Lessons learned from 2020 – How to grow and develop your business
By Rachel Geddes, Business Principal at Mortgage Advice Bureau. In this article, she reflects back on key insights gained in the past year, and how these insights can make for better decisions in 2021.
It’s safe to say 2020 was a year nobody could have predicted. The Coronavirus pandemic has shaken the global economy on seismic levels but rather than focusing on the negatives, I’d like to use this opportunity to share what I’ve learnt from the challenges I had last year, both as an individual and as a business owner.
As business leaders, we’ve always found ways to adapt, innovate and create, no matter what’s been thrown at us. However, 2020 brought challenges we could never have predicted, and I’m under no illusions 2021 won’t bring its own new challenges. COVID-19 won’t just disappear, so as business leaders, we need to stand up and lead by example.
Future proofing your business
A key question I’ve asked over the past year is: in the height of a global pandemic, how do you maintain momentum and stabilise your business whilst still planning for a future unknown?
For me, it’s all about how you treat people and maximising every business relationship, whether that’s employees, clients, suppliers, investors or business partners. I look after a team of mortgage advisers and we haven’t physically seen each other since February. So, we’ve had to pivot and find new ways to motivate each other, which in a virtual world can be difficult but, nevertheless, we’ve proven it can be done.
2020 has forced us to utilise new technologies and streamline processes and there are lots of positives to take from that. It’s brought a whole new approach to recruitment, with interviews taking place remotely – meaning we’ve all had to think differently about our interview techniques as well as what we are looking for in new employees. It has also made us look at our business and which departments we need to recruit in even more so than before.
However, I believe there’s something even more valuable which all good business leaders should be taking from this pandemic and that’s genuinely looking after staff health and wellbeing, which in turn improves morale and business results. Thus, future proofing your business because you’re all being the very best you can be and performing at an optimum level whilst feeling good about yourself at the same time.
Look after your staff and they will look after your business
So, for a small mortgage advice firm, when life changed back in March 2020, I made it a priority to holistically look at each of my staff’s individual circumstances simply by having regular conversations with them. This wasn’t about the numbers they were producing or anything necessarily work-related; it was about understanding what’s affecting them at the moment and if you as a manager can do anything at all to help them.
Understating what is impacting them and what state of mind they are in will enable you to help them be more productive. We are all human beings and just need a general check in on life rather than being quizzed on performance.
I’m not talking about anything complicated here either. It really is as simple as checking in with your employees to see how they’re feeling at the moment. Praise them when they’ve performed well and if they haven’t, don’t come down on them like a tonne of bricks but instead find ways to support them and overcome the challenges together. You don’t know what’s going on behind the scenes until you open up those lines of communication and start to form a level of trust.
For example, they might have young children who are going through a tough time due to the pandemic, or perhaps their home working environment isn’t allowing them to do their job properly. I’ve found that being a more personable business leader has definitely helped my business to thrive during these times.
Whilst an individual might be fine one day, they may not be the next, so you really do have to take each day as it comes, and I think that’s something COVID-19 has triggered as a mindset across society. It’s been extremely difficult to plan anything too far in advance, given none of us truly know what’s around the corner, so it’s ultimately about dealing with the here and now, to put your business and your team in the best possible position and plan for what is happening at the moment so you make the most out of today rather than waiting until tomorrow.
In terms of checking in with key contracts, suppliers and clients, you should place the same emphasis on staying in close contact with them. If they’re doing well, so are you. It’s that simple. Carry out an audit of all the businesses you currently work with and do a temperature check – all it takes is one part of the chain to fall and that could impact the service you provide and business levels.
Finally, trying to stay upbeat and take on the positives from what 2020 has taught us and we have achieved is paramount. Certainly, for our industry, it’s been nonstop since the housing market reopened last May, which I know unfortunately cannot be said for every sector. Celebrate the wins no matter how small or large and share success with the team; they will be driven on other’s success.
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