By Jim Trujillo
A year after the COVID-19 pandemic hit the United States, the spectrum for how American companies are doing is as wide as ever. On one hand, there’s the thousands of businesses pummeled by the impact of the pandemic, and on the other hand there’s companies who have sustained through the challenges, and the lucky ones have even thrived.
One thing is certain, businesses had to reevaluate their individual practices, processes, and procedures to meet the needs of this challenging time. In addition to the ever-evolving pandemic landscape, new legislation and regulations surrounding COVID left many businesses with questions unanswered and feelings of isolation in how to deal with new requirements and expectations.
But throughout last year’s chaos, the determination and grit of many businesses provided in a spirit of collaboration and opportunities for unique partnerships that may not have happened otherwise.
There were some business decisions and partnerships that just made sense. In my state of Kentucky, home of the Bourbon Capital, distilleries used their resources to switch from bourbon production to making hand sanitizer. Some distilleries were even supplying hospitals, military, and other essential businesses during the peak of the pandemic, when PPE was scarce for essential workers.
Another great example of pandemic-induced business partnership happened in May of last year when DoorDash, the online food delivery company, partnered with United Way. Over the last year, DoorDash helped United Way deliver food and supplies to individuals and families at high risk of contracting COVID, experiencing food insecurity, or those in quarantine and can’t leave their homes.
Now these are just a couple of the thousands of examples of how businesses teamed up and pivoted in the wake of hard times. But I want you to think back on your own experience. What ways did you adapt your processes? What steps did you take to find solutions during the last 365+ days?
Over the last year, Kentucky adopted a phrase that stuck with me, “We will get through this, we will get through this together.” As a retirement plan advisor, I’m a partner to a variety of businesses and over the last year, we had to get through it together.
In previous years, my practice was extremely reliant on in-person communication. From providing one-on-one meetings to educational seminars and workshops, the lockdowns of last year required us to slightly modify our processes and procedures. Like many professional services companies, ours went completely online – a necessary adjustment that required trust and flexibility for both parties.
On top of the tactical changes of our service, there were an array of legislative changes, obligations, and topics that our business partners needed to be educated on. From the information regarding the CARES Act to the implications of extreme market volatility, companies were searching for answers, and we knew we had a job to do.
Businesses were making tough decisions and there was an abundance of information that seemed to change almost daily. In addition to the resources of our retirement plans team, we leveraged a variety of relationships to help our business owners make more informed decisions on the PPP, loans, outplacements, and a many other operational impacts. I’m telling you this, not to toot my own horn, but to share my experience. We chose, as a company, to go out of our way to help our clients and partners because we believed it was right.
Now that I’ve had time to reflect on the last year, it’s really made me consider why we choose the business partners and relationships we do. Could there be a better way to ensure a business relationship will be beneficial for both parties involved?
First, let’s start with defining a business partner. In the traditional sense, it could be someone you literally go into business with. But for many of us, the word partner and relationship are completely interchangeable. From vendors, to outsourced services, from customers to employees, there are many different types of relationships and partnerships that an organization can hold.
While the majority of us date before we ever think about getting married, business relationships don’t always go into it with the same mindset. Typically, when a business relationship is established, you assume it is just going to always work out – you put a ring on it, so to speak. You want the best for your business relationships, but how can you determine that this partnership will stand the test of time? From my experience, there are three essential elements to any successful business relationship.
- Reliability
Any partnership or relationship you go into should be reliable. There’s a sense of peace when you know that someone has your back. A reliable partner will be consistent and trustworthy, delivering positive results during the good times and the bad. Most of us are already busy doing our own jobs, so the last thing you need is the burden of inconsistency or failing to meet expectations of the jobs delegated to them. That is one extra layer of unnecessary stress in an already stressful post pandemic era.
- Creativity
As we saw over the last year, the status quo can change at any time. Adaptability and creativity have been key components for businesses trying to stay afloat throughout the pandemic, but these are also essential for business longevity. Innovative companies who embrace a new look at their operations or processes can have new opportunities to accommodate an ever-changing landscape. If your partner is unwilling, or worse can’t, recreate themselves to thrive in a new normal, then how are they going to serve you when you adapt?
- Passion
The last year presented many of us times where we could just give up and stop what we’re doing. But what I believe helped the majority of businesses stay the course was passion. Passion for your job, passion for your people, and passion to do the right thing. Passionate partners will go above and beyond for their relationships because it’s embedded not only in their psyche, but in their soul. A partner without passion will buckle under pressure or just not care enough to put in the extra work.
While companies are still searching for ways to stay afloat, reevaluating your current or future business relationships is a great way to ensure you’re setting your company up for success. As you reflect on 2020 and all of the challenges you endured, think about who was by your side, and possibly who wasn’t.
Financial Advisor
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