Not everyone failed in 2020
When the last call of 2020 came and went, were you still hanging out around the bar hoping for a sweetheart deal to save your printing business? If so, you’re out of luck.
Yes, 2020 was a crazy year. The loss of loved ones, neighbors, friends, and colleagues was tragic.
But on the business front, some companies managed to flourish — no matter how bleak things seemed at times. Whether your business was a winner or loser in 2020, the crisis reminded us of some important life lessons.
WINNERS
The winning business owners continued to make money. They not only adapted to the Covid-19 disruptions, but also accepted that the future is never going to be the same. They are prepared for 2021.
These owners made some very tough decisions, continued to buy or sell products and services, and earned the continued trust of their employees by communicating and investing in the organization.
Successful people educate themselves, adapt to changing circumstances, and invest in the organization’s future.
In 2020, the winning business owners not only looked for long term success, but also short-term wins. Instead of revising 1- or 3-year plans, they looked at month-to-month changes and took immediate steps to make adjustments.
Instead of revising 1- or 3-year plans, winning business owners looked at month-to-month changes and took immediate steps to make adjustments. Share on XThe winners of 2020 used the shutdown period to work on improving themselves and their teams. The winners know how to lead and communicate the overall game plan monthly, weekly, or even daily. Leaders lead and win with people that implement and execute. Teamwork!
Business owners not only protected their physical health and financial stability, they also focused on their mental health and spirituality. They were givers, not takers.
LOSERS
Unskilled, incompetent business owners waited on the sidelines for others to take action, whether it was a government bailout or the presidential election. They are now paying the price for those short cuts and consequences of past choices.
The losers and unskilled DIY owners did not look or listen for the signs or for personal guidance. They thought primarily of themselves and their families, without regard for their employees, suppliers, customers, neighbors, communities, and others. Some walked away from failing businesses, leaving others to fend for themselves.
Losers don’t understand that financial health is only part of the journey. Personal integrity, accountability, and helping others is what makes life richer and more meaningful.
LESSONS LEARNED
Boom times never last forever. No one knows when a big event like the pandemic will occur or how long its effects might last. How you prepare and respond to a crisis makes all the difference in the world. Here’s how you can take action, the next time a crisis hits.
- Use common sense. People with street smarts are the smartest people in the room. They have real-world experience and knowledge gained by thinking for themselves.
For example, they ask themselves: What did I learn about the government during this crisis? What did I learn about our banking system? What lessons did the bailouts teach? What did I learn about myself? Do I have the courage to change or let go of my business, addictions, lifestyle, or health? How can I apply what I have learned to improve our approach to business?
- Be flexible and honest. Companies that pivoted to new products and services during the pandemic ended 2020 in better shape than those paralyzed by fear and indecision.
The ability to pivot isn’t just about the type of equipment you use, but about your employees’ willingness to keep learning and trying new things. Your leadership and workplace culture make a difference.
- Plan for change. Business continuity and transition plans are essential. Instead of operating year to year, your company should always have a vision of how you will cope when your existing long-range plans are disrupted.
Envisioning how and when you want to exit the business keeps you from making hasty, emotional decisions when conditions get tough. Business owners who worked longer hours and invested in the future of their organizations during the COVID-19 crisis are more likely to attract offers that will make the next phase of their lives more fulfilling.
Be true to your faith. Stay positive. Be grateful and kind. Do the best you can to take care of yourself and the people around you who are suffering. Accept that a higher power takes care of the world as a whole. I believe God’s plan has given each of us the opportunity to identify our personal purpose. It is our duty to love others and provide for others and their needs. Faith never stops.
Want to chat about the future of your print business? Call me and let’s talk. (561) 543-2323