Business and Life Lessons from 2020
“Life is what happens to us when we are making other plans” – Allen Saunders
1.) Get in front of the curve.
The people that lived best during 2020 were the ones that had the ability to “retire” for a year. While not everyone has the luxury to have a year of savings stashed away or a home that is paid off, the closer you are to that reality, the less susceptible you are to external forces.
2.) You can never have enough Time, Money, or Space.
Average home sizes peaked around 2015 with an average American home size of 2519 square feet. Despite a trend downward in size from 2015-2019, many of us realized in 2020 that we need more space to store extra essentials, gym space, home office/home school space for all members of the family, etc. There have also been heavier demands for people to do more with less in 2020 with increased layoffs (aka furloughs), less competitive job market, and certain skills that suddenly have zero value despite providing high paying salaries just months before.
3.) Always look for creative solutions.
In 2020, the people that had the ability to recognize problems (or perceived problems) were the most successful. In my neighborhood there were two college kids that suddenly found themselves without work, school, or employed parents. They had a power washer and cleaned neighbors’ trash cans. It was a small “luxury” that people were more than willing to pay for; and there is rumor that they have a route that now pays them $10,000 a month.
4.) Your approach might change, but your goals don’t.
Maybe you are out of nails and think there is no way that you can fasten two boards together. Invent glue. Maybe your customers are no longer willing to go to the store. Use your employees to deliver goods to them faster than your competition can. It’s a struggle, but it’s also a unique opportunity to level the business playing field – as small business can be more nimble than stodgy old companies. Use that to your advantage.
5.) We are still a people first economy.
Technology only exists to help people. The “best” technology does not win. The most people friendly solutions with the highest levels of awareness win. Think about how you can touch the hearts and minds of your employees, customers, and most valued suppliers.