With 2020 behind us, there are many things we can look back on from a business perspective as learning experiences. While things are still quite turbulent, there is a light at the end of the tunnel. Focusing on future growth initiatives that can make your business more flexible and diverse should be made a priority in 2021. Small businesses that are able to pivot quickly and remain operational despite the current environment have the best chance to thrive into the future. Here we take a look at five takeaways from 2020.
Source Inventory Locally
Small businesses that sourced their inventory locally held a significant advantage over those that rely on out of state or overseas vendors. In addition to simple availability, sourcing locally has a host of other advantages:
- Reduced logistics costs, faster turnaround
- More quality control and better brand image
- Better partner relationship and service
- Help local environments and communities
Develop A Strong Online Presence
“A strong online presence allows you to build your brand and gain the credibility that you need to attract more customers. Along with making your business readily accessible, online presence also gives your customers an easy way to find out more about what you have to offer.”
- Actively engage on social media
- Develop online ordering and ecommerce stores
- Create and distribute educational and entertaining content
- Invest in pay per click advertising
Diversify Your Product And Service Offerings
“Adding new products are services—especially those that involve recurring revenue—can be a great way to build sales and move your company forward faster. Adding new lines of revenue can also help you compete more strongly in your industry.” A few things to keep in mind when diversifying your inventory include:
- Offer everyday need items
- Ask your customers for feedback
- Make convenience a priority
- Offer unique items
Be Flexible With Your Business Plan
Flexibility is one of the major advantages that small businesses hold over larger corporations. “Flexibility in business is defined as the ability for a company to make whatever internal changes are necessary to respond effectively to the changing outward environment, as quickly as possible. For those companies that don't embrace flexibility, changes in the business environment can mean significant setbacks.” “A flexible business plan is not complex but outlines every growth stage. If you want a flexible business plan, don’t complicate it. The direction and flow of the plan are much more important.”
Get Involved In Your Community
“Community involvement increases brand awareness. It makes your business visible, allows people to get to know your brand, product, or shop better, and helps you create a reliable, trustworthy, and generous business image.” There are a variety of ways that you can get more involved in your community and benefit your business as well:
- Sponsor local events and charities
- Get a pulse on your local customer base
- Join your local chamber of commerce
- Attend a National Small Business Week event
Click below to download our free eBook and learn how to take your small business to the next level in 2021!
