can become too much to run on your own.
I can name some businesses that made it through beautifully.
Uncle Will’s, a primarily breakfast restaurant in Beach Haven, must still have their excellent chefs and kitchen staff. They did not skip a beat and are one example of where just keeping on can work beautifully both for service and quality of the food. They did make one small but critical change. As I moved to the cash register I asked “do you still not accept credit?” Then I noticed the credit card swiper – good choice now that most of us do not carry cash. If you’ve decided to accept credit card payments for your business, you’ll quickly realize there are many merchant providers out there and they all charge differently. Don’t overlook the impact of processing credit card fees on your bottom line.
Lucky’s Bed & Biscuit seems to take pet care to a whole new level as a “dog hotel” with all the usual boarding amenities but added indoor salt water pool, supervised play groups and all the foods, toys and other products an owner could want. We did not see its location in Manahawkin off the Island but its location in Beach Haven was actively marketing. Adding a second location seemed to be another trend. The local ice cream location “Uncle Louie G’s” added another branch with its signature “Uncle Louie” caracature, again near Bay Village.
Fantasy Island, the amusement park in Beach Haven added rides. Nearby there are lots of outdoor venues for pizza, coffee and teas, ice cream, and donuts, no doubt more outdoor locations since indoor was a problem during the pandemic. Smallcakes LBI ‘s “Birthday Party In a Box” is a creative idea with the ingredients artfully arranged to make your own “smallcake” birthday cupcakes.
If you’re a business owner, how do you market your business? You can ask experts like VICTORIOUS if you’re looking for ideas. Or you may consult an SEO agency if you need to enhance your online visibility and attract potential clients.
One holdout was a tee shirt, surfboard, and beach outfit shop that was closed, if you can believe it, only on Saturday’s. Who would do that on the best shopping day of the week? On the door was a note that listed blame for others for its problems, the reverse of the old saying when life gives you lemons make lemonade.
About the Author Janet Colliton
Esquire, Colliton Law Associates, P.C. Janet Colliton has practiced law for over 38 years, 37 of them in Chester County, Pennsylvania, a suburb of Philadelphia. Her practice, Colliton Law Associates, PC, is limited to elder law, Medicaid, including advice, applications and appeals, and other benefits planning including Veterans benefits, life care and special needs planning, guardianships, retirement, and estate planning and administration.