2 Years Of Pandemic, 8 Takeaways For Your Business

Run your own enterprise long enough and it becomes apparent: A key to success and longevity is to apply lessons learned during times of adversity. If your business survived the last two years, congratulations. Many didn’t. Chances are, you learned a few things about business survival during the pandemic. ?

Here are my 8 business takeaways gleaned from two years of pandemic adjustments. ?

The Value of Contacts

As many of us faced major disruptions —or worse, a shuttering of our businesses — we turned to our contacts for alternative business. When the next disruption comes (and it will) do you have relationships in place that will help you profitably pivot? ?

Remember: Virtually all business opportunities arise from other people. Are you enriching your relationships and building your contact base??

Cash Is King?

When the government tells you your business is “non-essential,” that’s insulting. Want to add injury to your insult? Be cash-strapped and over-extended heading into tumultuous times and you’ll be injured alright, possibly even bankrupt.?

We never know what tomorrow holds. Therefore, the best insurance is to keep money in reserve. Financial reserves allow you to remain less emotional, less desperate, and more prepared to seize opportunity when all those who’ve not saved their money are desperately and emotionally forgoing opportunity. ?

Diversification of Revenue Streams

If all your income is derived from one source, what will you do for money when that singular source is shut down? A business or individual with multiple streams of revenue is never solely dependent on one product, one customer, or one marketplace. Income diversification makes you better able to ride out a bad storm. How many different sources of money do you have to rely on? ?

The Art of Improvisation?

My showbiz background taught me to quickly act (and react) to what’s happening between the audience and the stage. Comparing that to you and your business; you are the performer on stage and your customers are your audience.? When the marketplace dictated quick and drastic changes, did you improvise? Businesses that stick around for the long haul generally do so because they’re good improvisers. Learn to be quick on your feet!?

The Strength of a Good Home Front

During stressful times you learn the value of your support system. Unfortunately for many, the pandemic created personal strife — divorce filings were up 35% in 2020.? But it’s during the dark business days that you most need a positive home front. Remember, your personal and professional life generally walk in lock-step. Wanna thrive professionally? Strive for a healthy home front. ?

Business Plans Got Upended

I’ve never had a business plan in 28 years of piloting my own enterprise.? Simply put, projecting the next 5-10 years for one’s business isn’t possible. Too many marketplace changes, too much evolution, and too many disruptions (think pandemic) make predictions useless. How many of the hundreds of thousands of businesses that closed their doors over the past two years had formal business plans? Adaptability trumps rigid business plans every day of the week. ?

Appreciation?

Many of us who run our own businesses get so busy with the daily task, we fail to stop and smell the roses. If you piloted your ship successfully through the past two years, good for you. Now be sure to give thanks to the people who’ve helped you do that — the clients, the employees, the business partners, and your supportive friends and family. ?

Perspective?

I can’t speak for others but a forced slow down provided a glimpse of what not working might look like.? Several million Americans experienced not working and decided to make it permanent. Personally, while I didn’t miss air travel, I did miss that feeling of accomplishment and contentedness that follows a stellar month. Living through the last two years provided perspective on what matters, what doesn’t matter, and what it is that I enjoy about my work. ?

Applying the 8 Takeaways

Those are my eight takeaways. You likely experienced a few of them too. Adversity can be a good thing if you learn from it and actively apply the lessons. Cheers!?

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Damian Mason is a speaker, podcaster, farm owner, businessman, and the author of Do Business Better — Traits, Habits, and Actions to Help you Succeed. www.damianmason.com?