It’s no lie that the COVID-19 pandemic has turned lives upside down. Everyone has had to learn how to adjust to this new normal. But for all of the emotional, physical, and financial pain that COVID-19 has brought on, there are valuable lessons to be learned from a business standpoint. For small business owners, these lessons are crucial.
For many, it’s become clear that having a narrow industry focus is a risk. Businesses primarily focused on the hospitality, tourism, and food and beverage industries were among those most severely affected by the fall out of this pandemic. You’re lucky if your company doesn’t specialize in any of these fields, but what about others? Are you heavily focused in another single industry? That same risk is present.
The need for small businesses to diversify has never been more apparent.
The same principle applies to how much of your revenue is concentrated in a small number of clients. While that risk has likely always been clear to you, COVID-19 has brought to light how this vulnerability plays out in the real world.
And what if you as the owner, operator, strategist, etc. become ill? What will happen? Many business owners have recently had to face the truth that their businesses were not set up to run without them. Having systems in place to keep the operation moving, as
well as a diverse clientele, are some of the most powerful takeaways from this year. These measures will make your business healthier, more future proof, and remove stressful uncertainty.
While transitions are difficult, so many business owners recognized that their hand was forced. They took an opportunity to change the way they do business in order to make their companies more future proof. This pandemic was a humbling experience that gave us all a chance to revisit why we operate our businesses the way we do and reexamine how we will run our companies and serve our clients moving forward.