Business Lessons Companies Should Learn From 2020

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To say that 2020 has been a bust is an understatement. So many entrepreneurs will be glad to see the back of one of the most challenging years in modern history. Sayonara, sucker, don’t let the door hit you on the way out!

It’s obvious why business owners and leaders have this attitude. However, it’s not entirely productive. After all, you learn the biggest lessons from your mistakes, and a lot of errors were made last year. Rather than viewing it negatively, you should consider the positives you can take from the situation.

Here are four if you’re struggling to see the silver lining!

Be Agile

Lots of businesses relied on a tried and tested model that worked in the past, only to recognize it didn’t work when the pandemic hit. Sadly, these companies disappeared into the ether, never to be seen again. Yet, some organizations managed to weather the storm and remain relevant by providing products and services they didn’t previously offer. They were flexible enough to turn their vessel away from danger and didn’t have to abandon the ship as a result. Regardless of whether the pandemic continues, this is a healthy lesson to learn as you never know when disaster will strike.

Welcome Tech Innovation

Being nimble is hard when you don’t embrace technology. While every piece of tech that hits the market isn’t always suitable, you must stay up to date with the latest trends. Otherwise, how will you understand what’s significant and insignificant? Even relatively common practices, such as IT support, took on a different meaning during Covid-19 as industries had to streamline operations to remain in business. You can learn more by following the link. Failing to react could result in side-effects from which it’s almost impossible to recover.

Trust Is Paramount

Trust is the foundation of a successful business strategy, and the health crisis has proved this beyond doubt. Yes, several industries have taken advantage of the pandemic due to circumstances. For example, supermarkets have flourished since they are some of the only stores to open during a lockdown. However, others have used trust to ensure customers remain loyal, and to onboard new consumers. Amazon did this by creating delivery and returns policies that people believed would arrive and be refunded (if necessary) on time. As a result, the company’s stock price was $1,000 higher by the end of June, compared to mid-March. Find out more here.

Go The Extra Mile

If you haven’t quite built a big enough trust base, you might be worried about the future. The good news is, you can start building a reputation by going the extra mile. Companies worldwide did this by starting a delivery service, such as food and alcohol. In extreme cases, others decided to switch their efforts to creating goods and services to help the vulnerable, like masks. These organizations didn’t go under the radar, and you don’t either if you’re passionate about lending a hand in difficult situations.

What lessons have you learned from the past year?

(Cover Image Source: Pixabay)

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About Author

Larry is the father of 5 wonderful kids. He has his normal "offline" job but has also been running an online business for over 15 years. When he is not working on websites or blogging, he enjoys video gaming and watching sports.

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