As I sit at my desk on my first day back in office mode, I thought to share my thoughts on the past year.
January 2020 was upbeat and many of my clients were improving business and looking at growing, some for the first time in a few years. New years resolutions were about growth and positivity. March came along and the country went into lockdown. April was a novelty month for many, enjoying staying at home, working in pj’s, reconnecting with friends and family online, finding new ways to exercise etc. The novelty was bound to wear off sometime. When it did, negativity set in. We felt trapped in our own homes. No access to social interaction. Annoyed with government, even though the pandemic was not the governments fault.
Finally, we could go back to business, although in many cases restricted activity, but at least it was something. Unfortunately, many people thought it was back to life as we knew it in January 2020. Just after Christmas, before our new years bash we realized we should have been a lot more diligent in our approach to a “new normal”. By now we should know, wash your hands, use hand sanitizer, don’t touch your face, maintain social distance, wear a mask. So new year was a muted affair in our houses. Most businesses have not recovered, many have disappeared, some have thrived. So what are the lessons for business?
Planning is important
Businesses need to have a plan for all circumstances. Our 7 Stage Methodology maintains that we should have at least 6 months cash flow or access to cash flow in order to cover a period of downturn or take advantage of an opportunity. Plan for disasters. Companies that had such a plan, have come out ahead of the rest.
Look after your staff
Your staff are your greatest asset in times like this. If you have looked after them, they will do whatever, they can to assist the company. I know of employees that offered a pay cut, because the company had treated them well in the past. Your staff will come up with ideas to keep the company alive if you let them.
Be agile
Look for opportunities in adversity. What can you do differently? We had to figure out how to work remotely. The early adopters of this are continuing with this even though we are allowed to go see clients. It has saves us time, travel and costs, just one example. Some companies change focus to a different revenue stream for example importing and selling surgical masks.
Be available
Be available to your clients and your staff. Opportunities will arise if you are available and able to react quickly.
Look for technology that can help
There is so much technology available to us, we just need to find it. Online deliveries, zoom, skype to name but a few. Find out what technology can assist your business in achieving its goals in all times.
Stay connected to your business networks
If your networks know you are active and responsive, you will be the first one they call or recommend.
Stay positive
With so much negative press about and everyone focusing on a declining economy, no alcohol, no parties, less social interaction, it is important to remain as positive as possible. Every situation has a negative and a positive response. Focus on the positive response.
Ask for help
If you need help, ask. We have seen an overwhelming amount of support for others in this time. From Government to individuals willing to help. Even SARS has been willing to help in many cases.
These are just my thoughts. There are probably many other lessons. I wish all readers of this a prosperous and positive 2021.
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