As we close in on a year since the first calls for social isolation to prevent the spread of the highly contagious coronavirus, many are reflecting on how the pandemic has impacted their lives, work, and industries.
There is no denying that the coronavirus pandemic has been devastating, altering life as we know it in innumerable ways. Some impacts we’ll recover from in time, others will have lingering effects for the foreseeable future.
While the past year has been undeniably difficult in many ways, it has also brought about new opportunities for those in the alarm industry who were enterprising enough to see them. Here, we’ll review how some companies in the security industry have risen to the challenge and made lemonade out of the lemons that the pandemic provided.
New Opportunities For Security Companies
With security businesses deemed essential in most cases, many companies in the security industry have been able to continue installing systems, servicing customers, and operating throughout the coronavirus pandemic. While they have had to adapt significantly to meet the guidelines established to curtail the spread of COVID-19, they have also been able to continue providing the services their customers and clients rely on.
Additionally, some have explored new ways to serve and provide for their customers, with the limitations imposed by the pandemic providing new and unique opportunities, rather than stifling them.
These are some of the areas in which alarm businesses have continued progress throughout the COVID-19 pandemic:
Upgrades and Installations in Vacant Facilities
With schools, office buildings, and facilities vacant due to work from home requirements, security companies have been able to handle upgrades and installations in locations that they might have had to delay otherwise.
Working in vacant buildings has made installations easier and more convenient for most of the people involved in many cases. Upgrades that may have been on hold due to a building being in heavy use were able to be tackled in a timely fashion, which is beneficial both for the alarm businesses and for the individuals relying on the alarm systems.
Paused Projects Get the Go-Ahead
With business as usual slowing for many organizations, company owners, facility managers, and others tasked with spearheading security projects have had more bandwidth to spend on things that are not usually day-to-day priorities – like upgrading their security systems.
This has presented a unique opportunity for security companies to move forward with projects that have been on hold or had not yet been initiated. Clients have taken advantage of this opportunity and slow-down to invest in their businesses with security upgrades.
Continued Sales Through New Channels & New Ways of Connecting with Customers
During the pandemic, many businesses – including those in the alarm industry – have revisited how they connect with customers. Some have found success with new methods of reaching out, likely due to the fact that many organizations have seen a slow down due to COVID-19, leaving them with more time to respond, connect, and discuss their security needs (and other organizational needs that may not be top of mind on a daily basis).
This shift has enabled alarm business representatives to connect with customers more quickly and in a deeper way, offering assistance in a time when help with organizational challenges may seem hard to come by.
New Offerings & Integration
The pandemic has created new needs for some industries. Some alarm businesses have taken advantage of this shift, spending time and resources during the pandemic period working hard to create solutions that meet those needs.
Additionally, some alarm businesses have been afforded time during a slower season to spend working towards integrating new services and offerings, expanding into new industries (like fire) or exploring the feasibility of entering the residential or commercial sphere (whichever they’re not already occupying). These efforts now will put them at a significant advantage in the future.
Training & Process Development
This period of slowing down has also given some alarm businesses the time and space necessary to implement training, as well as new processes and systems to help their organizations keep pace and continue advancing in the market moving forward.
From improving reporting habits and investing in additional training for employees to enhancing system security and proactively combating cybersecurity threats, the possibilities are endless when it comes to improving and strengthening your portfolio of offerings and your organization as a whole.
From Obstacle Comes Opportunity
The coronavirus pandemic is an obstacle unlike anything we’ve seen for decades. Still, amidst the setbacks the virus has caused, alarm businesses have found new opportunities to better and more thoroughly serve their customers, growing their businesses and moving them forward despite the unique challenges they have faced.
With entrepreneurial spirit, ambition, and creativity, savvy alarm companies have made lemonade out of the bitter lemons dealt by 2020, and continue to do so moving forward into 2021.
In the coming months and years, many of these new opportunities will continue to be present as the world returns to a new normal. How can you keep your alarm business ahead of the game? Where do you stand when it comes to pivoting to benefit both your organization and its customers? Are you willing to do what it takes to take advantage of these new opportunities?
Thinking of Making A Change In Your Alarm Business? Talk to Rory!
With decades of experience in the alarm industry, Rory Russell of AFS knows the ins and outs of running an alarm business, and has facilitated hundreds of millions of dollars worth of sales, mergers, and acquisitions. From security to fire to integration, Rory has the knowledge and insight you need to take the next right step for your business.
Whether you’re considering a sale, a pivot, or an acquisition, or you’re looking to explore integration opportunities, Rory can help you get moving in the right direction.
Interested in learning more about our predictions for the security industry in the wake of the COVID-19 pandemic? Find out what to expect here.
Wondering about COVID-19’s impact on sales and valuations specifically? We cover that here.