Top 20 Invaluable Lessons Learned In 2020

The unprecedented challenges that we’ve faced during the COVID-19 pandemic made 2020 an especially difficult year. However, the fact remains that businesses learned more about resilience than any other year.

With that in mind, let’s take a look at CSG’s top 20 lessons from 2020:

1. Avoid overreliance on any one supplier and diversify the supply change to avoid product shortages.
 

2. Increase attention to industry trends even if they do not seem like a fit for your business at first glance.

3. The crisis has accelerated our digital transformation and how we work to deliver in a virtual hybrid future.

4. Embrace innovation & technology in your business model (i.e. AI, kiosks, contactless payment).

5. Make relationships your number one priority; remember that trust is key to any successful business.

6. Hygiene and safety measures became a part of the new reality for both employees & customers.

7. Adversity creates new opportunities for your business to advance.

8. Create a business culture that is agile.

9. Office spaces can be anywhere.

10. Balancing work and life is key.

11. The conveniences created during the pandemic are here to stay.

12. Business hours have become more flexible.

13. Every business should have a contingency plan for remote working.

14. Data security is worth the investment to protect your company.

15. Mental and physical health should not take a backseat to the challenges of life.

16. The importance of leadership is crucial to a company’s survival.

17. Brand loyalty is less important when scarcity is a problem.

18. Challenging times can reveal new markets for business.

19. Don’t rely on any events outside your control to generate revenue.

20. Humans are incredibly resilient and adaptable.