As 2020 comes to a close, the question that looms overhead is: Where do we start?
There are infinite lessons the COVID pandemic has impressed upon businesses, government, and consumers alike. Some businesses thrived while others incurred significant losses or closed altogether. The dependencies between business and government rose to a boiling point in the aftermath of the CARES Act. Companies that were able to access the needed PPP loans were enabled to endure, but as we saw, not all small companies had the same amount of access and ability due to a systemic failure to disperse and prioritize organizations that needed funds versus those that were accessing the funds for opportunistic gains. As a result, the government did not fully realize the intended effect.
Facing perspective and later enacted lockdowns, consumer behavior adoption sped up towards online shopping. At the onset, panic/prepping buying patterns deeply affected a weak supply chain and exposed a key disadvantage of outsourcing manufacturing. Despite the gains of profitability, supply could not meet the demand to provide necessary supplies like toilet paper. With case numbers rising, the dawn of the Zoom age infiltrated homes for those lucky enough to continue working through remote means. Along with this shift comes a melding of home and work life, and while the lasting impact has yet to be seen, hopefully, it brings humanity back into office life. The shift may include allowing workers to design a schedule that will enable productivity to be balanced with healthy home life and high performers to work on their terms.
One keen insight garnered from this year is that businesses must be aware of changes and create pivot plans to maintain operations and sales under new circumstances. Companies primed for the COVID shift were more likely to be successful; those who conducted "business as usual" more likely suffered losses.
2020 has given us all one gift, exposure. It has brought to light both areas that need to be addressed and a gut check to assess what is truly important in life and business. Businesses need to recognize that in exchange for their success brought about by their communities' support, they have a responsibility to reciprocate, especially in times of hardship. Measures taken by businesses to support their community, or stand for what is right, will, in the long run, convert customers to something far more significant, advocates.
One recognition is certain: 2020 was an unapologetic year of change. Whether or not the losses bring about significant responses is dependent on us. Here's the learning the lessons of 2020 to create a brighter future!