Business & Changes in Consumer Habits

The FBS college football season just got cancelled up north in the Big Ten conference and while that has not yet hit Texas, it presents a view into the future of our economic culture for consumer purchase habits. We must not underestimate the significance of cancelling an entire football season as that means universities are forgoing massive revenue from tickets, concessions, and especially TV time. With that being said, one thing remains clear: consumer purchase habits have changed dramatically and will remain in this dynamic state for some time.  

One of the most important things a business can do during this time is ensure it can collect payment for the products and services it renders. As many businesses know and understand, restaurants must now have the ability to take orders online while still connecting to its POS system, retail stores must do the same, and mobile businesses must ensure they can successfully use the social distancing guidelines while collecting payment. With the flu season coming up, with the news of cancelled football seasons, and various other changes, it is very logical to predict that consumer behavior will not “go back to normal” in the coming weeks or months – it is going to take time. With this acceptance, however, businesses can take control of the situation and of their future to position themselves to succeed in such an environment.  
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With that in mind, what can you do as a business to ensure you succeed in this prolonged COVID economy? Are your payment systems where they need to be? Have you embraced virtual technology? Is your business financial planning on point? These are only a few of the many questions businesses need to be asking so that they can position themselves to succeed. What questions are you asking yourself and what components are you still working on to succeed? As we all go through these changes internally, know that we are here to help in any way possible and that we are here to help you succeed! ​