Planning Your 2021 Business Growth Strategy
2020 has forced business owners to adapt and persevere in new and difficult ways. But as hard as things have been, now is the time to take a pause and think forward. The working world has shifted, and you need to move along with it. So, here are a list of things you can do to think clearly about your 2021 business growth strategy.
Adjust your strategy for product launches
As nice as it would be to persevere with plans regardless of reality, you cannot move blindly ahead with plans without taking proper time to think. If anything, you need to think about what you had planned for 2021, but then realistically adjust it. If 2020 gave business owners anything, it is experience in dealing with unforeseen change. So now it is your prerogative to use that to objectively examine your supply chain and labour requirements, speak to suppliers and then think carefully about how you can launch your products in 2021, but with realistic expectations.
Become more customer-centric
Now more than ever, you need to deepen relationships with your customers. Customer relationship management (CRM) can be achieved in small yet significant ways. Such as adding value with layaway plans and structured payment plans. If possible, say thank you with a small discount or cash-back after a certain value of spending. You can also offer significant value just by talking to them, and offering value-ads in the form of product-related information. The main thing is to do whatever customer-facing activities you can in order to build loyalty and ensure repeat business.
Transform the digital side of your business
The world of commerce has been moving online for some time now and 2020 accelerated that even further. If you have been putting off transitions to digital platforms and creating eCommerce departments, now is the time to make the essential move. Build this digital transformation into your timelines in a steady and practical way. This will not only prepare you for when business starts to pick up, but it will also help you connect more effectively with your customer base in the new year.
Reconsider marketing plans
If you are planning a new product launch, you need to start building hype now. Think very carefully about the product or service you are offering and consider specific ways to take this message to your target consumer. If you feel that the market has changed in significant ways over the course of the Pandemic, then now is the time to be honest with yourself and make the necessary adjustments. Remember that marketing plans are just plans afterall, and they should constantly be revisited and adjusted according to current market conditions.
The bottom line
Creating a business growth strategy is about looking at all the challenges and determining the best course of action in order to prepare for and overcome them. As an entrepreneur this is your strong suit and provides you with an opportunity to put your experience to work. By taking these crucial steps and proactively nudging your small business in the right direction, you will embrace the new year and emerge in 2021 positive, effective, resilient and profitable.