Seven Trends To Help Drive Small Business Growth In 2021
How do you drive small business growth in 2021? This is very important considering the reappearance of a Corona Virus’s new variant. Because of this, some parts of the world are moving into a second wave or third of lockdown. It is imminent that while we wait for vaccines and cures, businesses need to be flexible going into 2021.
There have been possible news of another wave of lockdown in Nigeria for cities such as Lagos even though fairly enough businesses have recovered. That is why in this article, we will unlock several ways small businesses can stay on their game in 2021.
Pivot to Online Courses:
More small business owners are converting some of their skills and knowledge to online training that people can learn from. A few platforms like teachable allow you to upload contents that people can pay for online. To get started what you need is a good video phone and a well-written script covering your expertise. It is a good way to earn passive income for your business.
Flexibility:
More business will go virtual should a second wave occur. Large corporations and organisations have to go through bureaucracy to effect changes such as work from home. But with a small surface area and team, the business can easily change processes and systems without affecting productivity, unlike large organisations that need several levels of acceptance to make a decision. Your small company is better for it.
Brand Visibility:
As a small business, if you are yet to improve your brand presence across key platforms, it may prove counterproductive at a time where movement and contact from person to person is limited. Small businesses can leverage social media and networking platforms like LinkedIn to stay connected to new and existing clients.
Cash flow stability:
In 2019 most businesses could project a steady flow of revenue. In 2021 based on new dynamics, there will be less focus on revenue and cash flow.
Dealing with a product that has a longer buying life cycle means that you have to wait a few months for the revenue to arrive. As a business, the focus will now be on sales that can be made in the short term so that returns on investments can be used to keep the business afloat. Focus and invest more on the offerings that bring in revenues in a short time.
Content marketing:
More consumers are predicted to be online in 2021. Businesses should establish a relationship with followers and fans by creating genuine content. Content made has to represent the brand through blog posts, email, social media, and several platforms identified by your business.
Content marketing will drive your business to thought leadership, leading to buyers of service and product offerings.
Ecommerce:
As an entrepreneur, think about the reach you can have when adding eCommerce to your brick and mortar experience. Ecommerce can bring an additional source of income for your business or serve as a compliment considering the environment and situation of several countries hit by the pandemic.
There are third party options where several eCommerce sites such as Konga act as middlemen where your goods can be displayed on the sites for a fee or consider dropshipping where you don’t have to keep inventory. Another fulfils the orders for the customer saving cost.
Increase in remote working:
If your business employs a couple of freelancers or staff, the chances are that you will have to integrate your business to remote working due to the current situation. Businesses must get acquainted with applications such as Microsoft teams or Zoom to communicate and have meetings. Remote working can also prove boring and teamwork clumsy. Put up engagement strategies to put your team on their top game.
In 2021 businesses that would thrive will be highly dependent on these trends and more. They are applicable even if you do run physical products, you may find out your operating cost may be better by adapting some online strategies for your business.
Business is not the usual anymore, and adaptability is the new normal for growth.
