So, you have a small business and you’re wondering how to make sure you survive 2021?
It’s no secret that last year was hell for small businesses, and this year is likely to be very challenging too, so what can you do to help ride out the storms to come?
In the next few months, as the COVID-19 pandemic continues to ebb and hopefully wane with the advent of new vaccines, small businesses will be on the edge of their seats, waiting for the next round of news.
Restrictions to shopping and socializing are likely to be in place for a while yet, but there are a few things you can do to help your small business survive and continue to thrive in 2021 and beyond.
It’s official, small businesses have gone digital! There are very few businesses that really can’t operate some kind of digital arm to their business.
Whether that’s ordering online, offering online classes, switching to Zoom meetings instead of in person, or any other online switch.
Get your small business online, get a great website and get a great SEO agency on board to help you boost your rankings on Google.
We’re pretty much all working remotely now. Some businesses haven’t even seen their offices since March 2020, and that doesn’t really look like it’s likely to change any time soon.
Instead of complaining and planning for ‘when we’re all back in’, switch your thinking to consider that this is likely to be the new normal from here on out, you’ll be much more able to cope with it if you assume that working remotely is here to stay.
If your business used to deal in a lot of cash, now is the time to consider going cash-free. Many businesses will have seen a drop off in the use of cash over the last decade anyway, and the last twelve months have really seen cash decline in usage.
It’s not that there’s anything wrong with cash, but from a business perspective, it takes precious time out of your day to count and prep for the bank, and it can also lead to greater mistakes, costing you money.
Ditch cash and go card-only.
Marketing is another area of business that changes every single day!
It’s not enough now to get a few flyers printed and stick up a poster, you need to have a fully planned and robust marketing strategy that includes inbound marketing for all of those people who are looking for your product or services, and outbound marketing who are not sure what products or services they’re looking for.
Plan to cover all bases with your marketing, but digital is likely to be your strongest area that you need to focus on. With more businesses going digital though, it’s best to get some expert advice to make sure you’re keeping up.
Remove as much cost as possible
With a business’s gross income significantly lower over the past year and a bit as it has been previously, many businesses have no other options but to try and find ways to cut costs and expenditure in order to balance the books. This can be a tricky task, as you don’t want to remove anything or anyone from the business that is important to it’s operations.
A good option for businesses during these uncertain times is to work with part-time freelancers as opposed to dedicated staff on certain tasks. This can reduce your expenditure significantly on wages while still allowing you to maintain the services you’ve always have done. You can also do this in conjunction with reducing your current employees’ hours, although that option could cause financial strain on your staff, which may not be well apricated by them and could encourage them to see employment elsewhere.
As well as this, another option is to remove any unneeded subscriptions or repeat purchases, such as software or utility bills. There’s always the option of adopting free software to work from, as well as various different utility providers that could be cheaper than what your business currently uses.