How to Keep Your Business Thriving in 2021 and Beyond
Many small business owners suffered during the 2020 coronavirus pandemic. Now that restrictions have been lifted, more and more businesses are reopening as we attempt to get back to normal.
However, things will never be the same kind of normal again, especially for businesses. If you’re recovering from financial losses due to the pandemic and want to see your business thrive now and in the uncertain future, follow these tips from NAHCE:
Have a Backup Plan
We saw first-hand what a global pandemic can do to business owners and we know that we’re still at risk for it to happen again. Therefore, having a backup plan is non-negotiable. Start with an emergency fund, start saving for at least nine months of downtime so that you can maintain the necessary operation and pay your employees without having to take out a business loan or hope for government support.
Next, take an audit of your business and identify the things you can live without. For example, if all of your workers went remote during the shutdown, it may be a good idea to downsize your office building to a shared workspace. That way, you can conduct in-person team meetings or have a place where employees can “come to work” without being tied down to a costly lease.
If your business is a brick-and-mortar storefront, think about things you can do to future-proof it. A good idea is to start offering digital and drop-off services, so your customers can still get what they need from you even if they can’t physically walk inside your store.
Simplify and Streamline
Things are different now. Customers have different expectations and needs post-pandemic. That means your business not only needs to adjust to meet these needs and expectations, but it needs to become future-proof in every aspect.
One way to do that is to take a look at what worked and what didn’t work in 2020 and make the necessary changes. For example, did you turn your workforce remote? If so, how efficient was it? Many businesses went remote during the pandemic and even before, and recent surveys have shown that remote workers have proven to be more productive compared to in-office workers.
You’ll also want to see how you can streamline your operations and automate tasks. Using financial tools such as QuickBooks Online Advanced can help you consistently monitor your business’s budget in real-time, generate financial reports, and make better spending decisions for the future — all in all, helping you reach your business goals.
If you haven’t created partnerships and a strong support system during the pandemic, it’s time to start. Many business owners came together over the past year to share resources, providing customers with the products and services needed the most. Keep in mind that collaborating with new partners can open the doors to new revenue streams as well as new ideas that’ll fuel your business and also help you recover from any financial losses quicker.
You can also look into continuing education at the NAHCE College of Business to elevate your business know-how and capabilities. The best part is, an educational setting can be a great avenue to find a mentor, as well as business collaborators, so keep yourself open for opportunities.
Getting back on your feet can be challenging as we continue to face economic uncertainty. It’s up to you to be flexible and change with the times to ensure that your business is not only sustainable but continues to grow throughout 2021 and beyond.
Are you looking to take your business or professional prospects to the next level? Explore NAHCE’s available programs today.
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