It is undoubtedly true that 2020 has been an interesting year, one that we didn’t expect when we were strategizing our goals as 2019 came to an end. As the new year starts, it’s an excellent time to consider future objectives for your business in 2021. Of course, lessons learned in the past form a large part of future planning. It becomes easy to avoid making repeat mistakes by looking back, and it also helps you approach a previously-faced challenge with foresight. COVID-19 turned 2020 on its head, but we’ve learned several lessons.
Some businesses have had to furlough or lay off their teams, while others have had to close shop for some time. Many people have had to deal with the daily challenges of balancing childcare, virtual schooling, and remote work. Fortunately, the natural adaptability of humans has made it possible to find some semblance of a ‘new normal.’ It has been a time when the messages of organizations like No Labels, who support the idea of the two major political parties coming together to tackle the critical issues in America, have been particularly pertinent.
Top business lessons to learn from 2020
- Rest is a resource
When the coronavirus pandemic struck, many people found themselves with nothing to do but worry in the days that followed. Restaurants and storefronts were closing, events were being canceled and postponed, and the CDC provided guidelines that included staying home as much as possible. For event professionals, this was rather a jarring transition as they are used to being busy.
However, there was a silver lining when the dust began to settle: there was time to refresh, recharge, and relax with family. Before COVID-19, people often overlooked this simple life blessing in favor of ‘the hustle.’ There’s much more to life than work!
- Your team is a valuable asset
Due to the downturn in revenue, many businesses had to let dedicated employees go, which was a tough challenge. Those that did retain their employees adopted a mindful approach to send them home and to work with them on a remote basis. It became clear how a reliable team was so instrumental for the success of a business.
As a result of COVID-19, many people have had to learn remote leadership on the spot. Having discovered the importance of a team in your business, you need to enhance morale and help your employees become better. You can do many things on your own, but effectively scaling and running a business is not one of them. Life and business lessons will help us focus on time and priority management, goal setting, dedication, perseverance, and risk management even beyond the pandemic. Your employees are worth their weight in gold, and you are not likely to forget the fact.
- Communication is essential
Communication is vital for effective crisis management. In the confusion of social distancing, shutdowns, and group mandates, it became the responsibility of business managers to effectively communicate with creative partners, clients, and team members to ensure they remain as informed as possible. Even as things changed by the hour, they sent emails and made phone calls while ensuring everyone was on the same page by checking on the news for updates.
Going forward, prioritize your relationships with employees, clients, and other vendors by keeping your communication skills strong. Effective communication will help you earn a level of trust that will see you sail almost seamlessly through life’s challenges.
- Be flexible
There is value in holding firm to your values, but in 2020, even the most rigid people were forced to learn how to be flexible both in their personal and business life. Perhaps, as put forward by the World Economic Forum, remote working may be here to stay. You may have decided to let your employees set their hours or made some concessions on your contract’s cancellation clause. To manage the pressure of running a business during a pandemic, you may also have given yourself a day off here and there.
Businesses need to be prepared to pivot their operations and adapt according to the latest updates. In a crisis that is continually evolving, flexibility is paramount. That said, you don’t have to toss out all your principles; you have to maintain the firmness of your business values to keep the wheels turning whether there’s a crisis or not.
Above all, the biggest takeaway from the year 2020 is the resilience that has been seen in the event industry. Businesses have adapted (and thrived), relationships have grown, and communities have bonded for life. There’s a lot that can be said about the coronavirus pandemic, and while it has forced us to be physically distant, the silver lining is that it has brought us closer together.