Sal Rich credits his college education to learning not only valuable life lessons but creating invaluable professional networks. He has utilized his three master’s degrees in varying engineering disciplines into his own businesses, significantly scaling them. Rich is the founder of the nutraceutical brand Eclipse Relief and the co-founder of VS1. He has also made over six figures investing in cryptocurrency. As the pandemic ravaged countless businesses last year, Rich remained relatively unaffected. Acknowledging that he was very fortunate to have been minimally affected, this e-commerce tycoon shares five tips to implement in 2021.
Do more business online
For e-commerce merchants like Rich, this was a saving grace in 2020. While some companies could at least partially shift their business to a virtual environment, others could not. Professional services professionals such as engineers and attorneys could make this transition, frontline workers like those in grocery stores and pharmacies could not. Nor could restaurants, which brings us to Rich’s next piece of advice.
Don’t be afraid to try something new
Businesses had to adapt to the conditions of the pandemic. It meant transitioning online or thinking outside the box to stay afloat. Among the most impacted business categories were restaurants that now began new take-out, catering, and virtual offerings like cooking classes. Even the most respected establishments started offering a to-go menu for the sake of keeping their company afloat. Rich has always emphasized the importance of not being afraid to change, a mindset that proved to be invaluable during the pandemic.
Prepare for uncertainty
Ironically enough, one of the constants in life is change. Companies who had already examined ‘what-if’ scenarios or were even dynamic were at an advantage when the pandemic hit. They either had a Plan B or could quickly shift their business model, meaning the company experienced little operational disruption. Some businesses, due to their nature, could not examine these options. For those who could, however, being ready for the unexpected is was a beneficial tactic.
Help mitigate employee stress
The pandemic has caused an emotional, socio-economic disruption that people are still reeling from. It’s more than just worrying about getting sick from a dangerous illness. There are many more factors that have come with this merciless virus. Employers need to realize their employees are going to be stressed. As different people react to stress in different ways, including how it affects their work performance, companies need to not only mitigate stress but also be prepared to offer help to employees who require it and be willing to work with them within reason.
Zoom is a fantastic tool, but it cannot replace an in-person meeting. As the pandemic has limited direct contact, it is critical to maintaining your connections. The next best thing to live interaction is a phone call. It might sound old-fashioned but picking up the phone and calling someone shows them that they matter to you. For those who aren’t tech-savvy, the phone will be more effective than virtual communication. And talk to your employees and colleagues! Some people are having a more challenging time dealing with this situation than others. Reach out and see if there is anything you can do to help, as this carries a lot of weight on a personal and professional level.
If anything, these five tips by Sal Rich are valuable advice regardless of the pandemic. They emphasize essential business elements such as planning, communication, preparedness, and thinking outside the box. One also sees the importance of avoiding being static and turning dynamic to change with the world as needed.