2020 has been the biggest survival test for most companies across the world. Over 81 percent of UAE companies and 64 percent of Saudi companies reported lesser sales compared to last year.

While some businesses had to shut their doors, others struggled to survive as strict lockdowns were imposed in many cities. The grim daily news about stock markets going down and unemployment increasing hasn’t been great for the morale either. 

During these tough times, the companies that ended up thriving were the ones who understood the changing markets and pivoted accordingly. Mubadala Investment Company pivoted towards solar energy and decided to double down on its clean energy investments. Strata, a UAE aerospace manufacturer pivoted from manufacturing plane parts to mask production to meet the growing demands for masks.

As the year comes to an end, let’s look at the top leadership lessons that COVID-19 has taught us:

Embrace and accept uncertainty

From embracing a remote workforce to enforcing healthcare guidelines in the offices and changing products/services according to the changing customer behavior, 2020 has been full of lessons for businesses. 

Even though each one of us wishes for normalcy again, the truth, our world may not completely go back to the ‘normal’ that we knew before the pandemic struck. The companies that can thrive now are the ones that can accept the new normal. 

While it is good to plan out things in advance, if there is one leadership lesson that COVID-19 has taught businesses is that we have to embrace uncertainty and always stay agile. Business leaders need to incorporate flexibility and speed into planning, forecasting, and resource allocating processes. They also need to practice quick decision-making and innovate rapidly in order to always stay ahead of the curve. 

Continue to put your employees first

The best business leaders are the ones that go beyond the hard numbers and focus on how their employees and customers are dealing with the pandemic. 

COVID-19 has instilled a sense of uncertainty and fear that many employees are facing today. Most people are now working from home for the first time in their lives and struggling to manage their home chores along with their everyday work responsibilities. Not to mention, the mental toll of the pandemic has been devastating for many. 

Amidst all this chaos, CEOs and other business leaders cannot expect their employees to perform their best if they are not given the best support from the company itself. 

As a result, it is essential for business leaders to pay attention to employee morale and provide a sense of belonging to the employees who might be feeling stressed due to work or isolated from their team. A great way to do that is by conducting company-wide surveys to better understand employees’ experience and the challenges that they face every day. When employees have all the tools and support that they need to perform their best, it will directly lead to improved efficiency and productivity.

Always keep the focus on your core mission

Even if your short-term business goals have to change in order to accommodate the changing needs of the market and customers, you should never abandon the core mission and long-term goals of your organization. Your business processes, projects, and all the other work that you do within the organization should always align with your overall business goals and help advance the core mission of the company.

Your business might have had to pivot because of the pandemic, but even then, your company culture and overall mission should still stay the same. It is also important to always communicate clearly with employees and ensure the company’s core mission is clear to each one of them. Business leaders should have consistent discussions with employees about the newly defined short-term goals and clarify how it doesn’t affect the organization’s mission, vision, and long-term goals in any way.

Effectively respond to the changing customer needs 

Changing customer behavior and sentiments due to the pandemic has greatly impacted companies around the world. Global customers are pulling back on luxury spending, and focusing more on essentials. 

2020 was also the year when a lot of non-digital customers pivoted towards eCommerce shopping. From buying clothes to groceries, or even a new work desk, most customers preferred to shop online instead of going to physical stores. Takeout and food delivery orders also increased at a tremendous rate as restaurants closed down. 

The changing customer behavior forced many local brick and mortar businesses to establish their brand online. Even those stores that never thought they would have to cater to an online audience had to set up online stores to stay afloat. 

It also created many new customer personas as COVID-19 lockdowns provided the ideal opportunity for people to reevaluate and change their lifestyle choices. While some people got into cooking, others started exercising more. For example, LinkedIn reported three times increase in the time users spent learning new skills and Peloton bike sales surged to almost 66 percent as more people took up cycling due to reduced traffic and more time.

Take the right path for your business

COVID-19 pandemic made this year full of challenges and lessons. While some businesses have successfully gotten out of troubled waters, others continue to struggle. If you are still unsure about how to pivot your business to fit the new normal, reach out to experienced business mentors who have been there in your position before.

Jupiter Business Mentors helps you connect with the right mentors that can guide you on the right path. With 35+ mentors spread across dozens of industries, finding a mentor is now just as easy as clicking a few buttons. 

Take a look at how Jupiter Business Mentors can help you and get over 90 minutes of free sessions with any mentor on the platform.