It is such an understatement to say that 2020 was an eventful year. Never in a hundred years that businesses thought of preparing for something that they have gone through during the course of this recent pandemic. As a result, a significant number of companies were caught off guard as they tried to grapple with the consequences of COVID-10 to their businesses. In a 2020 study conducted by ADB, key findings showed that only a third of MSMEs remained open during the height of the virus surge while the remaining 70 percent were forced to either temporarily or permanently close down.
For those who survived and have kept afloat, such experience has provided and equipped them with valuable key takeaways that should make them ready when another black swan event happens, hopefully not in the foreseeable future.
Here are some of the lessons as discussed and shared by business managers with Serbizyo:
Ability to Pivot
It’s no secret that a lot of businesses that folded during the pandemic were shops that have been relying on their “legacy businesses” – a single bread and butter revenue stream. Business owners that have diversified revenue streams were able to seamlessly divert their resources and efforts to sources of income where they were deemed most essential and needed during the circumstances.
Innovation is key
Related to the first takeaway, a lot of companies have the tendency to be complacent and just “settle” with their current business processes and management initiatives. Most overlook the importance of innovation or simply thinking ahead and continuously creating new products and services that will keep up with the ever-changing landscape of the economy. Serbizyo for instance has introduced weekly insightful webinars – for free- to keep their clients, present and future, engaged during the course of the pandemic.
Health is definitely WEALTH
If there is any unanimous lesson among business, and even the general population, that was learned during the past couple of months, it is that health is the most valued asset a company could ever invest in. A lot of businesses have realized that at the end of the day, no amount of revenues and profits could ever replace the workforce that keeps them going, especially the front liners – grocery cashiers, baggers, and sanitation workers – that kept essential businesses afloat. Hence, companies have begun investing in their employees’ health through medical insurance, mental health awareness, and support system.
As the old saying goes, the only constant thing in this world is change. While we do not know what the future may bring, the past can definitely equip us with the right tools and mindset in keeping up with that “constant thing” as we sustain our businesses – let alone our lives.