Article Written by Katina Jaye Beveridge, ASBAS Advisor, Western Sydney Business Centre.
We have seen 2020 business strategies go down the drain as early as March this year. Some of the hardest hit businesses are still struggling to recover while others have closed business completely.
As 2021 draws near, it is that time of the year again to create new strategies for your business in the coming year. Just because this year didn’t go well doesn’t mean that you don’t have to prepare for the coming months. The pandemic has highlighted the need for a flexible business strategy that would see you through unforeseen circumstances.
How do you prepare for 2021?
- Learn from 2020. Review what you did this year and analyze which worked and why. You also need to learn from your mistakes by considering which option would have produced a different result. With these lessons in mind, you’ll be able to maneuver through the hazards the New Year may possibly bring.
- Talk to your loyal customers. Find out what they need and what your business can offer. If you need to create new products or introduce new features, don’t be afraid to so. Remember, these are loyal customers and they have a higher chance of buying again if they find what they need.
- Provide more payment options. The pandemic has caused a major dent to the world’s economy, and your customers would appreciate if you’ll be able to provide flexible payment terms. You should also consider accepting a digital payment channel to make it more convenient for your customers.
- Focus on what you can do. If you’ve been meaning to try out to particular digital platforms, now is the best time. You can also research new markets for potential expansion while still engaging with your customers personally.
- Use the time for improvements. 2021 is a blank canvass and we don’t know what’s in store for us. If there are tasks that you’ve been putting off due to busy schedule in the past, this is a good time to implement them.
- Revisit your marketing strategy. As businesses are still in the recovery period, reviewing and adjusting your marketing strategy should help you explore new avenues with better ROI.
As you create your 2021 business growth strategy, you’ll find that proactively addressing the points listed above can help you keep your focus on moving your small business forward with a positive outlook. Be agile, you never know what 2021 will bring.