12022-02-10T06:12:15+00:00stylefrontiera83423f715471fb8a2fd972507a41b07effc8b15661Everyone had to adapt to zoom meetingsplain2022-02-10T06:12:15+00:00stylefrontiera83423f715471fb8a2fd972507a41b07effc8b15Five Business Tips for Survival for 2021
Many business owners were taken by shock by the outbreak and all that it entails caught them off guard. Some companies have even gone out of their doors. Yelp states that 60% of companies that have closed won't reopen due to closures to businesses that are permanent. Imagine you have invested so much in an organization, only to find that things suddenly slow down and then eventually, they're shut down.
It's a new year, and we all know what it brings. But as an owner of a business, you have to prepare and protect your company against such problems.
Everyday, new innovations are created which simplify the buying process for customers. If your company doesn't provide customers better service, or if it isn’t innovating, you could be losing customers to competitors that do. Steve Jobs said, "Innovation differentiates between a leader and one who follows." Meaning that if you wish to be an industry leader or field, you need to innovate. This goes for marketing, product delivery, customer loyalty, and more.
2021 will be a year with numerous issues. Below are five survival strategies for your business.
1. Keep your customers in your thoughts
Marketing is crucial for any company. The businesses which made it to 2020 survived because their customers remembered them. If lockdowns are not lifted by 2021, your company might be unable to operate like normal, resulting in less revenue. But, you shouldn't cease marketing but instead, reduce your marketing budget.
Marketing is about understanding your clients and teaching them. While all marketing strategies will not result in sales right away, they will eventually lead to it if you are constant.
In the next few years the social media platforms will be your best friend. Research shows that nearly half the world's population is using social media. That's more than 3Billion users across the world.
You will only be in the thoughts of your customers when you are available for them. Social media marketing gives you that opportunity. Whatever your strategy, whether it's employing influencers or paid-social channels, you have to put in an effort to remain on the minds of your customers.
2. Get the best hands for the job.
Great employees can be great for businesses. Your company must have the best staff to be competitive. You can't offer your customers the best service if don’t have the best team.
It's not just about finding the best people, but also training and keeping your employees happy. It is about being patient and ensuring you've created an environment that is healthy for your employees, and giving employees a reason to work that will contribute to their job fulfillment.
What can you do to create a positive working environment? Everyone loves to be heard. Your job as a business leader is to create a space for all to share their thoughts and opinions on certain subjects. This could happen during weekly meetings. Implementing this can significantly increase their productivity and, in turn, help your company.
3. Protection of assets
Your business assets can be damaged by a variety of factors, and this could lead to the loss of your funds. It isn't simple to lose your company's assets following a legal proceeding. It's a common error that entrepreneurs make to ignore this aspect.
It's rare for someone to begin an enterprise without considering the possibility of involving in an issue in the courts. This is the reason why a lot of individuals find themselves in deep trouble. Seventy-eight% of US plaintiffs had no idea it would happen. Sony suffered losses of 200 million dollars that could have been saved by securing their assets. You can safeguard your assets both offline and online, no matter the size of your business.
4. Finance and budgeting
Your planning should also touch on finances since every business requires funds to support certain aspects of business. Budgeting is like a roadmap for your company. Without a budget, your business may be in danger.
Riley Panko wrote in a study about budgeting "Businesses should create a budget if they don't wish to risk putting their financial health at risk." Budgeting can help small companies focus.
Budgeting is the way to determine how your marketing, asset acquisition and employee remuneration can run. Both your short and long-term financial needs should be planned. This could mean the hiring of an accountant to keep track of all money flowing into and out of your business.
How flexible do you believe you are? Patrick J. Rottinghaus defines adaptability to be "The capacity and ability to handle and capitalize on changes, as well as the capacity and ability to bounce back from events that cause disruption to life plans."
No one saw 2020 coming, but it came, and it was as if everyone had to "adapt or die." The usual nature of work we were all used to halted for obvious reasons. Everyone had to adapt to zoom meetings, online education, as well as social distancing. This was a huge issue for brick and mortar businesses that provide primary services in-person.
2021's future isn't certain however, what is certain should be your ability to adapt to anything. It doesn't matter if you provide products or services, or engaging customers. It is essential to be flexible and ready to respond to any market changes.