The year is about to end and it’s an understatement to say that it’s been a rough one for everyone. As we bid farewell to 2020, many of us may be looking forward to a brighter 2021. While news of the vaccines have definitely generated hope, the one thing we learned about 2020 is businesses need to be able to adapt to survive since one can never truly know what may happen.

We compiled a list of best tips on what businesses can do to prepare, just in case there is more uncertainty this 2021.

Adjust Budget

The one thing most of us experience when the pandemic hit was how suddenly, cash flow became tight. Not enough income was coming in and expenses increased as people suddenly needed to purchase face masks and other protective gear and equipment. 

While it’s good to want to plan and invest on expansion, new investments, R&D, and others, it’s would be more practical to be cautious and also increase one’s emergency budget- just in case.

Focus on Digital & Automation

The pandemic has forced many companies to go digital and working from home is already the norm. However, there are still other ways to digitise and automate one’s business. Installing chat bots, inventory management software, and others can save time and make you and your employees more productive while working from different locations.

Review Expenses

You probably tried your best to cut back on expenses. However, before the 2021 starts, it would be good to have a meeting with your team to discuss what the essentials are. Do you outsource a digital agency but you realised that it’s easier to reach your target market through community groups? Maybe it will be more cost effective to just have an account on Canva for content creation and use a scheduler to automatically upload your posts. Have you all decided to work from home this 2021? Don’t renew your lease and get a virtual office instead.

Be Involved With Your Community

One of the things we learned this year is the power of community. Viber and Facebook groups have popped, showcasing local goods that are accessible. Being part of a few groups within your community can help spread the word about your business. Plus, community members are usually more inclined to support each other.

Be Aware Of The News

While some may only focus on local business news, it’s important to be aware of what’s happening globally. Whether we like it or not, the world is so interconnected that what happens in one part of the world may affect you. Being aware will help you better discern, strategize, and decide on the next best steps for you and your business. 

Sources:

https://www.forbes.com/sites/mikekappel/2020/10/29/planning-for-2021-a-lesson-from-2020/?sh=369a0ee230bd

https://www.entrepreneur.com/article/358862

https://www.forbes.com/sites/forbescoachescouncil/2020/10/30/how-successful-business-owners-are-planning-for-2021-now/?sh=5e9a4395341d

https://www.ripl.com/post-1/how-to-prepare-a-2021-marketing-plan-for-your-small-business

https://www.pexels.com/photo/woman-wearing-gray-cardigan-and-eyeglasses-3184295/