Business Takeaways of 2020
Our Top Tips To Ensure a Successful 2021
This year hasn’t been kind to businesses. We’ve seen large corporations on the verge of bankruptcy and small businesses closing their doors forever. With the pandemic bringing the economy to a standstill and a lack of financial support for businesses in many countries, we can imagine why you can’t wait to see this year in your rear-view mirror. But before we close this chapter and hope for a better one, let’s reflect on everything 2020 has taught us.
1. Investment In Digital Marketing & Ecommerce Is Key
With nowhere to go, people have turned to their devices to stay connected. Businesses have shifted their focus to increasing their online presence, fostering better engagements, and planning strategic partnerships. Brands that succeed are the ones that show up when and where it matters most – and for 2020, that was online.
2. Consumption Behaviour Changed Drastically
While many companies struggled, Amazon sales soared at the height of the pandemic, and is seeing its best profits yet. Online shopping was always on the rise, but a plethora of quarantines and lockdowns this year has made it a necessity. Companies like Amazon are one of the few success stories, offering a one-stop shop experience and the opportunity to discover new brands.
3. The Ability To Adapt Is Essential
When everything was forced to shut down back in March, some businesses scrambled to figure out a way to remain relevant, while others quickly reformed their operations and strategies and kept going. This was the year of flexibility. New information and government regulations surfaced without a moment’s notice. It was crucial for companies and their employees to be open to scrapping existing plans and coming up with new solutions.
4. Working From Home Can Benefit Everyone
Perhaps the biggest revelation to come from this year is the realization that companies can be run just as efficiently – if not more – in the confines of people’s homes. Gone are the days of long, stressful commutes and nine-to-fives. Employee productivity has increased or at least remained constant. Remote work is gaining traction, and it looks like it’s here to stay. Many companies intend to make working from home a more permanent occurrence even after the pandemic is over.
Ideally, it shouldn’t have taken a global pandemic for us to realize all these things, but here we are. The effects of Covid-19 won’t be temporary, and 2021 doesn’t guarantee a clean slate. The economy will eventually bounce back, but until then, we will need to continually adapt. Let’s take these lessons and bring them with us into the new year.