12022-02-10T06:26:42+00:00stylefrontiera83423f715471fb8a2fd972507a41b07effc8b1515261Everyone had to adapt to Zoom meetingsplain2022-02-10T06:26:42+00:00stylefrontiera83423f715471fb8a2fd972507a41b07effc8b155 Business Survival Tips for 2021
A lot of business owners were surprised by the pandemic. Yelp states that 60% of businesses closed will not be able to reopen because of closures to businesses that are permanent. Imagine you have 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 start of the new year, and nobody knows what the year will bring. Business owners must be prepared for these problems.
Every day, new products are created that help your customers to purchase. If your business doesn't offer customers a better experience, or if it isn’t making progress, you may be losing customers to competitors who are. Steve Jobs said, "Innovation differentiates between the two types of people: a leader and a follower." Meaning that if you wish to be an industry leader or field, you need to innovate. This applies to marketing, product delivery, customer retention, and so on.
2021 is a different year and would most likely have new challenges, so here five tips to survive for your company.
1. Remember the thoughts of your customers in mind
Marketing is very crucial for any company. Businesses that survived through 2020 were those who remained in their clients their minds. Your company may not be able to perform as it should when lockdowns are being implemented by 2021. This could lead to lower revenues. Marketing should not be stopped, but rather, your marketing budget should be reduced.
Marketing is the process of understanding your customers' needs, educate them, attract new customers, and convince them to keep working with you. Every marketing strategy may not produce sales, however consistent marketing will lead to sales eventually.
Social media platforms will be your most trusted friends in the next few years. Research after research shows that social media is used by nearly 50% of the world’s population. This means there over 3 billion people around the globe.
Part of staying on your customers' minds is being around where they can see you, and social media marketing is a marketing strategy which gives you this advantage. It doesn't matter whether you are using influencers, paid social or both, you must put the effort in to keep your customers' minds.
2. You need the best individuals to complete the task
Great employees can be excellent for business. The best people to do their job can give your company an advantage. You can't offer your customers the best service if you do not have the right team.
This goes beyond hiring of the right people to ensuring the happiness of your employees. This includes understanding and providing a sense of purpose, as well as ensuring that they have a safe work environment.
What can you do to make your workplace a more positive one? Everyone loves to be heard. Your role as a business leader is to provide a platform for all to share their thoughts and opinions on specific topics. This could be done in weekly meetings. Implementing this strategy can dramatically increase their productivity, which in turn helps your company.
3. Protection of assets
Your company's assets could be damaged by a variety of factors, and this could result in the loss of your funds. In a legal matter it's not a pleasant experience to lose your company's assets. It's a common mistake for entrepreneurs, however it is vital to safeguard your financial assets in the event circumstances don't go your way.
People often get into trouble because they don't consider the possibility of being sued. Seventy-eight percent of US plaintiffs did not anticipate it to occur. Sony lost 200M in assets. This could have been avoided had they protected their assets. It is possible to protect your assets both offline and online, regardless of the size of your business.
4. Financing and budgeting
Because every business requires funds to fund certain aspects of its operations, financial planning must be a part of your business plan. Budgeting is a way to create a plan for your business and puts your business at risk when you don't have a budget.
Riley Panko reported on budgeting and stated that all businesses need to be able to establish a budget. "Businesses regardless of size, need to create a budget in order not to place their financial security at risk." This is because budgeting helps small-scale businesses to concentrate."
Budgeting is crucial to ensure that your marketing, asset acquisition, employee compensation as well as other business activities are running smoothly. All your short and long-term financial needs should be planned for. This could need you to engage an accountant who will keep track of all the money that is coming into and leaving your business.
How flexible can you be? Patrick J. Rottinghaus defines adaptiveness as "The ability to adapt to change and to capitalize on it, and the ability to recover from unexpected circumstances that disrupt your life plans."
2020 wasn't something that anyone expected, but it did come. Everyone had to adapt to Zoom meetings, online education as well as social distancing. A lot of brick-and-mortar companies, whose main service was in person, were impacted by this by itself.
Although 2021 may be uncertain, what is certain is your capacity to adapt to any situation. You must be open to adapting to the market's demands and creatively tackling it, regardless of whether you are involved in service/product delivery, marketing, customer interaction, or in any other way.