4 Small Business Strategy Examples For 2021
Two weeks into 2021, have you got your small business strategy in place for the coming year? Here are 4 small business strategy examples to implement.
Hi Trish Davies, here and we are already two weeks into 2021. A year that will be defining for all businesses around the world, especially small businesses. Last year was a horrendous year for many business sectors.
Nothing escaped the wrath of Covid-19 as we saw international brands struggle, some collapsed. Also, the small to medium sized business sector faced huge challenges in either being forced to shut their doors or adapting their busines practices.
Therefore 2021 is a huge year to try and get back on track, to find some kind of equilibrium and then move forward. Now as you have landed on this webpage I assume you are either a current small business owner or about to start your own small business.
With such a turbulent world you must take on 2021 with a business strategy in place. A strategy which firms up your business, gives it some stability or makes sure your new business has a solid foundation.
Today I am going to give you some small business strategy examples to give you hope for the year ahead. Strategies that will help you create a vision for your business, not so much a technical outlook.
I say that because you know your own industry and you will have some idea on how to market your business. What I want to do is delve deep into thinking strategically on how to position yourself for the journey ahead.
A journey that will create more success and growth for your business. Here’s how to do just that!
Small Business Strategy Examples
You Must Embrace Change
The last 12 months have certainly changed the business and economic landscape. Just this time last year no one could have foreseen what was about to happen but it did so you must get on with it.
When you are in business you must accept that things will change overtime. What worked some 20 years ago isn’t so relevant now so you must go with the times. The difference is that change was sometimes gradual but not anymore.
Take Covid-19 out of the equation for just a moment and look at the change in technology. All aspects of business has been affected with technological changes. Right from customer acquisition, production, fulfilment, and marketing. As a business owner you must keep your finger on the pulse so to speak.
This means being proactive rather than reactive. Keep ahead of the curve when it comes to change and spot it at the moment of inception. Don’t wait until it comes at you like a runaway train, so you have to react as that is like putting on a band aid over a huge leak.
Be proactive as the saying goes “prevention is better than cure”. Embrace the change before the problem occurs and gets out of hand. Look at your industry and the change that has happened and could potentially change in the future. This is how you stay ahead of your competitors and lead the way.
Be Clear On Your Customer’s Needs
Customers’ needs constantly change; they face new problems all the time which must be solved. Therefore, you must have total clarity on how you can serve your customers in the best way possible.
Covid-19 has changed the goal posts in ways such as social distancing and the practical ways you deliver your products and services. You will be governed by your national and regional authorities on these changes, but you must be clear how your customers feel on this subject.
It is not just the pandemic situation as you must have clear insights into their minds. What do they want? What do they need? How do they want to be served?
These are just some questions you must be asking so how you can do this. The obvious one is a simple interaction with them by starting a conversation with them. That could happen face to face or through your numerous communication channels.
You should have a social media presence; an authority website and you should be communicating through email. These are your opportunities to gauge where your customers minds are at and then act on the feedback you receive.
You Must Work Smarter
The old adage of working harder creates success has somewhat become diluted over time. Now there is a serious case to work smarter and not harder. The industrial revolution showcased this perfectly with the advancement of machinery. For example, labourers who dug up roads with a pick and shovel, they could only do so much in their time. Bring in a mechanical digger and the task becomes easier and more road is dug up in a fraction of the time.
Fast forward to 2021 you must leverage technology in your business. For example, let’s look at lead generation which is critical for any business. In the past you may have had people wo get on the phone all day trying to drum up new business. It is time consuming and not as effective as it may have been a few years or decades ago.
You can now automate that whole process using software that generates webpages. On those webpages you have opt in forms for people to contact you. So, you are turning the tables through marketing to people who are looking for your services. Not going out there blind so to speak and throwing mud against a wall and seeing what sticks.
On the back end of these lead capture pages you can have automated communication systems set up. Here you set up a sequence of communications which act as a filter to generate qualified leads and prospects. People who are ready to become customers and that is when you first talk to them physically.
Less time spent being more productive and efficient. That is just one example, but you must look at how you can streamline your operations and become more productive.
It’s All About Profit
Profit is what your bottom line is made up on and will determine how successful you are in business. I am very economically minded and always have the numbers in place to work to.
There is a saying especially in the online world of “turning passion into profit”. Now there is something in that but not all passions are profitable. One of my mentors has a saying to “treat business as business and not a hobby, a hobby doesn’t pay you back”.
I like to think of passion in a different way and that is being passionate about what you do and how you can serve people. My passion is to help people create their own brands and I have created a program called Build Your AU to do that.
I want people to become financially free and have the time to enjoy their lives, to live their true purpose. This is what puts the fire in my belly, and I put my heart and sole into it.
The truth is though it is all about profit at the end of the day. Profit pays the bills, passion doesn’t but it does help to be passionate about what you do.
So, there are 4 small business strategy examples to get you thinking about how to become successful in 2021. I recommend you use them all, but you may have to tweak them to suit your business. Please let me know your feedback below and add your own small business strategy examples.
A life of freedom and choice
Trish Davies
Trish Davies International
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