business backgrounder | innovation
best of times, maybe more so in a global pandemic. She and her daughter Makenna led an
effort to overhaul their business model, from creating new menus, schedules and packages
to finding new ways to connect with the Covington community. And although their staff
has been cut from 22 employees to five, Ristretto’s is still open.
“I worked 70 hours a week for the last five years and to think that we could just lose
it — it was just terrifying,” Martin said.
Martin’s experience is a small window into a much larger business story playing out
across the country: The old world is gone, and we have to try something new. Today.
The private-sector innovations and experiments of 2020 are impressive by any measure,
and the year isn’t even over. From virtual offices to touchless payments and creating new
product lines, employers are quickly adapting to the coronavirus economy.
The rise of remote work is one major change. About half of the people employed
before the pandemic are now working remotely, The New York Times reports, compared
to 15% before.
Microsoft Teams, an online meeting portal, has provided crucial connections to
employers, their employees and customers across the globe. Zoom, GoToWebinar and
others are also in the mix.
The shift to online offices could also have a major impact on the commercial real estate
market. Some observers say the world will simply need less office space now, and others
say the next modern office will undergo changes aimed at social distancing.
The Covington Chamber of Commerce made the leap to a virtual office in 2017. The savings amounts to more than
$10,000 a year, and it’s a move that has positioned the chamber well as the impact of the pandemic ripples through the
economy.
“Overall we really just didn’t need the physical office space,” Executive Director Jennifer Liggett said. “We measured
the visitors and reasons for dropping by and it wasn’t enough to justify continuing to pay rent, utilities and other
expenses.” She gets a few calls a week from other chamber leaders across the country, asking about the experience.
The online world has expanded to consumers, too. To help people avoid exposure, Premera Blue Cross and other
healthcare providers have expanded telemedicine for mental health, colds and other non-emergency situations.
“Get care when and where you need it—and right now that’s at home,” Premera tells members on its website.
Customers are also connecting with baristas online. In June, Starbucks announced an effort to transform its U.S. store
portfolio digitally.
“Over the next 18 months, Starbucks will increase convenience-led formats in company-operated locations with drivethru
and curbside pickup options, as well as Starbucks Pickup locations,” the company reported.
summer 2020
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