The New Year is just around the corner. Do you have a plan in place for a fast start in 2021? Will you need to pivot or shift aspects of your business in response to COVID-19?
The business environment has changed significantly because of the pandemic. Many business owners are still in a state of shock, standing on the sidelines unsure of what to do. Their hesitation could create a competitive advantage for you.
Learn exactly how COVID-19 has affected your customers, vendors and employees. In most cases it will have created both obstacles and opportunities. How can you mitigate the damages while leveraging the opportunities? Are there new channels of distribution to sell your products and services? What technologies are available to assist you? Have you taken advantage of free cash grants and readily available business loans?
You should do an extensive market analysis on your competition. What changes have they made in response to the epidemic? What is working for them and what is not? Did they lose key employees you can acquire? If they are going out of business could you buy them out?
Look internally, too. How can you improve your systems and processes? Can you increase your revenue or reduce expenses? What can you do to improve employee morale and productivity? Focus on making small, consistent improvements in every aspect of your business in 2021.
One important area needs your immediate attention. Is your website optimized and functioning well? Can it be found on page one of Google? Is it effective at converting visitors into clients? In this new environment you cannot afford to lose business due to a neglected website?
Invest some time and energy now and you will hit the ground running. This will put you one step ahead of your competition in 2021.
