Key Takeaways from 2020: What the Hardest Year in Memory Has Taught Us About Running a Business
Business owners are no strangers to challenges, but no one could have prepared for 2020. From economic crashes, political turmoil, and the COVID-19 crisis, brands across the country struggled to cope. Now...
Business owners are no strangers to challenges, but no one could have prepared for 2020. From economic crashes, political turmoil, and the COVID-19 crisis, brands across the country struggled to cope. Now that the hardest year in memory is firmly behind us, we’re ready to move forward with a better, bolder year ahead – but not without taking a moment to reflect on what 2020 has taught us.
For all of last year’s turmoil, these five lessons have ultimately made us better business owners, bosses, and entrepreneurs.
Everyone has a part to play. Even the largest companies can’t function without their “essential workers.” Business owners have realized that even the people they deem to be low-tier or replaceable play integral roles in their companies’ success. We should treat everyone on our teams with the same amount of care and respect, from the bottom to the top.
Embrace innovation. The businesses that survived – and perhaps even thrived – during the pandemic were the ones that took action early. Rather than rely on what worked in the past, adopt a mindset that is flexible and prepared for any circumstance. Adopting a flexible business model and tailoring your products and services to meet current needs will help your business stay relevant, even during a crisis.
Connection is key. Zoom and Google Meet are great, but nothing can replace human connection. Whether your team is continuing to work remotely or is coming back to the office this year, finding ways to connect with your coworkers will make for stronger company culture.
Focus on relationships. If your business made it through the pandemic, you have your loyal customers to thank – but their support didn’t come out of thin air. Customers are more likely to support businesses that keep open lines of communication, care for their community, and take feedback seriously when the going gets tough. Take the time to cultivate a strong client base so your business has a foundation to grow on in the future.
Culture never stops. Even as in-person interactions came to a grinding halt, online trends appeared at record speed. With people spending more time online than ever, expect pop culture and digital platforms to evolve faster than ever.
We’re all ready for a fresh start in 2021. And with an economic surge on the horizon, there may never be a better time than now to go all-in on your business idea.
At the Don Ryan Center, we can guide you through every stage of your business development process, from the initial planning stage to expanding your market. When you sign up for your FREE DRCI membership, you’ll receive one-on-one mentorship from experienced entrepreneurs, access to exclusive business-building resources, and more. You’ll also be amongst the first to experience our new home and coworking space, The Hub at Buckwalter, when we’re able to open our doors this year.
Click here to sign up for your FREE DRCI membership today!