An astounding 6.5 million businesses are launched every year, but only a handful enjoy long-term success – with the rate of start-up failures at around 90%1. The onset of the pandemic has caused the success of small to medium sized enterprises (SMEs) to drop by 9%2 causing more than concern for business owners.
As 2021 approaches, SMEs will need to predict, as much as possible, the challenges that lie ahead in order to harness business growth in the new year and make up for the damage that 2020 has brought. The end of year presents a valuable opportunity to look back, reflect, and set goals for the next 12 months.
Here are a few tips for business leaders to improve the resilience and growth of their company in 2021:
Re-evaluate your Business Strategy:
Whether your business struggled or thrived in 2020, 2021 will be a crucial year for creating or sustaining business growth. These are our top business strategy adjustments suggestions for a more stable and sustainable year of revenue:
Reassess and Commit to Your True Customer
Examine who the ideal customer is now. The pandemic and its effects (the uneven impact of the recession, changes in the global supply chain, and trade deals) may have severely changed your customer base.
Ask yourself: who is actually buying from me? How did they find me online? Has what they are looking for changed?
Once you have determined your true customer, adjust your business to serve this perfect client. Everything from your marketing to your services and products should appeal to that customer. This may mean rebranding and refocusing on what you want to be known for. Essentially, you need to centre your business around who it serves best – the true customer3.
Investment in Technology
2021 is just a few weeks away but there are things you can do as a business to prepare for the year ahead. For example, begin researching how you are going to use technology, and which channels you would like to invest in before the new year arrives.
A recent report showed that businesses that adopt and invest in technology are 68% more likely to see growth. However, only 1% of SMEs were investing into digitising their company4.
Technology has enabled businesses to continue working and access new customers and markets during the pandemic this year. Investing in your business’ digital transformation saves time and resources across the board – from managing cashflow, managing payments, automating the approval processes, onboarding new clients, acquiring and engaging new customers.
The next 4 points are examples of ways technology can prepare your business for success in 2021.
In this day and age, a website is crucial for any business. Without a website, businesses are missing out on opportunities for customers to identify who you are and how to spend money on your products or services.
However, a bad website is worse than no website at all. While no website results in missed opportunities, a bad website can potentially ruin your brand image and potential sales in the future5. So, make sure it’s done properly.
An Online Presence
Your business website allows you to create an online presence. Having an online presence means customers are able to see what products or services you provide and easily acquire them without having to be physically in a store!
Before the year is over, aim to design and develop your company website, create social media profiles, set up a Google My Business page and an eCommerce store, and get the ball rolling.
Having a website and establishing your online presence are the first steps towards reaching the ultimate business technology goal: selling products and services online with eCommerce!
Could your business benefit from eCommerce? eCommerce is a business model that allows for sales and purchases online. These days, almost anything can be purchased through e-commerce transactions – stocks, plane tickets, furniture, books, etc.
This is why eCommerce is considered a very disruptive technology8. Setting up an eCommerce store on your website takes your business from physical operating hours to operating 24/7 all over the world.
Talk about growth in the new year!
Google and Search Engine Optimisation
For SMEs having a Google presence and listing is critical. Did you know that 97% of people learn more about a company online than anywhere else6? As a business owner, you need to ensure that when consumers search for your services, your company is included in the results – otherwise you will miss out on many opportunities to sell.
There are various of ways to ensure this, but the most common (or important) ways are creating a Google My Business profile and using Search Engine Optimisation (SEO) techniques on your website.
SEO is the process of improving a website to increase its visibility for relevant Google searches. The higher the SEO score, the more likely you are to attract prospective and existing customers to your business7. Ensure your 2021 business plan includes a strategy to get your Google listing right to the top of the list!
Social media platforms enable businesses to advertise their services or products, communicate with customers, promote daily events and special offers, and ultimately create brand loyalty. Social media is a great way to build a brand personality and increase brand awareness5. Have you got a social media profiles set up and a content strategy and plan?
Getting Your Business There
SMEs often face growth limitations due to resource restrictions which is why it is of the utmost importance that companies choose the best partners for their growth and improvement.
As 2021 approaches, and business leaders sit down with their strategy for the new year and determine which areas of the company need support, consider the expert in online convenience, affordability and customisable solutions for SMEs and Start-ups.
It’s time to hit the ground running! Make 2021 the year of business success with the right partner.
BYOE is a fully integrated business services agency, giving small to medium businesses access to countless business growth and improvement services with digital transformation.
Whether your business needs strategy services, website design and development services, SEO implementation, digital marketing services such as social media management and content creation, ecommerce, or branding services, BYOE ensures a fast, customised solutions depending on each business’ needs.
Get ready for business success in 2021 – which services do you need?