Small businesses faced many challenges in 2020.
2021 offers the chance for small businesses to start anew.
Check out 5 small business tips for 2021 beyond to boost your company's growth!
It’s no secret that small businesses endured a tough year in 2020. The coronavirus pandemic and resulting economic meltdown hit small businesses very hit hard, no matter which industry they were in.
2021 will certainly present its own set of challenges, but still offers an opportunity to start anew and turn the page on 2020. But just how should they go forward into the new year? We examine 5 useful and actionable small business tips below to give entrepreneurs a helping hand!
Keep Your Customers Front and Center
No business can succeed without keeping their customers front and center.
This proved to be tough to do in 2020 and now in 2021, with many now still under quarantine regulations and other restrictions due to the ongoing COVID-19 pandemic. However, there are many tools that businesses can leverage to do this effectively still.
Social media marketing should be at the top of your list when it comes to this, as it allows you to communicate effectively and efficiently with your customer base from anywhere and at any time. Newsletters and blogs are also very effective when it comes to staying in front of your customers.
In addition, always strive to ensure top-notch customer service and adopt a “customers first” mindset to give your company a competitive edge and to help build loyalty and trust with your customer base.
Invest in Digital Marketing and Advertising
Every small business should be leveraging digital marketing and advertising for a competitive edge too these days.
That means creating a visually-appealing and informative website, launching dedicated SEO and paid search campaigns, using social media marketing and email marketing effectively, and creating useful content that your audience will find interesting.
Yes, digital marketing takes time and money. You may even have to hire dedicated professionals to make sure that it’s done right. However, the ROI can definitely be worth it!
Create a Budget – and Stick to It
Creating a budget that acts as a roadmap for your small business going forward may sound simple to do, but it’s tough to stick to over the long-term.
Still, that’s not an excuse to not even bother. With so much uncertainty continuing to plague the economy and the economic future murky, your small business simply can’t afford to overspend on unnecessary expenditures or get sloppy with its accounting.
Instead, lay out a detailed budget with clear goals and stay with it. It’s the simplest but most effective way to manage your finances in these times of economic unpredictability.
Cut Costs Wherever Possible
In times of continuing economic uncertainty, it’s also a good idea to trim your budget wherever possible and use those savings to build up your cash reserves.
Consider ditching the office permanently and switching entirely to remote work if possible. Look into lowering our packaging and shipping costs as well as negotiating with your vendors for more affordable rates. Embracing automation technology and tools can also help to cut costs and save time.
Prioritize Flexibility and Adaptability
Finally, a final small business tip for 2021 to keep in mind is to stay flexible and adaptable.
If 2020 taught small businesses anything, it was that flexibility is key. Take this mindset into 2021 too!
Maybe it means working from home a bit longer than expected, or pivoting to a new market that’s recovered faster. Whatever the scenario is, always be sure to stay agile throughout the year to succeed!
Go into 2021 and Beyond with Confidence!
2021 will see many of the same challenges that 2020 had for small businesses. However, by leveraging these small business tips, you can go forward into the new year with confidence!