There’s no doubt, 2020 has been one for the record books when it comes to finding ways to adjust, pivot, and rethink what it means to be a small business. What will you resolve to do differently in 2021?
Here are some resolution ideas for staying relevant and resilient from Shenandoah Valley Business Advisor Don Crawford:
Keep in close touch with customers. As the business environment affected by COVID changes customer needs and expectations will change. Whether a B2B or B2C business, understanding your customer segment(s) will be important to success.
Continued evaluation of the business model. As the effects of COVID response roil the marketplace business must be informed and nimble enough to pivot the business model. Keeping ahead of the competition to keep or gain market share.
Financial management will be key to business survival. Close monitoring of cash flow is always a good idea. Especially in uncertain times. Knowing when to invest or hold on. Whether to lay off or hire. Or need to borrow or not.
Have a plan but be flexible. Planning is important to small business. Setting reasonable goals. Defining and monitoring performance metrics. Understanding the value of the planning process and realizing the need to change based on reality rather than the assumptions which created the plan.
Here are our favorites from a Business News Daily article: Inspirational New Year's Resolution Quotes for Businesses.
Look for opportunities to collaborate. "As an entrepreneur, this is a very important quote for me because how we collaborate and partner and help others looking to build their way is very important to being successful." --David Deaton, Deaton Group
Maintain consistency in marketing. “…in today's culture, it is so easy to compare ourselves to other people and try to copy what another person is doing and expect the same results. It is important that we instead focus on being the best version of ourselves and seek our own results." Dawna Boone, Valet Maids
Remember the WHY. “…When trying to run your own small business, yes, you're probably financially motivated. But even more so, you're motivated by an intrinsic desire to share something you believe in with people around you to make their lives better in some way. It's the little things that push you to continue working on your own business, especially when success remains uncertain." --Gabrielle Horta, liveLUSO