Insights With Trent Munday

Hedging is something usually associated with a commodity. Like fuel. By hedging on fuel prices, an airline commits to buy X amount of fuel over a set period of time at a fixed price. The reason they do this is to protect them against fluctuations in the price over time. The key attribute here in the volatility of the price over time. With all that's changing in the way we do business in the New Normal, the same volatility we usually associate with things like oil and currencies, may start to come in to play with other supplies for your business. Face Masks, for example, maybe be part of every business for the foreseeable future. If there is a sudden spike in COVID-19 cases again, the price of face masks might spike too. Perhaps you could hedge face masks? For a Spa, if we believe there will be volatility in the price of our skin care products, due to issues with the global supply chain, maybe you could do the same. Hedge against your skin care products? Anywhere there is significant volatility in pric

In a recent interview on The Raad Life, Nicolas Ronco discussed the topic of Escapism vs Essentialism with host, Raad Ghantous. The suggestion is that many spas are servicing Escapism wants vs Essentialism needs. To me, Escapism is about the Short Term, whilst Essentialism is about the Long Term. Both have their place. Indeed, many businesses offer elements of both. And I do think this could be a very interesting lens through which to view your business. Are you selling Escapism or Essentialism? Because the answer to that question will inform your messaging, your pricing, your offering and even the timing of each of these. Here's the link to the interview... https://youtu.be/_mbGkHkjJp4 #escape #essential #shortterm #longterm

We are moving into a world where, at least for a while, physical contact is bad. That's good news for Vending Machines. Some are saying hotels will remove minibars in guest rooms due to the need to santise each and every item before a new guest checks in. Mini Vending Machines in guest rooms could be an alternative. Or even full size vending machines on each guest floor. Think of the large, open fridges in supermarkets where customers are encouraged to help themselves to their preferred item. How many other customers have touched that milk carton before you selected it? Vending Machines again seem like an ideal alternative. Methinks we could be in for a bit of a boom in the Vending Machine business. #vendingmachine #contactless #postcovid19  

The 'New Normal' is on the mind of every business owner and manager right now. For many, that means Face Masks, Social Distancing, Sanitising. But what about the secondary financial impacts? Not just the costs of these new safety measures, but of increasing inventory costs. Supply Chains around the world have broken. The best way to ensure your business against disruptions in the supply chain is to maintain higher stocks of inventory. That comes at a cost, of course. But you may not have much choice. #inventorymanagement #supplychainrisk #businesssurvival  

In times of crisis like we're all experiencing right now, it's easy to feel like you have no control. We are all being severely influenced by factors beyond our control. But it's important to remember you can always control your Effort and your Intent. It's up to you how much Effort you put in. Chances are, the more you put in, the more you'll get out of it. Even though that might be less than you would have previously gotten for the same effort, it's better than the alternative. And no matter what decisions you make, there will be doubters, disagreers & haters. Guess what? They might be right too. But as long as your Intent was good & pure, that'll have to do. Your best Effort and your best Intent is sometimes all you can control. #intent #effort #control

Over the past few weeks I've had people from all over the world reaching out to discuss various issues. They're seeking for clarity in a world of confusion. The problem is they keep receiving Mixed Messages. Conflicting information. And that is the New Normal - Mixed Messages. You need to deal with it in your business. More importantly, you need to understand that your customers and clients are suffering from Mixed Messages too. Clarity of Communication at this time is critical - but that doesn't necessarily mean MORE communication. Over-Communicating at a time like this might only increase the confusion and anxiety. #crisiscommunication #messaging #clarity

Trust has always been an important factor in any client relationship. On the other side of this COVID-19 Crisis, it will be critical. Trust has taken a beating during this current crisis. We're not sure who or what we can trust anymore. In every action, in every communication you have in your business, make sure Trust is the driving influence. #consumerconfidence #trustbuilding #trust

There's been a bit of talk during these COVID-19 lockdowns about how long it takes to change a habit. Most of what I've read suggests that after about 2 months, you'll find your new habits forming. But how long would it take to change the culture? Take the handshake or the kiss on the cheek. Neither are welcome in a post COVID-19 world. In Thailand, the Wai gesture is used for greetings instead. No contact required. Could that become part of the culture of greetings the West after 6 months? Or maybe a year? Or would this level of cultural change be a generational thing? What about the Pub culture? If Pubs stay closed for a few more months OR the New Normal of social distancing changes the experience so much that it's just not appealing anymore, would the Pub culture that is so much a part of many countries, disappear? #culturalchange #postcovid19 #habitchange

This current COVID-19 Crisis is a unique Moment in Time. There will be much pain and suffering for many. But there will also be a lot of opportunity. There always is from these big Moments in Time. For those that are able to see them and are prepared to take a chance on them, the opportunities will be there. Chances are though, you will miss these opportunities. Don't believe me, just think about all the other unique Moments in Time that you have already missed... The Internet, Social Networks, Bitcoin...the list goes on. This is a Moment in Time. What are you going to do with it? #carpediem #moments #opportunityknocks

Most arguments in favour of online shopping have traditionally centred around convenience. There's been nothing really wrong with shopping the old fashioned way. It's just that online is a bit more convenient. That was Pre COVID-19. In a Post COVID-19 world, shopping offline SUCKS! Long queues & waits to get in the store. Masks. Hand Sanitisers. Gloves. It's just not fun. Shopping offline has now become a painful experience. So it's now just a question of how long and how much of that pain we can endure before the default of every shopper is to look online. #onlineretail #retailexperience #postcovid19

It seems like all the world can talk about right now, in the midst of this COVID-19 pandemic, is the need for the world to slow down.  This is the wake up call we needed to give the planet and ourselves a time out. However, as my dear friend Annie Devine pointed out, that's easy enough for us oldies to get our heads around, but what about our kids? Our kids have never known a slow world. They have not known a world without the internet. They only know how to live in a connected world. So whilst I still like the idea of slowing down, it may not be up to me. If it's left to our kid's generation, are they really likely to take a slow and steady approach to the future? Somehow, I don't think so. #bravenewworld #postcovid19 #newnormal

The Democratisation of Wellness is all about making Wellness available to all. It's a noble tenet. Wellness has always been a privilege for wealthy. It's a concept I raised back in Ep. #566 of this show - https://bit.ly/2zidjqU I've heard many suggest that the current COVOID-19 crisis will be the great leveller that will finally open up Wellness to the masses. Unfortunately, I don't think that will happen. Why? The benefits of your Wellness behaviours will generally yield results in the long term. Right now, and in the chaos after this crisis, most will be focussed on the short term. Many will also not be able to afford investments in their Wellness. I might be wrong. I hope I am. But I think for now at least, the Democratisation of Wellness is on hold. #wellness #postcovid19 #postcrisis    

The current COVID-19 Crisis is the wake up call the world needed. This will make the world see the need for living a better life, taking more care of the planet and of our fellow man. Maybe. But I don't think it will last very long. I believe that a more powerful motivator will come in to play over the coming weeks and months. Namely...SURVIVAL. Many will be focussed on just surviving.  And good behaviours rarely come when we're in survival mode. #survival #wakeupcall #postcovid19

One thing that has become very apparent to me during the past few months of this COVID-19 Crisis has been just how different our individual thresholds are. Threshold for pain. Our threshold for alcohol. Even our threshold for isolation.  Many are about to find out about their threshold for financial security and debt. It's worth noting that the same will apply to your business. Each of you customers will have different financial thresholds, time thresholds, safety/risk thresholds. Those businesses that are able to respect those thresholds and give each and every customer only what they can want or need or are willing to take, will the businesses that survive and thrive in the Brave New World that awaits us. #postcovid19 #businessstrategies #bespoke

Spas have long been standard feature for many hotels. But what happens when the Spa becomes a liability for the Hotel? That's the call we go yesterday from one of our hotel partners. Whilst this specific case may not happen to you, I do believe Spas will need to work much harder to prove their value in the Brave New World we face on the other side of the COVID-19 crisis. Here's the eBook I mentioned... https://bit.ly/3eQCcKK #spas #hotels #hotelindustry

What does life look like after 47 Days of Lockdown? After 47 days of what has been one of the world's stricter lockdowns, we were finally able to go back to work in Malaysia today. Well, most of us. A number of businesses, including Spas & Salons unfortunately, are still not permitted to open yet. Here's a few observations of what you might experience after your COVID-19 Lockdowns are lifted. Spoiler Alert - It's kinda weird. #postcovid19 #postcoronavirus #newnormal

Ever since it started, AirBnB has drawn the ire of the hotel industry. The home sharing juggernaut competes with hotels for the accommodation-seeking consumer, yet doesn't have to adhere to many of the regulations and restrictions that the hotels do. Fair enough, I guess. But what if hotel brands adopted the AirBnB model? Would you be more likely to stay in a Hilton-branded home stay? Especially in a post COVID-19 world where cleanliness & hygiene standards become a big focus for the guest. #airbnb #homestay #hotelindustry

We've heard a lot about Smart Homes over the years. But as James Ehrlich says, there's no point having Smart Homes in Dumb Communities. Ehrlich is the founder of ReGen Villages which is a company he started to design and create those Smart Communities. It's like going back to the basics of village life, in the most high-tech way imagineable. Very interesting stuff. Here's a link to ReGen Villages - http://www.regenvillages.com/# #sustainableliving #smarthomes #futurethinking

What will the future of work look like in the wake of this COVID-19 crisis? Allison Baum wrote a great piece on exactly that. Here it is... https://medium.com/swlh/the-future-of-work-becomes-work-3c5286d7a702 A focus on Productivity over Presence will be one likely outcome, Baum say. I agree. But that will mean many companies are about to find out how ill prepared they are to measure and manage real productivity in their business. And if the companies are in for a shock, just imagine the employees?!? #futureofwork #productivity #performancemanagement

During this time of crisis, many of those in management positions are being forced to make tough decisions, especially those related to furloughing or laying off staff. It's worthing noting that any time there is even just ONE degree of separation between that decision and the employee, the manager is insulated from the full impact of that decision.   Unless you are also the one delivering the bad news, that separation gives you a buffer. That can be both good and bad.  Good that the manager is allowed some 'free air' to make the best decision for the business. Bad that the manager sometimes misses the human toll of such decisions. #decisions #impact #humantoll