The past couple of years have been challenging for many businesses, with the COVID-19 pandemic triggering one of the most globally impactful recessions in modern history. Now that the world is slowly returning to some sense of normalcy, though, many businesses finally have reasons for optimism. If you would like to ensure that your business rebounds from these difficult times in the best way possible, check out these four tips on how to prime your business for success in 2021.
Tip #1: Cultivate a Mission Statement That Your Customers Can Rally Behind
According to a 2018 study, a staggering 78% of consumers believe that companies should focus on enacting positive societal change in addition to focusing on improving their profits. Now more than ever, consumers are choosing where to spend their money based on the mission that a company stands for. If your company’s only mission is to make money, you may have a hard time selling yourself to consumers in these changing times.
In the age of information where people are able to perform thorough research on the companies that they frequent with just a few clicks of the mouse, customers expect companies to stand for something meaningful. It’s important, therefore, to take a look at your business and determine what it is that you hope to accomplish beyond turning a profit. What causes are important to you and the people in your company? What are the ways in which your company can promote positive change in your community and the world at large? Answering questions such as these will enable you to form a mission statement for your company that customers will be able to rally behind and a mission statement that allows them to feel good about giving you their money.
Tip #2: Show Your Team That You Appreciate Them
One of the many problems that the COVID-19 pandemic has played a role in creating is a serious shortage of talented labor. After months on end of layoffs and lockdowns, many employees have chosen to simply remain at home rather than return to work. This has created a swing in the power dynamic that has shifted more power to the labor force. For the companies that rely on a capable workforce in order to function, this means that an emphasis on retaining talent is more vital than ever before.
Making an effort to show your employees that they are valued and appreciated via appreciative outreach initiatives is one of the best ways to invest in the future of your business. Thankfully, there are plenty of ways to go about retaining your company’s talent by making your employees feel that their efforts are appreciated. Hosting social gatherings, focusing on team-building initiatives, and making an effort to provide each employee with a meaningful purpose are all great ways to ensure that your employees have plenty of reasons to stick around.
Tip #3: Prepare for the Worst-Case Scenarios
If the COVID-19 pandemic has taught us anything it’s the importance of preparing for the unexpected. While we can all hope that such a disaster will never strike again, it isn’t a good idea to assume that this will be true. Instead, hoping for the best and preparing for the worst should be the mindset that every company adopts moving forward.
Take the time to game plan various disaster scenarios for your company and formulate strategies for how your company will respond in the event that those scenarios become a reality. In all areas of life, an ounce of prevention is worth a pound of cure – and running a business is certainly no exception. By pinpointing the potential challenges that your company could face in the coming years and creating detailed responses to chose challenges well ahead of time, you can ensure that your company is able to weather whatever storm might come next.
Tip #4: Develop a Beneficial Online Strategy
The internet has become a technology that is inseparable from almost every facet of our daily lives. If you have not yet developed a strategy for creating an effective online presence for your company, now is the time to do so.
If you aren’t sure how to go about creating an online presence for your company that will attract more customers, focusing on social media is a great place to start. It’s always a good idea to go where your customers are, and you can rest assured that your customers are spending time on social media. In fact, one study found that the average person spends roughly 2.5 hours a day on various social media platforms. If you don’t know how to create a beneficial social media presence for your company, hiring a social media manager may be a worthwhile investment.
In addition to improving your social media presence, you may also want to take a look at your company’s website and see if it needs revamping. Lastly, study and embrace online trends in order to position your company at the forefront of whatever topic or conversation that happens to be taking the internet by storm at any given time.