6 Techniques Business Owners Should do in 2021
Reassure and Reconnect
It is still very much a time of great uncertainty for many. It can be hard for people, customers, and business owners to look past the short-term challenges that they might be facing right now (especially off the back of a difficult 2020). That’s why one of the best things you can do right now is to reassure your customers you are still there for them, even if that looks a little differently from how it did a year ago. Reconnection is the best way to do this, keep the lines of communication open as best as you can.
Forecast for Uncertainty
If last year taught us anything it was that when it comes to strategizing and forecasting hurdles, we should always expect the unexpected. 2021 has the potential to throw anything at us; as does every year after that. We should have this at the forefront of our minds now. When carrying out forecasts and predictions be sure to build in a fail-proof back-up plan with multiple possible directions for success.
Consider Changing Track
Sadly, things might have changed in terms of what is feasible for your business right now. It’s easy to focus all our energy on getting ‘back on track’ to where we were before a crisis or challenge occurred. Sometimes though, this is counter-intuitive, and it serves us better to start from scratch. Assess where you are now and what is doable right now with the resources and challenges you currently face. It’s okay and even advisable to change track.
Forge Your Unique Path
It’s comforting to look at what other similar businesses are doing right now. It can offer reassurance, spark inspiration, or even give you a much-needed wake-up call. The negative side of this is that it’s hard to assess your unique standing and create a competitive advantage that works to your own internal strengths within your organization. Sometimes the best thing to do is block everything out and focus on your unique business offerings. Try not to second-guess yourself if something feels right.
Look for Opportunities
It is always best to invest at the bottom of the business cycle, just before the economy starts to expand. We often don’t know where we are in the business cycle until it is too late – economic growth is a trailing indicator. We do know that we experienced a downturn in 2020. That could open-up opportunities because some competitors are weak, new partners are hungry for business, and this can give way to bargains. We want to accumulate cash, to the extent that we can, and be on the look-out for amazing opportunities.
Everything you do and everything you offer to your customer should add real value to their lives. If you have a service or product which isn’t filling this criterion, it’s time to address that. This probably sounds like the simplest of things. You’re possibly reading this and thinking, ‘well of course my service is of value’. But what we mean by ‘real value’ is:
- Is the price fair and beneficial?
- Is customer service the best possible experience it could be?
- Are you selling more than just a ‘service’ or ‘product’ what are you doing for the customer in terms of enhancing their life? Is this clear in your messaging?
Your potential customer needs to recognize that what you do adds value, not just for you.
We hope that 2021 will see things improve for you if you were impacted by the pandemic and continue to be. We are here to help you get back on your feet in any way we can.