Top Business lessons that 2020 taught us
By Imane Mdarhri
The year 2020 has been unprecedented in several aspects. This has also been the year that taught us many precious lessons. If you are a student, business leader or a young professional, the business market challenges should be part of your interests. Undoubtedly, all the changes affect our current and future plans. So, do not miss this opportunity to discover the top business lessons that 2020 taught us and keep your learning passion up.
From ‘The Great Depression’ of 1929 to ‘The great recession’ in 2007, the world economy has gone through multiple severe crises. Each such crisis drives the economic and political rulers to develop new sorts of internal and external policies to move towards a fresh start. They have also taught us engaging humanitarian lessons. This year was particular; it will always be etched in our minds as a glaring example of “Change”. So, let’s benefit from the change and learn from the top business lessons that 2020 taught us.
Always have a Plan B
Planning is an integral part of any business, whether you are starting a career or expanding an existing one. Due to the pandemic, many companies had to stop their activities, which affected their turnover and the income of their employees. However, some took this opportunity to put in place alternative plans conforming with the current circumstances. For example, restaurants opted for online demand and delivery, while providing online cooking classes. In fact, this year has shown us the importance of having a backup plan. It has also taught us how such a step can protect us from depression and push us forward.
“Always have a Plan B that you can implement. Maybe you have to go to Plan C or D, but the point is that you always have to have a backup plan” – Ilene Gordon, CEO of Ingredion
Reputation and Content first
The business market has always been a battleground for winning deals and new markets. Yet, the economic crisis proved that the real benefits are good quality, strong partnerships, and good reputation. A concrete example is Charlotte Reid, an event planner who succeeded in continuing organising events online. She adjusted her business plan by collaborating with firms that provided technical support by offering high-quality services. Her business also offered customised approaches to provide creative and memorable experiences. The whole principle was founded under the belief that hard times are momentary, but the right services are long lasting.
Investing in self-development is worthwhile
Since the beginning of this pandemic, our habits and lifestyles have changed as we got through a challenging sanitary, psychological, and economic crisis. However, every hour spent looking for activities, alternatives, and how to adapt and survive has been an exciting investment toward rediscovering ourselves. We learned autonomy, flexibility, as well as management. We also benefitted from the time to discover who we are and what we want. All these experiences are worth the self-development and the investment for success in life.
Offering is beneficial
Hard times always reveal goodness of hearts. In the moments of crisis, a lot of individuals and organisations chose to give back to others. A book store called “Libro.fm” offered promotions through a campaign by providing two audiobooks for the price of one. However, their memberships increased by 300%. The campaign, a humanitarian effort, helped not only local stores but also targeted a new audience.
To sum up, 2020 has been a turning point for market leaders and entrepreneurs. It has taught us may valuable lessons about how Self-development, planning, content, as well as collaboration can be beneficial and valuable for business. This year’s biggest lesson for both organisations and individuals is ‘the real failure is to resist change and stop trying to do your best.’