As we settle into the new year, I have been considering the difference between business now and business at the start of 2020, and how business strategy has changed.
In my experience, businesses have figured out how to adapt and change and while some transformed their operational model, founders and owners have realised they have to make quick decisions and get on with running their business.
Remarkably, a percentage of our clients found 2020 was their best year in terms of turnover and profit.
Continuing to trade during the pandemic has broken down historic norms and our beliefs about how we should work. Forcing us all online has accelerated innovation and change for good. Many businesses are taking an onmi-channel approach – operating both online and face to face, and it’s those which haven’t been able to adapt which are likely to struggle.
One surprise for many leaders has been how successful working from home has been.
If you have the right people in place, remote working has built trust, as leaders have seen that their team will do the right thing and get work done.
In many cases, not having to commute has improved employees’ quality of life and increased their productivity.
Read more: how to improve employee engagement
At Bold Clarity, while some of team have always worked remotely, now we are all virtual and no longer have an office which has reduced our costs and contributed to our profitability in 2020.
In the future, I foresee a blended approach, with people splitting their time between office and home. The challenge is to keep your team healthy and aligned, with a framework and systems in place.
One option in the future, is for departments work to together in the office on specific days, so they have the benefits of building relationships face to face, sharing expertise and knowledge.
Read more: four lessons from working from home
With no sign that lockdown will end soon, we wish everyone success as they develop a business strategy to navigate the challenges and pressures the pandemic continue to create.