We’re well into 2021, but for some sme business, the future may still be a bit unpredictable. 2021 will likely spell the end of the COVID-19 pandemic. However, it may be preposterous to say when it will end. There are still so many things that may happen, and you may wonder how to make your business survive or thrive.
This is a sentiment of many business owners, so you’re not alone if you feel the same.
A recent report from the National Federation of Independent Business revealed that 21% of small and midsize business owners claim that they’ll go out of business within the next six months if the economy doesn’t improve. This is alarming, but there’s still hope among small business owners. The majority of small business owners in the United States (approximately 83% of people surveyed) assert that 2021 will be successful.
Much of what lies ahead is unsure, but there are certain opportunities for success in the coming year! We’ve prepared a couple of tips that can help you continue 2021 with the right business mindset:
Understand your customer’s changing habits. The year that was changed all of us and the ripple effects are still felt until now. Many customers are now used to just staying at home and simply ordering what they need outside. Life truly became completely different now, which means you need to get to know them again. Do your research to understand your customers’ altered needs and wants. This will help plan your marketing efforts and develop helpful, informed upgrades to your business throughout the year.
Adjust your marketing strategies. Marketing is vital to ensure business success since it’s one of the key tools required to acquire new customers while retaining old ones. Since you’re only in the first quarter of the year, you can still formulate a marketing strategy for the next twelve months. Since 2021 is still tumultuous, we recommend creating a flexible marketing strategy. Develop ideas for campaigns or promotions without putting too much stake in them. It’ll be effective to convey awareness and sensitivity for current issues being faced by your audience rather than bulling in with sales and marketing as if everything is normal. Essentially, there are five simple words to meditate on when it comes to marketing in 2021 – get ready to make changes.
Improve remote work capabilities. CEOs and leadership teams everywhere in 2020 adapted to save their business. A major change applied by business owners was remote working capability. If you can utilize it this year, we encourage you to keep using and exploring this option.
Working from home reduced layoffs while keeping employees healthy, though it’s not without issues. A huge challenge remote workforce usually faces is maintaining productivity. These work-from-home tips 2021 edition should help your team maintain productivity:
- Develop clear, documented deadlines for all assignments and tasks to help your team stay focused
- Implement typical work hours to give your team a sense of normal routine.
- Stay close with your team and communicate beyond just work. This can help build healthy working relationships, even from a distance.
- Encourage your team to have active communication and work together
Boost your web presence. The amount of people shopping and placing orders online is astonishing. According to a Rakuten insight survey on e-payment usage, about 90 percent of Singaporean respondents stated that they had made a transaction using e-payment methods. In comparison, eight percent of the respondents had not. In the same survey, most e-payment users indicated convenience as a leading reason for making e-payment transactions. With that in mind, assess your website and see sections you need to update or remove.
Invest in your business. Most of the updates here require your business to invest in some new feature or technology. If you’re keen on making 2021 a successful year for your SME Singapore business, you may consider sme loans. Before you commit with a banking partner, check out their customer review and track record. This will ensure that you’re with the right provider that can grow with your business.
End Note. We’ve had a roller coaster of a year. Sme businesses have weathered an incredible storm, and if you’re one of these business owners, you should be proud. We hope that these tips will assist you as you journey through 2021. Best of luck!