Post by Trade Coach on Jan 10, 2021 18:42:34 GMT 1
Critical Business Survival Tips for 2021 and Beyond for Small Businesses
There is no gainsaying the fact that the pandemic caused by Covid-19 caught many business owners unawares and definitely crippled many of them. As we talk today many businesses had gone under. They have closed shops and many of them will not reopen again. The effect of the pandemic dealt a permanent blow to their operations. I can imagine how so many business owners will be feeling after nurturing your business for many years and all of a sudden one thing called a virus came from nowhere and shut it down permanently.
We are into a new year and no one is even sure how the whole thing will play out. But as a business owner you can’t fold your hands doing nothing waiting for things to work themselves out. No, things are not done that way. You have to plan and fortify your business against such problems that the pandemic will bring. Every right thinking business owner will take a decision now that the year is early to start being proactive by looking for solutions in case the problems come up again.
You must understand that everyday innovations are created by some business people who want to simplify the buying process for your customers. Due to high level competition, business owners are putting innovations in place that make it extra simple for your customers to buy your products. Customers will naturally take the route that makes life simpler for them. Therefore, if you are not doing anything new to make life easier for your customers, you may be risking losing them.
Steve Jobs once said that “Innovation distinguishes between a leader and a follower.” This simply means that if you want to be a clear leader in your industry, you must be innovative at all times. The innovation must cut across all levels of your business which can be in marketing, product delivery, customer retention, and others that may be peculiar to your industry. Look at the various processes and see where you can differentiate yourself and stand out.
You must stay on your customers’ minds. We have been saying it at every opportunity that marketing is the bedrock of every business, no matter how good your products are, if you cannot effectively market them, you will soon be out of business. We can conveniently say that the businesses that survived 2020 are the businesses that stayed in their customers’ minds. Marketing is majorly how you understand your customers’ needs, attract new ones, and educate them to keep doing business with you. Keep your social platforms alive during these trying periods as most business deals will be conducted through social media platforms. If more than 50% of the world’s population use social media platforms, then you should know the numbers you are dealing with. Stay where your customers can see you always.
Do not lose money carelessly this period by not consciously protecting your assets. Protect both your online and offline assets no matter what the size of your business is, nobody prays to lose his business asset, but it happens every day. The period we are in these days does not require careless losses of assets no matter how much.
Get the best employees for your business. Good employees are very important for your business; your customers can only get the best from your business if your business has the best employees you can get. Train your staff and also make them happy all the time so that they can offer your customers the best service. Create a positive work environment for your workers; give them the opportunity to contribute to how things are run in the business. Hear them out during meetings and make them feel wanted in the company.
Finance and budgeting are very important for all businesses during these uncertain times. Budgeting helps businesses all sizes to focus; if you have a budget you will at all times know when you are going out of the way. Budgeting is like a pointer in the planned direction to your business. It helps in all matters concerning your business, whether in marketing, employee remuneration, asset acquisition, and other things the company will want to do. Keep proper records of all financial activities taking place in your business and see how things will start taking proper shape.
You must be ready to adapt to any change that comes your way. We are living in times that anything can happen, so you must be ready to adapt to any situation in this year 2021. Be optimistic while running your business, and implement all the strategies we have listed here.
There is no gainsaying the fact that the pandemic caused by Covid-19 caught many business owners unawares and definitely crippled many of them. As we talk today many businesses had gone under. They have closed shops and many of them will not reopen again. The effect of the pandemic dealt a permanent blow to their operations. I can imagine how so many business owners will be feeling after nurturing your business for many years and all of a sudden one thing called a virus came from nowhere and shut it down permanently.
We are into a new year and no one is even sure how the whole thing will play out. But as a business owner you can’t fold your hands doing nothing waiting for things to work themselves out. No, things are not done that way. You have to plan and fortify your business against such problems that the pandemic will bring. Every right thinking business owner will take a decision now that the year is early to start being proactive by looking for solutions in case the problems come up again.
You must understand that everyday innovations are created by some business people who want to simplify the buying process for your customers. Due to high level competition, business owners are putting innovations in place that make it extra simple for your customers to buy your products. Customers will naturally take the route that makes life simpler for them. Therefore, if you are not doing anything new to make life easier for your customers, you may be risking losing them.
Steve Jobs once said that “Innovation distinguishes between a leader and a follower.” This simply means that if you want to be a clear leader in your industry, you must be innovative at all times. The innovation must cut across all levels of your business which can be in marketing, product delivery, customer retention, and others that may be peculiar to your industry. Look at the various processes and see where you can differentiate yourself and stand out.
You must stay on your customers’ minds. We have been saying it at every opportunity that marketing is the bedrock of every business, no matter how good your products are, if you cannot effectively market them, you will soon be out of business. We can conveniently say that the businesses that survived 2020 are the businesses that stayed in their customers’ minds. Marketing is majorly how you understand your customers’ needs, attract new ones, and educate them to keep doing business with you. Keep your social platforms alive during these trying periods as most business deals will be conducted through social media platforms. If more than 50% of the world’s population use social media platforms, then you should know the numbers you are dealing with. Stay where your customers can see you always.
Do not lose money carelessly this period by not consciously protecting your assets. Protect both your online and offline assets no matter what the size of your business is, nobody prays to lose his business asset, but it happens every day. The period we are in these days does not require careless losses of assets no matter how much.
Get the best employees for your business. Good employees are very important for your business; your customers can only get the best from your business if your business has the best employees you can get. Train your staff and also make them happy all the time so that they can offer your customers the best service. Create a positive work environment for your workers; give them the opportunity to contribute to how things are run in the business. Hear them out during meetings and make them feel wanted in the company.
Finance and budgeting are very important for all businesses during these uncertain times. Budgeting helps businesses all sizes to focus; if you have a budget you will at all times know when you are going out of the way. Budgeting is like a pointer in the planned direction to your business. It helps in all matters concerning your business, whether in marketing, employee remuneration, asset acquisition, and other things the company will want to do. Keep proper records of all financial activities taking place in your business and see how things will start taking proper shape.
You must be ready to adapt to any change that comes your way. We are living in times that anything can happen, so you must be ready to adapt to any situation in this year 2021. Be optimistic while running your business, and implement all the strategies we have listed here.
