Each one of us is adopting and adapting to the new normal created by the Coronavirus pandemic. While some have harnessed the opportunities created by the pandemic and are looking ahead towards expansions, some may want stability in the face of so many uncertainties. Thus, it depends on you, how you wish to set your business goals in the post-COVID19 era. A strategic decision, providing purpose for your business is the need of the hour; it will help you set realistic goals to accomplish in the coming year. Some tips to consider while building your business in 2021 are as follows:-
- Perceive the ‘glass’ as half full, instead of half empty –
Undoubtedly, the pandemic has created many obstacles but it has given rise to many opportunities too! One must focus on what one can do with the opportunities thus created. Technology has emerged as the saviour in disguise – In speeding up your digital transformation, you can transition to doing business online and research new markets for potential expansion and diversification. Revising your marketing strategy will be an intelligent move because, this change is here to stay!
- Reschedule product launches –
2020 changed our world and so it becomes absolutely imperative to study the market and target audience before planning any product launches in 2021. By rescheduling product launches, you will get the time to study customer needs in these changed circumstances and launch products suited to them. Use that experience to develop a new timeline for product development. You must remember what worked in 2019, may not be acceptable or required in 2021!
- Reimagine your business to become more customer-centric-
Focus your business strategy for 2021 on your customers and customer-facing actions, such as adding to the value you deliver to them, and the ways in which those actions assist with your revenue objectives. Including layaway, structured payment plan services, extensions in bill payment schedules and digital payment options will keep cash flowing in and also enhance your clients’ confidence in your enterprise. It will provide your customer with a new experience in dealing with your enterprise which will keep their faith in you intact.
- Use the time at hand, fruitfully-
COVID19 has given all of something which we had always craved for – ample time at hand! It is our responsibility to use this time to make improvements. Now is the ideal time for transforming more manual and paper-based processes in your business to a digital format, simultaneously focussing on detailing this transformation, testing and implementing those new digital processes.
- Hope for the best but be prepared for uncertainties –
Uncertainty has been synonymous with 2020 and is anticipated to continue in 2021. Therefore, it is advisable that you should have atleast one backup plan for your business. Now, in addressing different potential developments, much of what you plan for may feel as though you are a startup testing the waters once more. However, remaining confident and applying your well-learnt skills and knowledge will allow you to discover new ways to growth while you mitigate the risks.
Let us conclude by hoping for a more progressive 2021, as you take your business forward with resilience and a positive outlook about the best yet to come!