How businesses can recover & grow in 2021

As 2020 draws to a close there are still heightened levels of uncertainty facing businesses across a variety of sectors. While it is hoped that a more stable 2021 will help to ensure that businesses can recover, there is still a great deal of turbulence ahead and many businesses are facing challenges trying to ensure that they are able to stay afloat. 

This is why it is becoming increasingly important that businesses across a range of sectors are focusing on developing and implementing a solid growth strategy to ensure that 2021 enables them to recover. To ensure that this becomes a reality, it is going to be essential that a clear strategic direction is defined with achievable goals to accomplish over the upcoming year.

Keep reading to find out what you can do now to prepare your business for a successful 2021 and beyond.

Start planning to connect with new & existing customers

The last year has made it difficult for the majority of businesses to keep in touch with and engage with their existing customer-base. For the majority of companies this has been possible via regular email newsletters and social media updates. 

Unfortunately, many businesses have long been reliant on face-to-face events and exhibitions to meet new customers and engage with existing ones. The cancellation of events and conferences around the globe has meant that this has simply not been possible.

One way to ensure that your business is able to fully reach and engage with new and existing customers is via event live streaming. Businesses can plan and host a virtual event or conference and live stream it online to hundreds or thousands of virtual attendees. 

If you don’t have the capacity or budget for such an event, then something on a smaller scale like a webinar is an ideal way in which to engage your customers. As the year progresses and the restrictions that have been imposed continue to ease, then it would also be possible to opt for a hybrid event which combines both aspects of an online and in-person event.

When hosting an online event, you have the advantage that you are able to attract and have attendees from anywhere in the world, meaning that you are likely to increase your customer-base. You also have the added advantage that material can be utilised in future as part of your marketing efforts, such as snippets of videos for online paid advertising campaigns. 

Invest in your online offerings & resources

Most businesses have now made the transition into the online sphere but there is always room for improvement for businesses of all sizes. Now is the time to take stock of your online offerings and determine what needs to be improved and where in order to make sure that you are providing the best online experience for your customers.

This should also include ascertaining where your current resources need to be further refined – this is especially important if you are looking to increase your customer and market share in 2021 and considering the increased competition that we are likely to witness. 

You should ensure that in 2021 you are putting your customers at the forefront of the activities across your business and delivering even more added value to your services. This, in turn, will help grow your business and generate increased revenue on a consistent basis. 

Make sure that your marketing strategy contains a plan to create resources and wider content that provides genuine value to your customers and prospects. This may not provide immediate results but doing so will help in engaging prospects and increasing brand awareness in the early stages of economic recovery, which will stand your business in good stead for when things return to something approaching normality.

Develop multiple focuses

As uncertainty is expected to continue into 2021, it is prudent to have several backup plans to facilitate business growth. Make sure that you develop potential contingency plans that could be actioned at short notice depending on how you need you to shift your strategy in the face of the ever-evolving business landscape.

These plans should focus on taking learnings from what we have witnessed in 2020 and ensuring that they are incorporated. This will help to prepare for a range of outcomes, especially if you have had a degree of success with them so far this year.

Analyse what your competitors have done and what has worked for them, especially those tactics that have not been implemented inside of your own company. While it can feel that this approach is somehow regressive if you’re an established business, it is imperative for long-term recovery when we consider the current landscape and the uncertainty that is likely to remain over the upcoming year.