Here’s how to build your 2021 business strategy in the face of uncertainties

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Here’s how to build your 2021 business strategy in the face of uncertainties
Here’s how to build your 2021 business strategy in the face of uncertainties

  • Focus on what you can do.
  • Expand your product launch calendar.
  • Provides valuable resources for customers.
  • Use the time to make improvements.
  • Develop a multi-plan approach.

Recently, we’ve seen signs of many businesses reopening in the final quarter of 2020. However, the uncertainty persists. In some states, companies have reopened in the past few weeks only to be instructed to close or reduce capacity for customers. It is becoming more and more difficult to plan for the future. As a result, many entrepreneurs and executives may wonder how to develop a growth strategy for 2021.

What you need is some strategic direction that will give you some meaning for your business and help you set realistic goals for the next year.

Here are some ways to develop your business strategy for 2021 in the final quarter of 2020:

Focus on what you can do

All the rules and regulations have told you what your company cannot do. What you have to do now is just see what you can do. For example, when restaurants learned they couldn’t serve customers indoors, they switched to home delivery, takeout and large outdoor patios. No matter what type of business you are in, this mindset should be evolved and applied to your 2021 business strategy.

Image: Battlecreek coffee roaster via Unsplash

The can-do strategy starts with a list of possibilities. Here are some examples:

  • You can make the transition to online business.
  • Examine new markets for possible expansion and diversification.
  • Continue to interact personally with customers to deepen your relationship.
  • Create a different but extraordinary experience for your customers.
  • Review the marketing strategy.

Once you’ve established what you can do, you can create quantitative goals and a set of tactics to help you achieve them, even if the business environment needs to be adjusted.

Expand your product launch calendar

If your small business is developing new products, your 2021 business strategy should approach those launches with a fresh understanding of the changes in 2020. Everything from shortages of raw materials to factory closures due to illness caused many launches. of products completely stopped.

Use this experience to create a new product development schedule, provided many of these factors can continue to affect the process. As you extend your product launch timeframe, you can also make strategic business decisions regarding people, marketing, and more.

Provides valuable resources for customers

Focus your business strategy for 2021 on your customers and customer-oriented measures, how you can add value to your offers and how these measures will help you with your sales goals.

On the sales side, providing more financial support options could help new customers make their purchases. Examples include sections, structured payment schedule services, and other payment options that relate to smaller cash flows and lower consumer confidence.

For marketing purposes, you also have plenty of time and opportunity to plan content and provide access to similar valuable resources that inform your customers and prospects. These tactics may not generate immediate income, but they can now effectively attract leads so they will be ready to buy when things improve.

Use the time to make improvements

Image: Lukas Blazek on Unsplash

Take a look at the blank canvas that 2021 offers as an opportunity for improvement. Some companies may have postponed a full digital transformation. If this is the case for your company, now is the ideal time to move more manual and paper processes into digital format.

Your business strategy can focus on detailing this transformation, including the schedule for testing and implementing these new digital processes. If you do, you will be better prepared when business picks up again. Then you can find out how to better connect with customers and give them the digital experiences that await them in other parts of their lives.

Develop a multi-plan approach

Given the likely uncertainty in 2021, it’s good to have one or more backup plans for your business. Explain the possible contingencies you may face in the coming year and use this time to develop strategic responses.

These strategic plans can handle different scenarios, e.g. B. Persistent health issues, slower reopening, continuous opening and closing, remote and on-demand environments, and full reopening. Create each of these plans and use the 2020 experience to develop key tactics. Many of these tactics may have proven their worth or you are still testing them this year.

Research tactics that worked for other companies, including those you haven’t yet implemented, possibly because your strategy was centered on returning to a recognizable environment.

Now, as you delve into various potential developments, much of what you are planning on can feel like a startup that is testing the water again. By creating these multiple business plans, you can also better prepare for changes from one scenario to another.

More security than uncertainty

When you review these approaches to building your 2021 business growth strategy, you will no doubt find many measures that you can be sure to take to counter the doubt that seems so pervasive. By proactively addressing the areas listed here, you can continue to focus on moving your small business forward with resilience and a positive outlook for the future.

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