Moua

All you have to do is the ability to change

5 Business Survival Strategies to Survive in 2021



 A lot of business owners were caught off guard by the pandemic. Yelp announced on Yelp that 60% of closed businesses won't be reopening until the number of businesses that have closed permanently had reached 97.966. Imagine that you put so much money into an organization, only to find that the business slows down suddenly and then eventually, they're shut down.



 It's the beginning of a new year and we all know the challenges it will bring. However, as a business owner you must plan and prepare your business to deal with such problems.





 Everyday, there are new ways to make purchasing easier for customers. If your business doesn't offer customers better service or isn't innovating, you could risk losing them to companies who do. Steve Jobs stated, "Innovation distinguishes among those who lead and those who follow." This means that you must innovate when your industry or niche is to be considered a leader. This is true for the development of products, marketing, customer retention and many other fields.



 2021 will be an entirely different year. This means that you'll likely be facing new challenges in 2021.



 1. Make sure that your clients' minds are on track


 Marketing is essential for every company. Companies that made it through the year 2020 were those that maintained their customers' interests in their minds. Lockdowns that remain in place after 2021 may cause your business to cease functioning properly and lead to lower revenues. But, you don't have to stop your marketing. Instead, you should reduce the budget for marketing.




 Marketing is the process of understanding your customers' needs, educate them, attract new ones, and get them to keep working with you. Although not all marketing strategies will result in sales, continuous efforts can result in sales.



 Your social media networks are your best friends in the near future. Study after study shows that social media platforms are utilized by more than half of the world's population. There are over 3 billion users of social media around the world.



 Social media marketing provides you with the leverage to be there whenever your customers require you. It doesn't matter if you are using influencers, paid social or both, you must put the effort in to stay in your customers in their minds.



 2. Find the right people for the job


 Employees who are great translate into fantastic businesses. You need the best people to provide your business with a competitive edge. You can't offer your customers the best service if you do not have the right team.



 It's not just about hiring the right people as well as training and keeping your employees satisfied. This means being understanding and creating an environment that fosters the creative process, and providing employees with a a sense that their work is satisfying.




 How can you create an environment that encourages positive behavior in your workplace? Everyone loves to be heard. It's your job as a business owner and manager to create a space where everyone can voice their opinions about certain subjects. This can happen at weekly gatherings. This will increase your the efficiency of your business and increase profits.



 3. Protection of assets


 Your business assets can be damaged by many factors, and this could lead to you losing your money. In a legal matter, it is not pleasant to lose your business assets. This is a problem which many business owners fail to consider. But, it's important to protect your assets, even if legal proceedings don't go your way.



 No one starts a business and considers the possibilities of entering a court case which is the reason why a lot of people get into trouble. Seventy-eight% of US lawsuit defendants never imagined it would happen. Sony lost 200 million dollars of assets. They could have avoided this if their assets were protected. It is possible to protect your assets online and offline regardless of the size of your company.



 4. Financing and budgeting


 Planning should include financial aspects, as every business requires funds to run. Budgeting is similar to having a strategy for your company. You put your business at risk if you don't have one.



 Riley Panko, in a report on budgeting, stated, "Businesses of all sizes must have a budget in place in order to not put at risk the financial health of their company." She said, "Businesses may create more challenges for themselves by skipping a budget. Because budgeting helps small-scale businesses to stay focused,



 Budgeting can help you decide if your marketing, employee remuneration, asset purchase and other parts will go smoothly. Every aspect of your short- and long-term financial requirements must be considered. You may need to hire an accountant to track all money that is coming in and out of your business.



 5. You should be ready to adapt to any situation

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 How adaptable are you? Patrick J. Rottinghaus defines "adaptability" as "The ability or capability to adjust to changes, and the ability or willingness to adjust to unexpected events that could alter one's life plans."



 2020 was not something anyone was expecting, but it did come. Everyone had the to adapt to online education and zoom meetings. This alone was a problem for brick and mortar companies whose primary service delivery was within the individual.

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 2021 is uncertain. However, the only thing that is certain is your ability of adapting to any situation. It doesn't really matter what you do with your product or service delivery, marketing, or engagement with your customers. All you have to do is the ability to change with the rhythm of the market and address the issue creatively.