During the last 8 months we have sadly seen a great number of businesses forced to close their doors. This has of course been the result of the pandemic and the subsequent lockdown. In spite of this however, there are many who have penciled 2021 as the perfect year to launch a new business, and rightly so. I watched a fantastic speech from the brilliant Selin Sekarcan last week, which she gave to an online business conference. The speech revolved around how business has been changed by Covid-19, and this is a great point of reference for anyone who is looking to set up a new business in 2021.
Managing Risk
In every business there is a level of financial risk which must be managed. Unfortunately for so many companies this year, their high level of risk was greatly exposed and that is why they were not able to survive this time. For those looking to start a new business, this year should come as a lesson that taking on too much debt or leaving yourself financially exposed is not an option, and this should be managed more carefully than ever before.
Buying Second Hand
Before you buy anything for your business, be it POS or any other item, first be sure that you check to see what goods are available second hand. As sad as it is that so many businesses have been forced to close, it is worth considering that so many of those businesses now do not have a need for so much of the infrastructure which they had in their stores and offices. This means that you could be able to pick up some high quality items second hand, for a fraction of the price.
Pushing Hard on Digital
This year has also taught us the great importance investing in digital marketing, even for small businesses. Now of course we don’t expect that we will be facing a lockdown every year, which was the biggest reason why digital marketing has done so well this year. Having said this, what we can clearly see is just how powerful online marketing is, for both online and offline businesses. With regards to starting on the front foot, a solid digital strategy should be key to this.
Focusing on What Sells
And the final lesson which can be learned from this year, and truly one of the core foundations of running a business, is the need to smell what sells. This year, those businesses which have survived, have been those which have displayed agility and those which have been able to focus on those products which sell best. As a small business it is unlikely that you will be able to offer a large range of options, which is why it is so important that you can offer just those which will sell fastest, and keep bringing the money in.
Learn from those which struggled this year, to make next year a successful one for you.
