The Pros and Cons of 2020 in Business

What a year 2020 has been. It does not take much to remember the main distraction in the year – COVID-19. The 2020 pandemic put the world on hold and shook up life as we knew it. But what else happened in 2020? There are plenty of pros from the year in business that you may not remember; how about we name a few?

Stimulus Packages

With the pandemic, many countries implemented stimulus packages to help support their workers and businesses. For example, Canada gave unemployed citizens $2,000 per month to help people pay their bills, and the United States implemented the PPP – Payroll Protection Program, which provided businesses the funds to be able to continue to pay their employees while they shut down. Whether or not the stimulus packages positively impacted your business, the stimulus set a precedent that the government can step in and help during future crises. 

Pivoting Businesses

Many businesses in 2020 showed their ability to shift to different processes and operations quickly. Restaurants had to figure out how to switch to “take-out-only” while following strict COVID-19 safety guidelines. Some manufacturing companies began producing facemasks on their production lines to keep up with the worldwide demand. The retail industry is scrambling to create more accessible e-commerce platforms for their businesses. While the pandemic forced many companies to shut down temporarily and some to close for good, it is inspiring to see how some companies used the pandemic as an opportunity to thrive in new ways. 

The New Way To Work

With many people required to stay home for most of the year, a new work era was born. 2020 signifies the first official year of the remote worker. While remote working is not entirely a new concept, 2020 created a world where everyone must learn technology designed for distanced working and learning. Some examples of these technologies include Zoom, Microsoft Teams, and Slack. In previous years, companies may have felt the need to have employees in specific locations, such as New York or London, but many do not believe this need is necessary due to the remote worker. The pandemic has opened up a new way of doing business that will remain for years to come. 

Investment Markets and the Economy

The stock market was extremely volatile in 2020. You may have noticed the massive drop that came with news of the pandemic and potential supply chain problems, as well as the rebound as some industries have been able to return to normal. As the market has pushed past pre-COVID levels, the economy is as strong as ever and is something to watch for in 2021.

2021 Is Near

With the end of 2020 comes the year 2021. In the US, 2021 brings new government leadership, refound excitement for a new year, and potentially a vaccine to COVID-19. New industries are emerging as potential growth leaders, such as healthcare, environmental, and tech. New businesses are ready to open, and the economy will rise further with the end of the pandemic. Investors will have many growth opportunities to be excited about in 2021. 

As much as 2020 and COVID-19 may have been a con, there is much good to remember about the business year. What unexpected success or problem did 2020 bring you? UnniCo supports all stages of companies’ development, from the initial idea, through startup, commercialization, production, after-sales support, and even transition planning when it’s time to pass the reins to another generation or another owner. Contact UnniCo today to learn how to solve your ongoing problems from 2020 and expand your focus to 2021.