Recovery. A return to a normal state of health, mind, or strength (according to Google). 2020 has been a difficult year for many. To those reading this who have suffered the loss of a loved one this past year, you have my sympathies. People manage to move forward from those losses but recovery isn’t the right word.
But with respect to your business, if you’ve taken a hit during 2020, then 2021 needs to be a year of recovery in either your existing business or a new endeavor. Clearly, I don’t expect 2021 to be devoid of challenges. While some have benefited from the pandemic others have been devastated (the hospitality industry, especially).
There is an old saying, “It’s always darkest just before the dawn” and I suspect that may hold especially true now. While many states and localities still have restrictions, people are finding relatively safe workarounds. The economy is adding jobs and the unemployment rate is falling (Source: U.S. Department of Commerce). And as I write this on the morning of December 29, nearly 5 million doses of vaccine have been administered worldwide with just over 2 million of those in the US (Source: Our World In Data). Clearly still a drop in the bucket but a credible start in just a few weeks since FDA Emergency Use Authorization.
So as a business leader, what should you be doing as you face 2021?
- Right now, all of my clients have a 2021 game plan. It might change as the year unfolds but all are starting off with a roadmap for 2021.
- Remain optimistic. Easier said than done but it’s critical to find a good attitude not only for yourself but for those around you. Think of all the challenges you have overcome in the past. This often provides a sense of confidence about the future.
- Develop contingencies. Thinking through various “what if” scenarios before the moment of crisis not only allows more time for idea generation and analysis, it provides a sense of calm knowing that there is a play book for various scenarios.
- Keep your team together. You’re going to need your A-players as the economy rebounds. And remember, the downside of being an owner/leader is that sacrifice starts at the top.
- Work smarter. Again, one of those things easier said than done but 2020 has given people permission to do things differently. Look to see what others are doing differently that you could implement in your business.
- Work harder. That might not be what anyone wants to hear right now but there is just no substitute for hard work. Get after it.
While many posts today are going to end with “Happy New Year” many will likely end as mine.
Good Riddance 2020!
If your business could benefit from fractional CFO services, I would welcome the chance to speak with you. Please give me a call at (314) 863-6637 or send an email to [email protected]
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