Like most people, many alarm business owners are wondering what life will look like after the coronavirus pandemic ends and life gets back to normal.
With such an unprecedented situation upon us, it’s difficult to know exactly what the reality of everyday life will be when we come out on the other side.
There is a very good chance things will never be quite the same. An event like this has dramatic, wide-sweeping effects – both on the economy and on our everyday lives – that will likely impact us for the foreseeable future.
The Security Industry After The Coronavirus Pandemic: What to Expect
While exactly how the world will change due to the COVID-19 pandemic remains to be seen, there are a few things we in the alarm industry can rely on during this uncertain time.
Security Will Remain a Priority
Now more than ever, security will remain a priority. People want to feel secure in their homes – especially given that during self-isolation home has felt like the only safe place.
Businesses, many of which have remained empty as employees have been forced to work from home, will need to be secured as well. Not surprisingly, remote monitoring capabilities will remain among the features that customers care about.
Security systems and monitoring, for both residential and commercial entities, will continue to be a commodity that people need and are willing to invest in.
Automation Will Be In High Demand
Security system automation and ‘smart’ features will continue to be in high demand. With so much on people’s minds as we emerge from the pandemic and adapt to the new normal, having the ability to automate home and/or business security will be increasingly desirable.
Integrating with the Internet of Things will also be integral. Reduction of human error, fewer false alarms, increased privacy, and additional feature offerings will appeal to customers and can ultimately help your business stay ahead of the game. (Learn more about the benefits of upgrading to offer smart security features here.)
The Industry Will Continue to Evolve
Like most industries following the coronavirus pandemic, our industry will continue to evolve. It’s likely that impacts from the pandemic will affect how we do business and the features and new offerings that take hold in the months, years, and perhaps even decades after we’re given the ‘all-clear’ and go back to business as usual.
It’s always a good idea to be open to change and ready to adapt and adopt to enable your security business to remain competitive – but in the wake of the pandemic, this adaptability will be key.
Cyber Security Will be Key
Due to the coronavirus pandemic, many businesses have had to adapt in order to allow their employees to work from home. And they have had to adapt quickly.
But now that they have established remote work capabilities and know it’s possible for employees to work from external locations, it could change the way they work moving forward.
In the past month, there has been a huge increase in the amount of business and correspondence done online. Sensitive information must be transferred, private details must be shared – and all of it must be done without coming face to face or exchanging anything in person.
Cyber security is at a premium now, and we can expect that it will continue to be key as we move forward. Alarm companies must be ready to adapt, and prepared to aid their customers by combating cyber security threats.
Change Will Provide Opportunity
Change can leave people – including security business owners – feeling uneasy. However, it’s important to keep in mind that with change comes opportunity. Remembering that can be reassuring.
The changes outlined above, as well as any other predicted and unexpected changes that come along as a result of the COVID-19 pandemic, are all opportunities for alarm business owners to strengthen their companies and improve the offerings and services they are providing to their customers.
While it may feel intimidating to shift in response to this unexpected turn of events, doing so may open you up to new opportunities to grow your business, making it stronger now and more desirable down the road when the time comes to sell.
Is Your Alarm Company Prepared to Do Business in the Post-Pandemic Future?
No one can predict exactly how things will be in the post-pandemic world, but it’s safe to assume that this global event will have lasting effects. It’s in your best interest for your company to be ready to adapt as needed to meet the needs of your customers, in the ways noted above and in ways that remain to be seen.
Not ready to take on the challenge of adapting to the post-pandemic world? Selling your alarm company may be in your best interest. If you’re interested in exploring this option, don’t hesitate to reach out to Rory Russell at AFS. He’s available 24/7 at 800-354-3863 or you can contact him online here at your convenience.
Curious about how the pandemic will influence your business’ worth or impact a potential sale? Be sure to read our overview about how alarm business valuations and sales will be impacted by COVID-19 for some helpful insight that might put your mind at ease.
Wondering what you need to do to position your alarm business for success during this challenging time? We have decades of experience in the security industry and would be happy to advise you as you navigate your business through this challenging time. Whether you run a fire alarm company, a residential or commercial security alarm company, an integration company, or a CCTV business, we can help point you in the right direction.