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Adapt and Prosper

Written By Monica Savaglia

Posted April 14, 2020

Sometimes change is scary. Some of us are scared of it more than others. Regardless of who is the most scared, change is inevitable. There will always be things that are out of our control. That doesn’t mean that we have to just sit back and let it happen and maybe deal with it later. That would be a little irresponsible and also probably lead to some regrets.

I don’t have to remind you that our lives have been disrupted by COVID-19. Some more than others. We’re all working to adjust and to make the best out of the situation. And of course, some people are struggling harder than others. Those are just the facts of the situation that we are in. 

Businesses are struggling to stay afloat. There are so many small businesses in Baltimore that are trying to make ends meet. Working hard to keep their livelihoods up and running. They don’t want to see something that they worked so hard for just crumble right in front of them. They had to adjust. Adjust their business plans to make them more sustainable. It isn’t just small businesses, but larger ones too. 

You know Ford (NYSE: F) as an American automaker, but during this pandemic, it is shifting its business in a new direction. A direction that’s going to help out Americans who are fighting the virus firsthand. This past Monday, Ford announced that it’ll be expanding its business into a new area — medical technology. The company announced that it’ll be working with 3M to manufacture a portable, battery-powered respirator which would use technology similar to what is found in Ford F-150 pickup trucks.

Ford will also be making face shields, face masks, and medical gowns to assist with the fight against the COVID-19 pandemic in collaboration with GE Healthcare. To add to that list, Ford has also partnered with Joyson Safety Systems to create reusable medical gowns from materials that would have normally been used for vehicle airbags. Not to mention, it’s helping Thermo Fisher Scientific to develop a COVID-19 test kit.

Ford’s vice president, Jim Baumbick, had this to say:

We knew that to play out part helping combat coronavirus, we had to go like hell and join forces with experts like 3M to expand production of urgently needed medical equipment and supplies.

In just three weeks, we’ve unleashed our world-class manufacturing, purchasing, and design talent to get scrappy and start making personal protection equipment and help increase the availability and production of ventilators. 

Ford is helping the country out by using its resources and capabilities as a company to create items that are essential to fight COVID-19 and prevent the spread of the virus. With that being said, I think there is something important to point out and that’s the fact that Ford is partnering up with other companies and creating products it otherwise never would have made. It’s adjusting its business into another area in which it could easily succeed. This act of kindness gives Ford an excellent reputation among the American people and shows that it could be more than just an automaker — if it wanted to be.

Then there are some who have no choice but to stay open because they are deemed as essential. Grocery stores and super-giants like Walmart (NYSE: WMT).

Walmart has it all and it’s still open. People have access to it whether it be at the store, online, delivery, or pick up. The company has tried to keep itself glimmering in the public eye during these trying times. Especially when it comes to the health of its employees. That’s why the company has been installing Plexiglas barriers to protect employees and its customers. Not to mention directing the traffic flow into its stores and encouraging contactless payment systems. 

The company is doing what it can to stay on top and in the good graces of the American public and its employees. A sense of community and showing that the company cares about the community rather than continuing to earn a profit is what it needs to stay on top. Companies like Amazon (NASDAQ: AMZN) and delivery companies like Instacart have faced scrutiny for not caring about their workers. Walmart has been implementing these changes into its stores to protect its employees after news that some of its employees have died as a result of COVID-19

People have been in their homes for over a month and some are afraid to venture out and get the food and supplies they need because of the fear that they might be out at the store and that they’ll have to go to another store that may also be out. That’s why it comes as no surprise that the push for ordering groceries online or through an app has been extremely effective and a go-to resource.

Customers can see if the item is in stock at the store before they go. And not only that, an employee will be getting all the items on your list and either delivering them to you or allowing for pick up at the store. This helps to reduce the risk of coming in contact with the virus.

Walmart understands this, which is why instead of sending Easter promotions last week, it went with sending out an instructional video that lets people know how they can online grocery shop and made this known to people who otherwise never would have seen this as an option.

Even though Walmart has always offered it, most people thought it would be easier just to go into the store. While online grocery shopping becomes our new normal it gives business at Walmart a huge advantage in this industry. An industry where it rivals Amazon.

Individuals or businesses — we all adapt to prosper. That’s why you’re spending your time reading this article and staying informed about industries, companies, and financial news. 

Until next time,

Monica Savaglia Signature Park Avenue Digest

Monica Savaglia

Monica Savaglia is Wealth Daily’s IPO specialist. With passion and knowledge, she wants to open up the world of IPOs and their long-term potential to everyday investors. She does this through her newsletter IPO Authority, a one-stop resource for everything IPO. She also contributes regularly to the Wealth Daily e-letter. To learn more about Monica, click here.

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