2020 has been a year of uncertainties and if it has taught us anything, it is to embrace change.
With increasing uncertainties, it’s extremely challenging to plan and strategize for the future but we can at least try.
We are all aware that businesses need to be more resilient, adaptable, and agile in order to cope with everything that’s going on in the world.
Laying out your business strategies establishes where the company wishes to be to the organization.
Business strategies are the blueprint of how you plan to run your company.
No matter how much uncertainty exists, entrepreneurs need to build business strategies for 2021 to move forward.
With the pandemic still going on, we are just constantly reminded what not to do. Especially this year, the rules and regulations have increased tremendously. While it has definitely saved lives but has affected businesses adversely.
One strategy that is the need of the hour is to think outside the box. Brainstorm ideas, and get creative to find your way out of this crisis.
There are so many examples that have outdone themselves while taking care of rules and people safety:
Drive-in concerts were arranged in Sydney in May this year. How creative is that! Several artists have performed live streaming concerts.
Restaurants have shifted the majority of their business to online with delivery and takeaway. While some have managed large outdoor sitting arrangements in open areas, made Igloos outdoors, and more as dining out options.
Dubai has come up with a private booth movie theatre for the holidays.
Comedians have conducted shows in open spaces instead of rooms.
To help you out, you can attempt any of the following strategies:
Shift your operations online as much as possible.
See if you have any scope for diversification.
If your business is online, look for expansion opportunities.
Analyze and redefine your marketing strategies.
Find ways to create a lasting experience for your customers.
Connect with the customer to know their needs and to strengthen your relationship with them.
List down ideas that you can do, create a legitimate plan, and set short term and long term achievable goals.
Parle biscuit has time and again used trendy topics in their advertisement never failing to impress anyone.
Marketing plays a huge role in creating a lasting memory of your organization on customers.
Digital marketing, Social Marketing, Content Marketing, Cause Marketing are some of the strategies that are working the best right now.
To know more marketing strategies that businesses can adopt, click here
Listen to your customers, take their suggestions into consideration, and make products that serve their needs.
With the ongoing pandemic, the purchasing power of the people has reduced drastically. Give them options wherever you can especially when making payments.
Provide them with financial assistance if you can. Assist customers with any complaints or queries.
Add value to your product whether it's the packaging of the product or delivering with a thank you note.
Little gestures or helping causes that are in line with your objectives will go a long way in creating your brand value.
You can conduct polls or surveys to gauge an idea of what customers expect from you.
Every year is a new opportunity, so is 2021. The majority of businesses are going through massive changes.
Use this time to work on your business transformation and weaknesses. There are ample threats in the market right now to take your business down. Make sure you don't give them a reason.
Strengthening your weakness will in turn help you when the businesses start to pick up again.
All that 2020 has brought along and taken down, it is a must for businesses to act proactive and be agile.
Be ready with multiple backup plans.
Take note of probable contingencies in planning your business strategies for next year. Prepare action and remedy plans so that if any contingency bears fruit, you can act fast.
Constantly look for strategies, opportunities, and products that can earn you an edge in the industry.
Use all the lessons and experiences 2020 gave in incorporating plans or key tactics for 2021.
Business strategies ensure that the company is working towards a direction that is in line with company goals. It can't be emphasized enough how significant it is to build business strategies every year.
In a nutshell, business strategy acts as a guiding force for an organization.
Let us know your views in the comments section below.
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Ayushi is currently pursuing Chartered Accountancy. No secrets there that she loves to read! She believes words have the power of healing and is a medium that can convey like no other. She hopes to connect with people through her empathy, thoughtfulness, and by adding value to their lives.