3 Lessons to Take From 2020
We are nearing the end of 2020, a year that can only be described as difficult. The pandemic aside, it seems every person you talk to has faced at least one major struggle or personal hardship.
From a business standpoint, it’s safe to say every business owner has experienced a major shift in their company and the way that it operates.
But as with any difficult time, there are always lessons to be learnt. It is possible to walk away from 2020 with key insights and observations that will strengthen your company for the future ahead.
Here are 3 lessons to take from 2020:
1. HAVING A CONTINGENCY PLAN IS CRITICAL
If the pandemic has taught us anything it’s that you can never be 100% certain of the future. Who could have guessed that we would face a global lockdown that would see millions of people from all over the world confined to their homes for months on end?
So how can you prepare for a future crisis?
With a documented contingency plan that outlines how, when, and to what degree action needs to be taken after an unexpected event or situation occurs.
Whether it’s the immediate changes in how employees work or company policy standards on relevant social issues, a contingency plan will ensure your organisation is best prepared for what may come.
When creating a contingency plan, you should:
Identify/prioritise your resources (what areas of your business are necessary to continue)
Pinpoint key risks (what are potential threats to these critical resources)
Draft your contingency plan for each of these risks (ask yourself what steps would have to be taken for your business to return to normal)
2. DEVELOPING AND NURTURING PROFESSIONAL RELATIONSHIPS SHOULD BE A PRIORITY
The relationships you have with your customers, employees, and suppliers is everything! The best resources that we have are one another, and in times of crisis, people value trusted relationships more than ever. Businesses that focus on developing and nurturing relationships will be able to collaborate and navigate a crisis more efficiently.
3. YOU SHOULD EMBRACE INNOVATION
Being flexible and adaptable is essential to a business's survival, especially during a crisis. Businesses that react and adjust quickly will have a better chance of success, and those that don’t may face serious consequences.
In 2020, businesses have had to learn this the hard way. With ever changing restrictions, lockdowns, government assistance and regulations, businesses have had to change the way in which they normally operate.
But you should take this experience as a means to improve how your business operates. Are you finding that your employees are enjoying the flexibility of working from home? Perhaps once restrictions are completely lifted you can introduce a 2 day “work from home” week that will improve company culture and increase productivity.
Whilst you can’t predict the future, you sure can plan more effectively to ensure your business survives challenges and difficulties. If 2021 ends up being anything like 2020, you’ll thank yourself for it!