5 Things Small Businesses Learned in the Last Year

The COVID-19 pandemic shook the world, forcing businesses and people to adapt and change. As the chaos broke and we endured struggles, we made it through by sticking together. As we navigate a new normal, we rely on each other to make it through the unprecedented time. After a full year of crazy, we have learned several lessons about life and business.

Have a Plan (or two)

You can never over-plan. That is truer now more than ever. 2020 consisted of several plans, and those plans changed as we learned more about the pandemic. Plan A, B, and C may have seemed outlandish before, but moving forward, we’ve found that these plans can help you and your business stay on track. Creating a crisis plan for your business will help you avoid panic when faced with changes in the future. Your crisis plan should include financial help. At Deerwood, our business bankers are dedicated to helping you and your business get through any crisis. Securing a crisis financial plan is essential, so pick up the phone and set up a meeting with your local banker.

Build a Support System

In 2020, our communities survived by the support systems that we built. Going forward, staying active with your support system will help your business stay on its “A-Game”. We have focused on supporting businesses by making it easier to access business relief funds. Curious about these relief funds? Pick up the phone and give us a call! An important aspect of a business’s support system is a dependable, local business banker that cares about you and your organization.

Communicate Your Needs

You need a business banker that understands your company and its needs. This past year, we learned about the importance of communicating your needs, while at the same time needing someone to listen to those needs. That’s where Deerwood Bank comes in.  We will continue to adapt to our new normal. Providing open communication about your business and its needs is essential to us.

Pivot, Not Panic!

2020 taught us to pivot, not panic. Amid a quickly changing landscape, the first response may not be the best one. If we panicked, running a business would have been unbearable. Instead, we decided to pivot by creating multiple plans and gaining confidence in our adaptability. It is necessary to be disciplined enough to step back and read the horizon before shifting your business. Assess each change against your business model to ensure it complements your core activity.

Embrace Change

The biggest lesson learned from the pandemic: embrace the opportunity that presents itself. The pandemic has made us stronger and more resilient. Whether your goal is to grow, or simply survive, embrace the change. By embracing the opportunity, you will emerge stronger, more resilient, and better!

The pandemic taught us who we are and how we should move forward. As we rely on one another to embrace change and pivot our plan, Deerwood is committed to continuing to offer support to you and your business. Although there have been several bumps in the road throughout the past year, we have proven we are stronger together.