What your business needs this year.
It has been one of the toughest years because of the Covid 19 pandemic which has caused lockdowns in many countries in the world as a way to combat the spread of the Covid 19 virus.
Here comes the new year. It is true that the pandemic is not yet over yet, but steps have been put in progress to fight against the virus.
So this leaves you and me the business owners to look at our businesses and make them great again. So what does your business need this year?
[Related Article Business ideas after Covid-19]
Step 1; Business goals reevaluation
What was the goal of starting up your business? This is the time to look again at the core values of your business. Is your business still moving according to plan and still serving its values?
The year 2020 has made some businesses less valuable and others more valuable. As a business owner this year, you need to look at your business and see if it really is still serving its purpose.
You can do this by carrying out research and asking your clients if they see value in the products your business is offering.
If it turns out that the business no longer has a need to serve your community, you may need to adjust your business and look at other values your business can provide
Step 2; Reduced expenses
If there is one thing that year 2020 has caused in the business sector, it is the loss of money.
Businesses have lost millions of money and some are even still losing millions now.
As a business owner, you need to look at your business with a very keen eye and see all the loopholes where your business is losing money.
Upon identifying ways how money is going away from your business, you need to come up with a strategy to stop this.
You can do this by reducing the salaries of the employees, reduce on or pausing the production of ineffective products ”Products that have a little market”, or stopping some activities in the business that takes money but they contribute less to the business for example “Employee weekend dinners”.
The sole purpose of all this is to preserve the little capital that is still left in the business so that it can be used for only the core purposes of the business.
Step 3; A loan or grant
Not all businesses still have the money needed to run their daily activities of the business.
If your business is one of these, then a business loan or grant from the government can be what your business needs this year.
Most banks are willing to give loans to businesses and actually this very year, the interest on business loans has been reduced because all banks know that businesses have been hit hard by the pandemic.
If your business is low on capital, you can apply for a grant from your government and if found eligible, the government will help you with finances to run your business.
It is not advisable to get a loan if you see your business does not need extra cash.
Secondly, if your business is not strong enough with a steady flow of customers, a loan may instead become a hurdle for your business since you may not be able to pay it off in time.
So look at your business with an honest eye and see if you really need a loan or not.
Step 4; Advertisement
Not all businesses have survived the year 2020. If yours still stands, your customers may be counting it among the many others that have failed.
So as a business owner, you need to tell your customers that you still stand strong. You do this through advertising.
Look for a way to tell your customers that you are still around in the coming years.
Customers will appreciate your effort by continuing to trade with you and also your business will attract more customers than it did last time.
So start advertising your business and let your customers come to you today. You can use an advertising method that is not expensive but effective.
One that will meet your targeted customers properly.
Step 5; Insurance
The year 2020 has taught us a lesson. Many businesses have succumbed to closure because they have faced a financial crisis.
However, the insured businesses have continued to flourish because the insurance companies have been there for them where necessary.
Putting your business in insurance against future uncertainties can be what your business requires today.
Look out for the best insurance company for your business according to what you want to insure against.
Step 6; A serious research team
New problems require new solutions. As a business owner, your business needs to keep adapting to the new problems that your customers face and also look for solutions.
Encourage your research team to look into the market and see how you can modify your products to properly meet the needs of your customers.
Let your research team carry out investigations into your customers and test to see if your products still meet all the requirements of your customers.
If you find that your products are missing something, you may need to add it up as well.
Step 7; Engaging with your customers
All of us want someone who loves us and cares for us. The same is true for your business customers too, they need to feel loved and appreciated by your business.
By giving small gifts to your customers like discounts, free deliveries, a phone call, an email, or a personal visit, your customers will develop a special attachment to your business and they will relate to it a lot.
As a business manager, your business needs to engage more with its customers because it develops loyalty from your customers for your business.
Your Turn…
Those among many are what your business needs this year to survive and progress well into the next year.
Add what you feel I have left out in the comments section below and I shall add it to the list.