Executives’ confidence is beginning to increase, the global economy is growing again, and your business needs to be ready. 2020 presented many obstacles for businesses, but evidence remains that consumers are eager to spend. Not only has the U.S. delivered unprecedented levels of fiscal stimulus, but spending on big-ticket consumer items was solid through the second half of 2020. While the past year has been challenging, it also exposed strengths and opened new income streams for many businesses. Now the economic recovery presents a fresh start for organizations to position themselves for future success. Be prepared for what comes next by developing a strong business plan, starting with these five things you need to prepare your business.
What’s fueling the 2021 economic recovery?
Consumer spending, vaccines, an increase in hiring, and government financial relief efforts are fueling the 2021 economic recovery. Make sure your business is ready by revisiting the foundation of your business, reviewing your sales strategy, updating your marketing campaigns, and developing a strong business plan.
1. Examine Your Current Business
There is a good chance your business has changed over the past few months. Now is the time to revisit the foundation of your business. Taking an inventory of your current business can help you develop a long-term plan for 2021. It’s likely that if you’ve done the SWOT exercise before, it will look completely different post-pandemic. Weaknesses and threats may have been exposed in the past year. You can use the information you gain from the SWOT analysis to develop a solid strategy for prioritizing the work that you need to do to grow your business.
2. Review Your Sales Strategy
Now is the perfect time to consider what is most important to your customers. What do your best clients or customers want from you? How could you best serve them by anticipating the problems they might be facing? How can you help your customers get back on track? Reviewing your sales strategy might also include reviewing areas such as cost, delivery, and availability and seeking out any common pain points. By brainstorming these kinds of solutions now, you have an opportunity to think ahead of your competition and refine areas of your business. In an effort to improve customer engagement, you may consider shifting your sales strategy to be more digital while also making future plans for increased face-to-face sales.
3. Update Your Marketing Campaigns
If you’ve been tempted to cut your marketing budget, don’t. Businesses that don’t cut their marketing budgets are in the best position to not only survive after a recession but thrive. That means that right now is the perfect time to invest in promoting your business, and the only thing you might want to change is how you are promoting your business.
Think about what your marketing campaigns might look like and what elements, such as web pages, emails, and print materials, you need to support them. Search engine optimization (SEO), social media, content marketing, online workshops, directory listings, and email marketing are all ways that you can promote your business online right now.
4. Support Your Employees
Creating and maintaining a strong company culture adds to your brand’s identity, boosts effectiveness, and improves efficiency. Now, more than ever, prioritizing an employee’s well-being, everything from their physical health to work-life balance, will pay dividends for your business. To create a more positive work environment, make sure that you are building a more inclusive workspace.
Good company culture starts at the top, and when you prioritize taking care of your employees, you’re sending a message that your employees are valued members of the company. When you support your employees, it also leads to more loyal employees and better customer service.
5. Incorporate Flexibility
How do you make plans in a time defined by the phrase ‘expect the unexpected?’ In a normal year, companies would use the final few months to plan for the next year. Once you’ve set your goals and have an idea of what you want your business plans to look like, it’s time to turn them into action. As part of embracing this new normal, it’s also important for business leaders to incorporate flexibility into their plans. Flexible goals, processes, and strategies can ensure your business stays agile to any unexpected changes down the road.
Despite the many challenges presented by the pandemic, opportunities exist, and better business days are ahead. At Safeguard, we know that with the right products, services, and planning, your business can be even more successful moving forward. Talk with a local Safeguard Advisor who will learn about your unique goals and needs and then help you with personalized solutions that fit your business. Call 855.778.3124 to get started.
Key Takeaways
- Make sure your business is prepared for the 2021 economic recovery by developing a strong business plan.
- Revisit the foundation of your business, review your sales strategy, and update your marketing campaigns.
- The 2021 economic recovery presents a fresh start for organizations to position themselves for future success.
- With the right products, services, and planning, your business can be even more successful moving forward.
- You can depend on your local Safeguard Advisor, who will help you with personalized solutions that fit your unique business goals and needs.