It would be an understatement to say that 2020 threw us some curveballs. In such a turbulent and unprecedented year, it’s especially easy for business owners to feel exhausted and deflated.
No matter what condition you find your business in at the moment, here are five ways you can set it up for a stronger year ahead.
Leverage the Change
See change as an opportunity to differentiate yourself from the competition. If you can navigate it better than the next person, you’re bound to be more successful.
It’s already obvious that some temporary changes in consumer habits may stick around for the long haul. Instead of mourning the loss of what worked in the past, figure out new ways to bring more value to your customers. Meet them where they are, and work with how they shop today.
Quarterly strategic planning sessions are a great way to anticipate future challenges and allow change to work in your best interests. Regularly ask yourself what could disrupt your normal business processes, how your team can be more agile, and what your business needs to do in order to remain relevant long-term.
Anticipate change and act on it.
Focus on Your Customer
We all know that consumer needs and behaviors are always changing. It’s imperative that a business has a finger on the pulse of its customers’ pain points.
The key to successfully serving your customer is effective communication with your customer. It can be as simple as asking the staff who work directly with customers for feedback on better service ideas or as complex as a digital customer survey. The point is, focus on your customer experience and interact with your business from their perspective.
You’d be surprised how many good ideas can come directly from the consumer.
More often than not, entrepreneurs romanticize the very American ideal of long hours and a bootstrap work ethic. We’re inclined to believe that if you’re not experiencing success, it’s because you’re not working hard enough.
In reality, the problem could be how you’re working rather than how much you’re working.
Look for ways to streamline your operations to work more efficiently. Find opportunities for collaboration among your employees to make your processes better. Remove any hurdles that make it harder for your business to get the job done.
Reverse Engineer For Profit
Another critical entrepreneurial mistake is to think that if you create something good, the profits will naturally come. Unfortunately, success isn’t a certainty and neither is profit.
Profit must be engineered. Focus on activity that matters the most to your bottom line. See what unnecessary expenses you can minimize or eliminate. Or, look for ways to increase the value of your product or service to justify an increase in price.
Profit is how you ensure your business survives and makes a positive impact long-term. A healthy business creates value for its community. It employs individuals and gives them the ability to support their families.
Profit is a good thing—you just have to plan for it!
Confidently Empower Your Team
One of the most frightening aspects of entrepreneurship is thinking that you need to have all the answers. If you’re the boss, you’re the one everyone looks to for the next big idea.
Not only is that unrealistic, it’s an impossible standard to bear long-term for any one person.
Empower your team to come alongside your vision for the business. Welcome their ideas and unique talents. The very idea of inviting action to impact their future will foster a sense of empowerment and confidence moving forward.
Focus less on what you can accomplish alone for your business, and more on what your team can accomplish together.
Looking For More?
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