What are the Business Lessons we learned in 2020?
Many attributes or business buzzwords were used to qualify businesses trying to survive during 2020:
But in reality, everyone just tried to stay afloat and weathered the storm with the best of their abilities. A different way of working, of thinking, of collaborating have emerged from this crisis. Now we will see what are the business lessons learned and that need to be remembered.
1- Be Positive: Cash Flow Management
Focus on your cash inflows to pay your expenses and weather the storm. You need to have at least 3 months of cash to stay afloat, in case of unexpected change.
2- Be Safe: Cyber Security
A lot of businesses have been subject to Cyber-attack or hacking. Cyber-security is a real concern as employees start to work from home / remotely. Few tips would be to be vigilant with emails, update your software and anti-virus, change passwords regularly for stronger ones.
3- Be Alert: Seize Opportunities
New opportunities are always created, even during a crisis. A new product might be needed, a new market might be created. There is always a chance to launch a new product, expand, collaborate, acquire...
4- Be Agile: Responsive Quickly to Change
During uncertain times, everything changes quickly and it is vital to act fast to remain competitive. New opportunities are created because of trends, customer needs, market changes.
5- Be efficient: Improve & Digitize your Processes
To remain afloat, it is necessary to manage costs and try to reduce them by reviewing all the costs, and see where reduction can be made. It is also crucial to look at business processes to streamline and automate them. Digitization is more than just technology, it encompasses a new process framework that enables the agility to changing situations, both positive and negative.
6- Be Open: Communicate with Your Customers, Employees
It is vital during uncertainties to communicate and be visible to clients. It is also important to communicate with employees especially when working from home. Communication allows us to remain close and ease the exchange of information.
We know that this year was tough and that you showed bravery and strengths. You should celebrate the fact that you made till the end of 2020, and this a huge achievement! To get ready for the coming year, we would be happy to help you assess your current situation and suggest advice to grow and sustain. Contact us today for a free consultation!