The COVID-19 pandemic has impacted every industry in its wake, forcing entrepreneurs to introspect about how they should conduct their businesses. According to Ryan Pownall, founder of Social Press Agency, one of the biggest PR companies globally, “2020 brought us face to face with a lot of unexpected situations that we are never taught how to overcome in a business school. It has been a true learning experience for every entrepreneur. Companies have had to pivot their businesses overnight to adapt to working around the lockdowns and social distancing norms and build a digital presence to sustain and thrive.” As businesses are slowly bouncing back, Pownall shares key valuable lessons to embrace in 2021 to run your business successfully:
Make a contingency plan
This year has taught us is that we need to be prepared for any unforeseen situations. It is crucial to create a crisis plan, craft strategies and responses for various contingencies, assess the key business strategies, and organize the infrastructure and resources to ensure success is unaffected by whatever strikes next.
Adapt to consumers changing buying behavior
Incorporate flexibility in your business plans and marketing strategies so that you can adapt and pivot immediately to keep up with your consumers and their buying behaviors. Today, the majority have moved on to online shopping, making it vital to not only be omnipresent on all social media platforms but also create and maintain a strong relationship with current and potential consumers. Focus on consumer engagement, observing trends, providing exceptional quality and service, and customer support to gain a competitive edge.
Build a strong team
A company is successful based on its employees’ support, and this year was a testing time for most working individuals. Observe the makeup of your employees to ensure you have people with the right skill set to steer forward during unprecedented times. Provide training, adopt open communication channels, and build trust within the teams to work in unison and overcome any obstacles.
Invest in technology and digitization
The marketplace has transformed from brick-and-mortar to a digital world. Invest in software that would help run the business efficiently, improve communication with employees working remotely, and increase your digital footprint.
Keep cash reserve
Liquid cash is akin to a safety net for any business and helps to ride the storm. Keep cash reserves to ensure your resources don’t dry out immediately. Also, have backup plans and seek new markets for potential expansions and diverse sources of income.