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Taking 2020’s Business Lessons Into 2021

How to Take 2020’s Business Lessons Into 2021

Taking 2020’s business lessons into 2021 and beyond is the best approach to sustaining and eventually improving your business as we rebuild. Here are few ways to productively apply the above lessons to your business in 2021:

Focus on internal and external initiatives that encourage connection

You should be focused on improving employee relationships in 2021 through shared values and personalized connections.

You should also be focused on retaining loyal customers and maintaining strong relationships with potential customers.

Focus on the value you offer your customers as well as your employees. For employees, this value could be:

  • Extensive benefits package that ensures a financial safety net for short- and long-term disability, rehabilitation, and mental health services, as well as childcare options.
  • Advanced technology to optimize job performance and productivity in-office and at home.

For customers, this value could be:

  • Product or content freebies for your customers that they can use to navigate the aftermath of COVID-19, like Amazon’s resources to support remote learning and work.
  • Offering customizable packages, products, services like Anji Martin, Owner of Potok’s World Photography does with their smaller packages that factor in elopements, micro weddings, “minimonies,” and Zoom weddings.

Prepare to adapt, shift, and change constantly

With the current economic landscape and ever-growing list of consumer needs, businesses should prepare for 2021 by learning to love adaptation and constant change.

Make sure you’re meeting the right-now needs of your customers and fully embrace the turn toward digital devices for connection and e-commerce.

Saggezza says, “Technology should be an enabler, not a barrier to becoming an Agile organization, so leverage low-code technology platforms that can adapt at the speed of business, allow for trial and error, and are easy to extend across the enterprise.” It’s in your best interest to start your digital transformation if you haven’t already and leverage technology to prepare for change.

Make collaboration a priority

When you go to future proof your business with things like a continuity plan, it’s important to be working with people you can collaborate with on an honest, authentic basis.

Intuit says, “Bring your best people in and divide your biggest problems among them. Now, you have project drivers for each. The beauty of assigning a driver to each problem is that no one has to work alone.”

Collaboration is vital to delegating tasks appropriately, crafting creative solutions to the unique challenges of your customers, employees, and leaders, analyzing your weaknesses, and working to address them holistically.

Diversify your finances

Many business owners finished a financial audit in 2020. Many found that they were dependent on day-to-day profit to pay their employees, were leaning on loans and credit cards to pay company bills, or their product/service quality was suffering because they irresponsibly cut costs.

In 2021, business owners will benefit from diversifying their revenue streams and finding creative ways to pay employees and business expenses. This will keep them from landing in loads of debt. Liquid cash is the most fluid asset a company can own. Thoroughly research ways to increase your cash reserves and maintain them through the next crisis.

The Takeaway

Taking 2020’s business lessons into 2021 is essential if you’re looking to grow your business. In the words of Douglas Adams, “Don’t panic.” If your organization keeps its wits about it and stays the course it’s chosen, it will likely make it through 2021 and the rest of the pandemic. Ensure that while you are supporting your customers through the storm, you are supporting your employees as well. What you share with your customers, share with your employees. This will foster trust with both stakeholders, and this will foster continuing loyalty from both parties, strengthening your relationships as your move through 2021 and continue to do business into 2022.

Jori Hamilton
Jori Hamiltonhttps://writerjorihamilton.contently.com/
Jori Hamilton is a writer from the pacific northwest who enjoys covering topics related to social justice, the changing workplace, and technology.

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