The year 2020 was a difficult time for companies. Typical ways of gaining and conducting business were altered. Leadership had to get creative in taking action to continue operations. Having a plan in place helped overcome hurdles and challenges to continue moving forward.
Here are the top 10 business lessons that 2020 taught us.
1. Welcome to the New Abnormal
Things will not go back to how they were. Companies will continue to operate remotely or have a hybrid of onsite and remote workers.
2. Rethink Open Floor Plans
Open floor plans are not optimal for limiting the spread of COVID-19. Onsite staff members need clear, protective dividers between themselves and others to reduce contact with germs.
3. Prioritize Bank Relationships
Maintaining a relationship with a banker is critical. For instance, when COVID-19 economic stimulus packages were implemented, current bank customers often were given preference over others. As a result, companies with an established working relationship with their small business loan officer typically received more communication about the process requirements and their application status than other companies.
4. Focus on Accountant and Lawyer Relationships
Staying active with accountant and lawyer relationships is vital. For instance, these professionals interpret the regulations for securing disaster loans. They also advise on suspending rent payments, putting off paying vendor invoices, assessing risk and revising or advising on contracts.
5. Clean Freaks Have the Right Mindset
Employees who have high standards for keeping the office clean should be commended. Insisting that everyone clean up their messes in the kitchen, break area, restroom, and common areas is imperative.
6. Emphasize Communication
Increased communication with employees and customers is critical. Individual and team input is needed to create plans to continue business operations.
7. Over-Preparation Is Not Possible
Since a crisis cannot be predicted, leadership cannot over-prepare for one. As a result, staying on top of company finances and operations and knowing the actions to take during a crisis is imperative.
8. Action Taken Now Affects the Future
The actions taken today affect business success down the road. Therefore, leaders must proactively find creative ways to market the business, apply for financing, and find ways to keep employees working.
9. This Will Pass
As with all things in life, the coronavirus pandemic will pass. People survived the Great Depression, World War II, 9/11, and other devastations.
Lesson #10: Have an Accounting & Finance Staffing Partner
Many companies in Western Canada learned to have an accounting & staffing partner among their prioritized relationships. Mercer Bradley was instrumental in placing the professionals needed to maintain business operations during COVID-19. Find out how we can benefit your business today!