(UnitedVoice.com) – COVID-19 taught the country a lot of valuable lessons, but one of the most important things people and businesses learned was the importance of “futureproofing.” That means almost exactly what it sounds like: anticipating future events and developing goods and services that will minimize their impact.
Here are a few lessons business owners learned that you might take with you if you are branching out on your own:
- Don’t place all of your eggs in one basket, focus on more than one area of your business.
- Find and manage risks to cushion the business from any potential downturns.
- Pay attention to the rest of the world, follow trends and adapt like the energy business is trying to do.
— Bloomberg (@business) December 8, 2020
Families should do the same thing, by developing an emergency bank account with enough money to cover three to six months of expenses. Also, pay down debt to eliminate excess payments.
By preparing for what’s to come, businesses and families alike might fare better if there’s a next time around.
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