- Elon Musk, Investor & Entrepreneur
The current COVID-19 pandemic has rocked the world and changed the way that we do business. As a result, leaders have been forced to buckle down and adapt to the ever-changing and uncertain world.
Even before the pandemic started though, the business world was undergoing a large change. This change can be seen through the number of departed CEOs in the US during 2019. This fact tells us that the modern business world is constantly growing and changing regardless of the global pandemic.
One of the best ways to be ready for any problem that might arise is to learn from the mistakes and lessons learned from other business leaders and entrepreneurs. Here are 4 key lessons that other leaders have learned as a result of the pandemic.
1. EVERYONE IS REPLACEABLE
One of the most important lessons leaders have learned is that everyone is replaceable. No matter what your past records show or how long you have been loyal to a company, you can and will be easily replaced if your current performance is not up to par.
What makes the pandemic even more frightening is that you may be replaced by technology, not another person. If you’re not effective and not worth the payroll, there are plenty of remote technologies that can take your place. In fact, some of these technologies are probably better at doing your job.
With this in mind, you should be motivated to do your best every single day. Do not grow stagnant or allow your work to slack. Instead, aim to make every day better than before so that stakeholders or investors view you as an asset to the company.
At the same time, do not get too fixated on who or what could replace you. Fixating on this may cause you to neglect your roll or underperform due to anxiety. Instead, focus on your work and performance so that you can be the best worker that you can be.
2. MUST BE ADAPTABLE
Another key lesson the pandemic has taught many leaders is that you must be adaptable, especially under pressure. As we have seen over the last year, plans can change in the blink of an eye and you have to be able to adjust to the changes to keep your company competitive and afloat.
If you are unable to adapt, your company will easily go under, costing you and all your employees their paycheck. So, it is crucial that you learn how to adapt in even the most challenging of situations, such as a global pandemic.
To adapt, make sure that you are up-to-date on all of the most recent policies and technologies. Being up-to-date with these topics will give you the confidence and tools to compete in the ever-changing world. Also, check out what your competitors are doing so you can learn from their strategies and mistakes.
With this being said, this does not mean going off the cuff or failing to make plans. In contrast, your business should still have very extensive plans that are geared towards its financial and social success. Being able to adapt simply means that you must be able to change these plans whenever they are no longer valid or capable of being implemented.
3. REMOTE WORK IS POSSIBLE
In the past, work has primarily been done in the office. When workers go home, their work is left at the office. This pandemic has taught us, however, that remote work is possible and that you do not need to be in the office in order to do an effective job in your position.
This emphasis on remote work is both positive and negative for the workplace. Being able to work remotely is great because it will allow workers to get the job done in the case that they can’t be in the office. This will result in more productivity for your business.
At the same time, working remotely can be negative for workers because it may make it more difficult to have a healthy work to personal life balance. If workers are unable to unplug when they go home, they may feel disillusioned and overworked, causing them to underproduce and underperform.
With this in mind, it is important to emphasize healthy remote work practices. Working remotely is great in the case of the pandemic because it protects yourself, your workers, and your company. Just make sure that you are giving employees enough time to tune out of work so that they can focus on their own personal lives and well-being.
4. INVEST IN TECH
Finally, the pandemic has taught us that we should invest in technology. Technology is the future. Though the saying is cliché, it is true. If your business does not invest in modern and effective technology, it will not succeed in the future. So, it is crucial to invest in technology that is beneficial to your business.
You can learn about upcoming technology by watching competitors and reading different business or technology newsletters. Doing so will introduce you to new strategies and technologies that you can implement within your own business.
Of course, many small businesses cannot afford fancy or expensive technology. That is perfectly fine. Because of the Internet, there are tons of free online tools and technologies that you can incorporate into your business to make it more modern and effective in the present and future.
The COVID-19 pandemic has truly changed the way we do business. As a result, it is important to learn the lessons of other leaders in order to make your business as successful as possible given the circumstances. In short, many leaders have learned that everyone is replaceable, you must be adaptable, remote work is possible, and you should invest in technology.
If you truly incorporate these lessons into your business structure, your business should be able to survive during the pandemic and in the future.
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Thought leaders & celebrities share their tactics for success on the Lisnic podcast by Lisa Teh & Nick Bell