Business Strategy Are You Expecting Your Business to Thrive or Barely...

Are You Expecting Your Business to Thrive or Barely Survive Next Year?

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Businesses experienced a wide range of problems in 2020. They are not likely to end anytime soon. Coronavirus afflicted businesses of all sizes, but especially small businesses. Some never reopened after having to shut down. A recent survey by the U.S. Chamber of Commerce and MetLife revealed that as many as 70 percent of small business owners are saying that to get through 2021, they need government aid.

Do You Have Hope?

One thing that can help a business thrive is to have a positive mindset. When a business owner decides that they cannot survive without aid from the government, that may be an indication that they see no way out and have already given up hope.

While there is a point of no return for a business, many small businesses have found ways to thrive during the pandemic. It meant that they had to become entrepreneurs in mindset. They were determined to find a way to survive – and they found it.

Get a Mentor

Business mentors are available. Some of them can be found and utilized for free. Their experience enables them to help you come up with ideas to pivot your business focus or find problems in your daily business management or tasks that may be holding your progress back.

An alternative to a mentor, if you have workable ideas, may be to hire someone that can take some of those chores from you that you do not like doing as an owner. This can give you more time to focus on growing your business instead of spending time in your business – doing those things that do not help to grow it.

Find Out What Others Have Done

Another way to get ideas is to see what others with a similar business have done. Most likely, there are things that your competitors have done already that you may never have thought of. This can be refreshing and give you a spark of insight and hope to enable you to continue.

Do More Business Online

The Internet became the lifeline of survival for businesses that had to shut down. Those that already had a website with significant traffic were able to easily pivot. More shutdowns are taking place now and it is expected to get worse – not better – in the next few months. This means go online now and make it successful or your business will die.

Make it easy for people to find what they want on your website. You also want to create a simple form to get names and email addresses. This will enable you to not only get new contacts and customers, but it will also help you build a core of repeat customers.

Find New Sources of Revenue

After months of rejecting various plans for a stimulus package, Congress has not yet been able to agree. They may not and it is not a good idea to wait for them to come up with a plan that may not help small businesses at all. If financial help is a must, consider other channels. If you sell products already made rather than making them yourself, consider drop-shipping – where the product is sent directly to the buyer instead of to you as the middleman.

Be proactive and set some goals. Try some new things, but not before you carefully test the market. Determine to thrive in 2021, but be prepared for continued opposition from COVID. You can come out the other end a business success.

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