Happy New Year! Recently, we’ve seen signs that many businesses have reopened after the devastating effects of 2020. Yet uncertainty remains as South Africa’s state of disaster extends into the New Year with elevated infections in high risk areas.
Consequently, many business owners might wonder how they can develop a growth strategy for 2021 - encompassing a strategic direction to provide purpose and help set realistic goals to accomplish in the coming year.
Here are some ways to build your 2021 business strategy in order to create stability and security in the face of uncertainty.
FIVE WAYS TO HELP YOUR BUSINESS THRIVE IN THE NEW YEAR
FOCUS ON WHAT YOUR BUSINESS ‘CAN’ DO
All the rules and regulations in 2020 focused on what your business can’t do. What you need to do now is look solely at what you can do. For example, when restaurants were told they couldn’t serve customers indoors, they transitioned to delivery, takeout and large outdoor patios. No matter what type of business you operate, this is the mindset to develop and use for your 2021 business strategy.
The can-do strategy will start with a list of what is possible. Here are some examples:
- You can transition to doing business online.
- You can research new customers for potential expansion and diversification.
- You can engage with customers personally to deepen your relationship.
- You can create a different yet still exceptional experience for your customers.
- GET COMMITTED TO GOING DIGITAL
Look at the blank canvas 2021 offers as an opportunity to improve. Some businesses may have been putting off a complete digital transformation. If that’s the case for your retail store, now is the ideal time for transforming more manual and paper-based processes to a digital format. You may find you can better connect with customers and offer them the digital experiences they have come to expect from forward-thinking businesses.
MORE VALUE FOR YOUR CUSTOMERS
Focus your business strategy for 2021 on your customers and customer-facing actions, such as adding to the value you deliver to them. On the sales side – provide more payment options for financial assistance that could help MORE customers make purchases. Examples include payment plans, and other payment options that address smaller cash flows.
- SIMPLIFY YOUR SUPPLY CHAIN
Many businesses that had complex or fragile supply chains suffered when economies around the world were disrupted. In 2021, explore opportunities that simplify your supply chain by working with local and transparent suppliers so that your business is more resilient. This could mean new partnerships with local vendors, products or services.
RELOOK DELIVERY OF PRODUCTS
Regardless of whether you’re an e-commerce store or not, the pandemic has resulted in many retailers meeting the demands of their shoppers through easy and convenient in-house delivery services. From cartridge brands, to florists and bakeries, many industries are winning customer loyalty by providing quick and reliable delivery to local customers who wish to rather stay safe than make an unnecessary trip to the store.
DECEMBER HOLIDAYS AND BACK TO SCHOOL GOT YOU OUT OF POCKET?
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