How You Can Make a Comeback With Your Business in 2021

The past year has brought a significant amount of change and uncertainty to business owners in nearly all industries. 2021 is definitely the year to regain control. The following article that I found features some of the practical steps business owners can take to claim and reclaim the high ground. Here are some highlights:

If you've taken a pandemic-related hit and are still trying to ready your business for the post-pandemic landscape, you're not alone, and there's still hope to be had.

Many founders have never gone through anything quite like this before. Business owners are taxed enough just trying to keep up with changing ordinances and vaccination opportunities, let alone preparing comprehensive budgets for the future. With vaccines becoming available and lockdown rules being lifted, plenty of opportunities await. Regaining lost ground is easier said than done, but it's certainly possible. Your biggest battle might be managing expectations. While everyone hopes that business revenues will pop right back up, a slower return to normal is more realistic.

That said, here are five practical steps you can take on the road to recovery.

1. Revisit Your Goals and Business Plan

The business goals you set before 2020 will require some adjustment. There's no better way to get discouraged than to set an unattainable goal and consistently fail to meet it. Your business may need more time than you'd like to regain a foothold, but that's to be expected.

Try to set smaller, short-term goals even as you keep the bigger picture in view. For example, say that before the pandemic, you might have been planning to open a second location. Instead of staying fixated on that lost opportunity, aim to increase overall revenue by the end of the year. Then put a note in your planner to revisit the second location idea in January 2022.

2. Remain Open to the Need for Change

Will your business thrive by continuing to use the same pre-pandemic systems and procedures? Probably not. Look at adopting processes that require fewer resources or operate more efficiently.

A change-up in procedures might be tedious, but it's worthwhile if it helps get you back on track.

As you evaluate and tweak your operations, you might find that making a few simple changes streamlines your everyday routines and increases revenue faster than expected. You might even uncover improvements that will lead you to wonder why you didn't make the changes years ago.

3. Take Another Look at Your Budget

In addition to examining everyday procedures, your company budget doubtless merits another look. Before 2020, most small-business budgets probably did not have a separate line item for sterile masks and hand sanitizer, but the money to buy those things had to come from somewhere.

Where can you cut costs as you get your business back on track? Will those cuts be temporary or permanent? Should you consider a price increase? Set aside dedicated chunks of time to re-evaluate your budget at least quarterly and make adjustments where needed.

Want to know more? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts at [email protected]; or call me on 0467 749 378.

Thanks,

Robert