LESSONS FROM 2020

THE YEAR 2020 WILL LONG BE SYNONYMOUS WITH THE ‘PIVOT’ AND THE LESSONS LEARNED WILL HELP YOU THRIVE IN 2021.

- CLARE HASTINGS

Like it or loathe it, pivot has been one of the defining words of 2020. Whether you call it being agile, adaptive or dynamic, the fact is that many organisations around the world had to make quick decisions about how they work, what they offer and even who they serve.

For many, 2020 stretched our creativity like never before and the stories of transformation have been impressive and inspiring. We saw:

• Zoos and museums transform into live-streaming media companies

• Distilleries turn into pharma suppliers

• Events organisers become furniture retailers

• Parking lots converted into movie theatres And while most of us would like to tell

COVID-19 to “pivot right off”, it has taught us some valuable lessons about resilience, the importance of acting quickly and the power of human creativity as a survival tool.

PIVOT TO THRIVE, NOT JUST SURVIVE

Someone who has lived through their fair share of crises is Silicon Valley’s longest-serving CEO, Ray Zinn. Ray co-founded and served as the CEO of Micrel Semiconductors for 37 years and, in that time, weathered no less than eight major economic downturns, including the global financial crisis and the infamous ‘dot bomb’.

He says the COVID-19 crisis was unique in its global reach and speed at which it hit.

“In the past, the crises were caused by economic factors that were more a part of the ‘normal’ business cycle (for example, oversupply of products in the dotcom period, oversupply of debt in the GFC),” he explains. “This time, however, the business cycle was in a good spot, and then it was abruptly forced to shut down due to a healthcare crisis. That really compounded the pain.”