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.
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.
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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.
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.
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!
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