This year has been unprecedented in numerous ways, and many businesses have been forced to shut their doors forever. At the same time, other entities in similar industries have found ways to shift and thrive despite the circumstances. Here are some of the lessons we can learn from the companies that have successfully navigated the difficulties of 2020.
Innovation is key
One lesson that 2020 has taught us about business is that innovation is vital. With companies being forced to close their doors across the country, the organizations that have been willing to pivot and innovate are the ones that have survived. If your business does not place a strong focus on innovation, make the necessary shifts now to implement an innovation pipeline.
Technology is essential
This year has also shown us the importance of investing in technology. When shutdowns were abruptly implemented, the companies that had invested in technology were the ones who were quickly able to make the shift to remote work. Those businesses that had not invested in laptops and other crucial technology were in much worse shape and faced tough decisions on how to move forward.
Believe in what you do
One of the most essential elements of business leadership is believing in what you do, and this year has continued to reinforce this lesson. If you believe that your work is important, you are more likely to persevere through any challenges — including a worldwide health crisis and an economic recession. Strongly believing in what you do also allows you to avoid acting out of fear and helps you to make clear, confident decisions based on facts rather than feelings.
Trust your team
This year has also shown us the importance of trusting your team. Many businesses have transitioned employees to remote work since the pandemic began. Managing remote employees requires a high degree of trust. When you trust your team to do good work even when you aren’t present to supervise, they will be more likely to work hard and exceed your expectations. 2020 has shown us that trusting your employees pays off by empowering them to do better work.
Teamwork is necessary for success
This year has also shown us that the companies that operate with a team focus are the ones who achieve their goals and successfully navigate even the toughest challenges. The more difficult the challenge, the more necessary collaboration becomes. If your company does not currently have a strong focus on teamwork, now is the time to reorient and work to become a more synergistic environment.
While no one could have foreseen what 2020 would bring, there are some distinct differences between the companies that were prepared and are succeeding, despite the many challenges. We all hope that we will never see another crisis like this one, but we need to be preparing for whatever the future holds. Learn from the organizations that have successfully navigated this year, and implement changes into your business as needed.