What Small Businesses Need to Succeed in 2021 and Beyond

In 2020, small businesses had to think fast and move even faster. Thanks to their ability to innovate on the fly and pivot to dramatically different circumstances, many have been able to weather the storm. Now, it's time to plan for a more sustainable, long-term approach. 

In my role at AT&T, I have the opportunity to speak with small business owners to understand the challenges they are facing.. Here are my thoughts on how to thrive in 2021, along with some extra insight from Anita Campbell, CEO of Small Business Trends.

Virtually Yours

For businesses that sell products and services, virtualization is a must, and a good idea even without a major public health threat. Luckily, thanks to e-commerce platforms, it’s easier than ever to set up an online store. Customizable templates offer professional and mobile-responsive design, multiple payment options, and an optimized customer experience.

If your business isn’t online at all, or if your website has been a perpetually neglected afterthought, this is the year to get virtual. As Anita puts it: “The top priorities for small business owners this year should be to boost your online revenue or add online revenue streams if you don't currently have them. Re-envision your business and think broadly.”

Virtualization means more than just taking orders online. It’s good to look for opportunities to expand your service offering. How can you offer customers a different experience or a new way of interacting with your business? 

Anita says, “For instance, if you run a restaurant, there's always carryout. But what if you offer frozen main dishes where the customer can pick up several and pop them in the freezer, and heat to eat on demand? Or offer a ‘buy one carryout, get one frozen’ deal that sets you apart from your competition. The most successful businesses have the ability to innovate. Innovation doesn't need to be huge or complex. Simple ideas are better,” she says. 

If you do offer products for sale online, it’s important to establish your shipping rates, methods, and carriers ahead of time to provide a good customer experience. The ease of returns is also a major attraction for customers, so create a clear policy and simple method for returning or exchanging purchased items. 

Of course, online shopping also increases your exposure to cybercrime. Besides potential revenue loss from theft and disruption, data breaches and cyberattacks can damage your brand and scare customers away. To avoid this, make sure all of your software is always up to date, back up your data regularly, use antivirus protections, and consider the extra security of a virtual private network and other enhancements to your technology infrastructure. 

Safety First

Even as eCommerce increases, many customers are still shopping in person. Keeping brick-and-mortar shoppers safe in the pandemic era is a key concern for SMBs that rely on foot traffic.

Measures like instituting limited store entry, shopping by appointment, signage reminding customers to keep six feet away from each other and redesigning your store layout to support social distancing can all help reduce the risk of virus transmission. Small businesses can also take advantage of touchless checkout solutions, including self-checkout and mobile payment via a digital wallet app.

Many SMB retailers also offer curbside pickup for phone and digital orders to reduce physical contact and risk. To maximize efficiency and lessen disruption to in-store operations, it’s a good idea to integrate curbside pickup into your site’s delivery options, set up a process to standardize and streamline the pickup process, or consider curbside pickup software that automates it for you.

Community Building

One advantage that SMBs have over big box stores is the ability to cultivate a loyal community of customers. It’s vital to maintain that sense of community even when customers may be unable to shop in person. 

Offering services to your virtual community can be an essential part of your business. What can you provide customers that are desperate for a sense of belonging, of interaction, or even just an entertaining distraction? “You might offer a service that customers can book online, and you can deliver remotely, such as video training or video installation help,” Anita says. For example, “If you run a knitting shop where you hold get-togethers and events, think about group classes that mimic the effect of in-person gatherings.”

Virtual events like live demos, Q&As, and guest interviews can engage customers safely while also providing helpful information. Supplement these happenings with pre-recorded videos and contests to stir up anticipation and excitement. Consider partnering with other businesses to increase audience reach. And, use social media to extend your in-store community into your online space.

For an enhanced in-person experience, pop-up stores are a fun way to inspire excitement and draw attention for a minimal investment. You might focus on specific products or design one around a theme, such as the holidays or your business’s anniversary. You can promote the pop-up on social media with an event-specific hashtag to encourage attendees to share photos and posts online.

Investing in the Future

SMBs must carefully weigh what technologies to invest in, to get the most value for a limited budget. The watchword for smart tech investment is connectivity. Fast, reliable and secure internet is the driver for SMB success online and in a retail store.  

WiFi is an essential component throughout stores to create videos, stream events, foster collaboration between coworkers, and manage curbside pickup. Touchless PoS devices, including mobile versions, are becoming increasingly standard both for hygienic reasons and to provide faster, more convenient checkout options.

Finally, small businesses should invest in security solutions to protect networks, data, and assets against cyberattacks and malware, especially as the addition of more connected devices adds more vulnerability. The modern cybersecurity landscape is complex enough that even enterprise-level businesses are turning to third-party solutions — so it makes sense that SMBs would need that help, too.

Planning for 2021—and Beyond

While running a small business can certainly be challenging, access to the most up-to-date tools for collaboration, connectivity, and ecommerce can help. With an innovative mindset built on a foundation of technology solutions, SMBs can continue to evolve in a shifting landscape.

For guidance and ideas on online operations, check out our comprehensive guide to eCommerce for small business owners: The Going Virtual Playbook.