Has 2020 been a hard year for your business? You’re not alone. According to research, 43% of businesses have been forced to close due to the Coronavirus pandemic. It has not been an easy year for most.
If you’re looking to start 2021 on a strong foot and boost your business in the new year, we’re here to help. Read on for our top tips for business success in the new year.
Set Fresh Goals
You didn’t plan for the novel Coronavirus pandemic in your 2020 planning. The pandemic has changed the course of your personal life, but it’s changed the course of your business, too. Small businesses scrambled to adapt to this new way of life, throwing 2020’s plans out the door.
Start fresh in the new year by looking at the plans you had for last year. Ask yourself the following questions:
- Which did you achieve?
- Which are still relevant?
- Which are no longer in your company’s vision?
Use these questions to help guide your 2021 goals. Some goals may still be achievable in the new year, while others may no longer be a part of the plan.
Re-evaluate the Landscape
2020 was a year of constant flux. Businesses all over rebranded and reinvented themselves. Your competitive landscape probably looks different now than it did last year.
It’s time for some new market research. Take a look at the following:
- Have any of your competitors closed?
- Have any of your competitors changed their business model? If so, how?
- How has the demand for your product changed?
- How has your customer base changed?
Re-evaluate Your Product and Business Model
There’s no way around it: we now live in a very new and different world. While you may have perfected your business model and product offerings for our world as it was, there’s a good chance that those operations or products are no longer relevant to this world.
Use the following questions to help determine your relevance and adaptability to the world we now live in:
- Are your product offerings still relevant?
- If not, how can they be adapted to be relevant once again?
- Does your business model still work?
- If not, how could it be modified to adapt to our circumstances?
While adaptation is hard, it’s not impossible. Businesses around the globe are learning to adapt to the current way of life. Restaurants are opening niche markets, brick mortars are opening up shops online, and businesses all over are adapting to a fully remote model. There’s a pandemic-appropriate model for you, no matter your business.
Consider Your Team
Unfortunately, 2020 brought about a lot of hard decisions for small business owners. For many, shutdowns brought business down so much that they were forced to lay off hardworking employees. Declines in business necessitated owners to operate at barebones to stay alive.
Fortunately, 2021 offers business owners a much-needed light at the end of the tunnel. In addition to learning to adapt to this new way of life, medical miracles like Coronavirus vaccination promise a future for many.
In light of this, it’s time to think about your current team. Ask yourself the following questions:
- How is your current team?
- If you are planning on changing your product or business model, how will they adapt?
- What holes are there in your team? If you have any, can your current team reconfigure to fill those holes?
- Do you need to hire?
Oddly enough, our current unemployment rates have an upside for businesses looking to hire. There are many skilled, hard workers currently seeking employment. Look at who is out there; you’re likely to find a new team member who is perfect for your company.
Remember, no matter who you hire, be sure to perform criminal background checks for employment before sending an offer.
Get Some Rest
This is, without a doubt, our most important advice for business success in the new year. 2020 was full of anxiety and stress for business owners and employees alike. To start 2021 on the best foot possible, you and your employees must get some well-deserved rest.