Small businesses have always had an advantage over larger ones when it comes to being agile. Whether it is adopting a new accounting system or adapting to new guidelines for doing business, the size and scale of operations have allowed smaller entities to work fast and reap the benefits – read dinosaurs and mammals in evolutionary terms.
So in the current crisis, what is likely to be the case is that people are not going to stop spending money, but they are certainly going to change how they spend it. As with any rich environment, be it a cash rich society, or a spectacularly diverse ecosystem, when things are good, specialists emerge to exploit every conceivable niche, and often do very well thanks very much. From a humming bird that eats only nectar, to birds that migrate thousands of miles and rely on one small stretch of beach for their refuelling point along the way, any over reliance on a single resource or circumstance is bound to lead to disaster one day. So too, many small business that have grown up to exploit a niche during the boom times that have not developed the diversity to survive when that niche contracts, or disappears, will likely fair badly in the coming months..
The luxury end of the market has seen such a thing. Will as many people spend as much on mobile pet groomers, tanning salons, fake tan applicators and call out car valets as they did when the economic situation promoted a more flaithi
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