Find out what 2021 is going to bring to the table and what you can do to put yourself in a position to win over the next year. Learn what trends are going to continue from 2020 and what businesses can do to win more customers and clients over the next year.
Podcast Highlights
Economic Recovery
Housing is booming and savings are at a 45 year high. The stock market is also achieving new records and those things are often the precursor to a strong economy.
Small business formulation is going to continue to be strong. We saw one of the best years for new small businesses as people took the opportunity in 2020 to go after their passion. This will continue into 2021 and we’ll see more people starting their own small businesses, especially in the knowledge space.
Winners and Losers
Some businesses and industries will suffer, such as travel and hospitality. On the flipside, there are a number of markets and industries that will thrive in the new economic environment.
Uncertainty
Uncertainty has always been part of life, and that’s not going to change in 2021. 2020 brought a lot of change and with a new administration in the US government, there will be a lot of change and a recipe for an uncertain year going forward.
The ability to deal with uncertainty is the extent to which you will see a lot of success.
Covid
We will learn to deal with the virus but it’s going to be with us for most of the year. The vaccine will take time so don’t expect things to go back to normal anytime soon. Businesses and life will adapt and we are going to learn how to deal with Covid effectively in 2021.
The tendency with the pandemic is to freeze. Don’t be afraid. There are opportunities to take advantage of.
Division
There are so many deep rooted issues and so many people invested in maintaining the division that we will not likely see much unity over the next year. We might begin to see some healing in 2021 but it will probably be another year of a very divided country.
Align your business around healing. We have a chance as business owners to make a positive impact on the world.
Virtual
2021 is the year where we get better at the virtual lifestyle. 2020 was about adjusting to remote learning and remote work, but in 2021 we’re going to expect more. Customers will expect businesses to get the virtual aspect right from the start and they’ll expect more convenience going forward.
Video conferencing will become more common. It was out of necessity in 2020, it will be out of convenience in 2021. Embrace the new virtual paradigm. Get better at looking at your camera and spend some time on your background. Virtual work is not going anywhere.
Mental Health
People’s mental health suffered greatly in 2020 but it’s been an issue for years. We are going to see a big difference in the workplace now that mental health is coming more to the forefront. People who were fortunate enough to work through the pandemic saw their workloads increase, and those who worked at home saw the lines between work and home blur. Burnout and stress will be a major issue over the next year.
Pay attention to your mental health and to the mental health of those around you. There is a real need within the business world for this kind of expertise.
Compassion
Compassion has been in the fringes of business for several years now but it will become more prominent in 2021. More businesses will use compassion and empathy as a way to attract new customers and employees. Compassion will become more valued by companies and organizations in the US.
Don’t kill your employees and vendors trying to squeeze everything you can out of them and don’t let them kill you either. Embrace compassion and empathy throughout your business. Help your customers meet their needs and solve their problems.
As a leader, be the example of compassion and empathy that others can look to.
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