Optimism in the Face of Challenge
Outlook is Everything
This pandemic has taught us many lessons so far. In terms of business, one of the things that have proven right is that having an optimistic outlook has been a critical factor throughout this situation. Optimism has helped many companies get through these tough times and has even allowed them to find ways to reinvent themselves.
You might think that when asking business owners how their companies were doing, they might have shown a lack of enthusiasm, considering all the struggles that have come up during 2020. However, according to the most recent MetLife & U.S. Chamber of Commerce Coronavirus Impact Poll, it turns out most answers deviate from that idea. Up to 55% of entrepreneurs said their businesses were in “good overall health.” Of course, the fact that most small companies —86% up until May—had reopened at the time contributed to that opinion.
Another study by Visa showed that 78% of small businesses feel optimistic about what’s to come. Most companies that have displayed a positive attitude have been backing that up with proactive problem-solving, allowing them to adapt to the current circumstances by updating their business models. This move enables businesses to remain relevant in the marketplace while maintaining their essence and keeping their operations afloat.
Knowing how to be flexible when facing unexpected circumstances is pivotal in scenarios of significant uncertainty. Making changes like adopting remote work, implementing e-commerce sites, doing more online business, among other things, has been very helpful for companies to continue to operate this year successfully.
With the pandemic being an ongoing situation, consumer behaviors and needs are continually changing. That pushes business owners to consider other ways to innovate to ensure they continue to provide their customers with maximum value throughout every phase. Closely monitoring your customers’ needs will help you identify the next steps for your business.