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6 Business Musts to Survive the 2021 Market

Business Musts to Survive the 2021 Market

If you entered the business world because you like a challenge, the past few months may have been enjoyable. But let’s be honest and say it’s been trying for most of us. The global pandemic made a huge impact on most industries.

And, even if you find an altered business environment stimulating, you can’t be too blasé about it. Change means you need to make doubly sure your new methods work because you don’t have proof of their efficiency yet. So, how do corporate polo shirts and social media play into this scenario? We compiled the must do list for anyone wanting to ‘make it’ in the 2021 business world.

1. Streamline Workflows

After struggling to stay afloat during lockdown times, most businesses these days simply can’t afford to lose even a few customers to the competition. So, only bring your A-game. Do you need to speed up production or give clients feedback faster than before? What can you do better than your counterparts?

If becoming better is the goal you should work smarter, not faster. Piling more work or more tight deadlines onto a team isn’t practical. This calls for investing in resources that can improve workflows such as software and AI that turns repetitive tasks into quick ones.

You may need to spend a little to get the new machinery or programs but when you see your client base grow it will be worth it. With a society that expects results in demand, in the long run you’ll have your ROI if your USP can be ‘better and faster’.

2. Engage with Your Audience

This audience also demands—and is used to—engagement. This can be online and on social media, since person-to-person contact is much less than before. But, bottom line, people are used to communication and feedback all the time. They get it from friends’ likes and you need to tap into that need with social media replies and online advertising:

  • Reply with what you’re doing about a problem when you receive a negative online review.
  • Keep your information in front of customers by posting on social media.
  • When you get a like or a comment, respond to each one. People spend time online because of a need to connect so if you meet this need,they’re very likely to remember and try out your brand.

3. Broaden Your Target Market

This audience you’re trying to reach may look much different than a few months ago. Some of your loyal clients may not have the capital to pay for your products or services any longer. No, the pandemic hasn’t been kind to all.

For others, the pandemic led to a different set of needs. They may have moved or discovered their priorities have changed after spending more time at home.

So, who will buy from you if you’re still marketing to only your previous audience?

Survival in today’s market means you think aboutwho else can use your offerings. Or change it slightly to serve more people’s needs. Now you have a bigger audience to sell to, so your bottom line doesn’t shrink just because youraudience changed.

4. Be Ready to Adapt

Your audience isn’t the only aspect of business dealings that may have changed, and you never know what tomorrow may bring. Just think how lockdowns and health scares affected business. So, how will you survive if something changes in your usual business dealings?

Examples of some important considerations:

  • Do you have more than one option for maintaining your supply chain? If one supplier falls away, what’s your plan B?
  • If in person sales are not an option, have you given online purchases and ecommerce enough thought?

5. Reinvent Your Team

Here’s another aspect that probably needs an overhaul: your team.

If you have the chance to add more people to the team, make sure they’re individuals that can deal with changes and unforeseen circumstances.

For the existing team, turn them into a force to be reckoned with around town. They need to look sharp to impress upon first introductions. As stated in point #1 above, you can’t take the chance of a competitor doing better than you. So, do you need new team wear like corporate polo shirts for sales teams, that are comfortable but look sleek? Or perhaps a training session in telephone etiquette?

Your customers can be put off by the slightest thing, so don’t leave anything to chance.

6. Nurture Your Team

This is not to say your team must just perform like puppets. They also deserve your consideration like your customers’ needs do. And at a time when you can’t risk wasting time on training new team members, nurture the ones you have so you keep the best talent.

  • Create a positive office environment.
  • Listen and respond to their feedback on management or ways to improve business. They want to be heard.
  • Make compromises in areas that give them more work life balance, such as allowing remote working.

Make sure your team can continue delivering the best possible service.

Conclusion

Interesting world? Yes! Challenging? Of course.Impossible to get ahead and win? No. Not if have the right goals, relevant to today’s markets and consumers.

And please share if you have tried and tested methods of your own.

Article Submitted By Community Writer

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