The year 2020 will go
down in history as one of the most tragic and utterly destructive years. It has
haunted us throughout, and it’s safe to say that many people would seek therapy
for post-traumatic stress disorder in the coming year or so. Has the year
fatigued you to the extent that you’re just not interested in what’s next, or
do you wish to just get over with it and start the coming year with a clean
slate?

Mind you, the coming
year is not going to be rainbows and butterflies either, so it’s better to
manage expectations now instead of getting carried away with the whole “new year, new me” illusion.

Let’s start with the
most outrageous but honest philosophy of life: the minute we plan something,
God laughs and sends a curveball our way. It’s just how life works. But keeping
that in mind, it’s still essential that we keep planning, because that is the
only way we can establish some kind of strategy in life.

As you may know,
thousands of entrepreneurs lost their business this year. Their hard work and
devotion were subjected to a destructive abduction, leading to an unparalleled
collapse that not only impacted them personally but also the general economy.

However, businesses
derail quickly and that’s something you should know. Does that mean that you shouldn’t plan on venturing into
entrepreneurship at all? If you’ve spent time in your industry, you’d know that
the only thing that can keep your business alive is your will and conviction.
Planning and strategizing is your method to the madness and so, instead of falling
prey to the unprecedented circumstances, make the most of it, and plan for your
future.

Let’s stop beating
around the bush and get to the point. We’re going to devise a guide book for
you for the year 2021.

Keep the Ratio of Emergency Funds High

image credit: Chango

If you run a small
business, it’s possible that most of your savings have gone to consumption and
your entire budget is off the rails. The pandemic is vicious as it tainted your
sales and business operations. Whether it was the temporary business shutdown
or the employee absences due to obvious reasons like CDC health guidance
compliance, your business faced a massive setback.

It’s possible that you
had to lay off some of the employees to stay afloat. You had to make some tough
decisions to manage your income and keep the expenses on track. Of course,
nobody had the slightest hint about the pandemic, otherwise, we’d have received
warnings. Besides, nobody even in their wildest predictions would have assumed
that the pandemic would last so long.

Read about the latest update of COVID-19 vaccine.

Thus, we need to stop
thinking about what’s lost and charge up to prevent further damages. One way to
do this is by planning for 2021. Learn from what 2020 has taught you and make
some additional room in your budget. You can start by putting an additional 15%
of your overall expense in your unexpected expenses. Be even more cautious and
prepared for business cost and income generators.

Don’t rely on expectations;
keep the goals realistic and minimum for now. You can compare the history of
your expenses with the economic conditions while deciding the budget for the
upcoming year. Honestly, it’s great when you leave room for emergency funds
because this way you can cushion your confirmed income and keep the expenses
below the projections.

Keep Up With the News

image credit: Concorde Career College

Okay, it’s true that
we’re all tired of the news. We’re bored out of our minds from the conversations
centering health and safety measures and whatnot. But hey, that’s the trick –
you need to be educated on the matters related to COVID-19 financial relief
measures, so now is not the time to change the news channels. Stay alert and
keep up with the news, as you don’t want to miss out on an important piece of
information that may in fact become monumental in setting you back on track.

People who were keeping
track of world news when the virus first started spreading were able to manage
their financial situation throughout the year. They planned ahead and kept the
possibility of an emergency lockdown in mind. And what about the ones who didn’t?
Well, you know how that went about. So, the idea is to keep track of everything
and stay in touch with workplace management remotely.

Monitor the national,
state, and local news. Keep a track record of all the businesses that are
temporarily shut and businesses that tanked this year. Watch documentaries
related to the outbreak of the virus as it can help you forecast future
predicaments. Educate yourself about the stay-at-home orders and continue
watching the press conferences conducted by the government.

Like we said, there’s
no such thing as too much news, so pump up your caffeine consumption and get
rid of the new fatigue. This way, you will not only be able to protect yourself
from contracting the virus but you can also be aware of the relief funds.
Google about Paycheck Protection Program (PPP), Tax deferments and extensions,
expanded unemployment, tax credits for employees, and mandatory paid leaves for
COVID-19 sickness.

We’ll give you an
example. Due to news fatigue, many business owners stopped watching the news in
2020. Do you know what they lost out on? They lost the chance to take the PPP
loan! They didn’t realize that they were eligible for certain paid leaves.

 Be Willing To Adapt

image credit: Change is a constant

This point might
slightly contradict our earlier point which asserts the significance of
planning. But here’s the deal, no matter how much you plan, there comes a time
when nothing else works and your best option is to just roll with the punches.
And honestly, this is one of the most essential skills that an entrepreneur
must-have.

Thus, keep in mind that
you must go with the flow and celebrate when needed. If you fail to adapt, you will
unfortunately not rebound in 2021.

Now Prepare for 2021 and stay updated with Hayvine about all the things you need to know for 2021.

Here’s hoping that this
article serves as a guide for 2021 and you prepare yourself accordingly. Of
course, we also hope for a Corona vaccine. If you liked reading this article, don’t forget to check out the 2020’s most unbelievable stories and moments that will make you cry!