Business success is complex, and it depends on many factors. In a "normal" year, the success of small businesses can be threatened by a myriad of difficulties. But in a year with a global pandemic like COVID-19, the road becomes even more uphill.
In this article, you can find some survival tips for your small business in 2021.
Taking good care of your fans, using segmented advertising on social networks or automating your business processes can be some of the solutions.
Even with all that the pandemic is leaving us, there is still reason to think about a brighter future. Some reports lead to hope for a possible recovery in the economy. For example, according to Business Insider, the economy of a world power such as the United States could grow 3.5% during the first quarter of 2021. In the best cases, it could even return to production levels before the situation—sanitary during the second.
With our sights set on 2021, we've selected some survival tips to help small businesses thrive. Do not miss them!
Classify your customers by key attributes
You may know your best clients by name. Something happens if you are a small business with few customers or sell mainly to others rather than the general public.
If you can, assign each customer an attribute (for example, "top spender"), and then create a list to contact them for repeat orders.
Another way to get the most out of old customers is to find out if there are any specific products they tend to buy more of and create related products that might interest them. If you use accounting software, it will be easy to classify all your customers and their purchases quickly.
Take care of your brand's defenders.
Satisfied and loyal customers will spread the word to their friends and acquaintances and talk about you on social media, free advertising. People trust the opinion of their friends more than they trust a company's marketing initiatives.
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If you have clients like these, be sure to respond to the reviews they leave on Google, Yelp, or other social networks; It's a small gesture that will show them how much you care about them as customers.
Another way to show gratitude for their loyalty is to incentivize their referrals. For example, if they refer you to a friend, you can offer both of them a discount on their next purchase.
Embrace agility as part of your business culture
If 2020 has taught us anything, it is to be prepared for anything. For small business owners, this means putting a brave face on the weather. While many large companies can afford to adopt a remote or telecommuting work style, others require physical labour or on-site workers. These companies must communicate their plans to open safely to their employees: how they will progressively reopen or what material changes they will make to workspaces.
Prepare for the worst, review your business plan, and create a "contingency plan" that reflects all assumptions in the cash flow.
Agility also means adopting practices that make your business more efficient. Take a look at the processes where automation can save you time and invest in them, as they will continue to be useful long after the pandemic is over.
Use targeted advertising on social media.
Facebook advertising offers similar audience targeting. From your customer file, Facebook reviews its database and finds people who match the profile of your current customers. In this way, you can create ads aimed at a similar audience.
Another advantage is that Facebook ads are converted to Instagram ads in the Facebook Ad Manager. If used well, Instagram can be a great platform to grow and sell.
Segmentation is the main advantage of social networks because when generating ads, you can use criteria such as education, economic level, ethnic affinity, location or important events.
If you limit the criteria, fewer people may see your ad, but that is offset by the advantages of better reaching those you want to know about your business.
Don't forget to create tracking pixels for retargeting ads. These will show your products to people who have already visited your website, which is a perfect way to re-sell yourself to your audience.
Don't have a budget to advertise on social media? Hosting a giveaway contest is an easy way to increase engagement and gain followers at a relatively low cost.
Diversify the markets where you operate
If your stock market is not having a good time, it is still time to try your luck with others.
For example, you may do well in another location or by changing your marketing approach.
If your market is too large (for example, all those who live less than an hour's drive away), it may be a good idea to limit it to "female accountants with apartments in the centre." You may thus discover a new market.
Automate those business processes that waste time
If you keep juggling your receipts for each month, it may be time to download a specific app.
This will take the work out of reconciling expenses, as the app can automate the process for you.
Another added benefit is the reduction of human errors. By scanning receipts on the fly, you no longer have to worry about losing them or making mistakes entering them into the accounting system.
Lean on your accounting advisor when you need confidentiality or financial support
Maintain confidentiality when looking for financing solutions and rely on your trusted accounting advisor. You may not want your employees, customers, and suppliers to know that your business might need a capital injection because that could affect confidence, morale, or overall performance.
Accounting consultants have been on the financial front lines in helping small businesses get ahead throughout 2020.
Since new laws could affect their options when it comes to weathering the end of the pandemic, small businesses should always have the number of their accounting advisor on hand. This can pave the way for often confusing applications and continual updates to legislative provisions.
Create paid subscription services
If your business model allows it, can you create a recurring subscription service for your clients? If you offer them an incentive to sign up, can you offer them a marginal discount on those regular purchases?
Subscription services or items will make life easier for both of you: for the customer, it's a convenient way to get what they regularly need without having to waste time on your billing page; For you, it can be a source of recurring income.
By offering your customers a variety of payment options, your business will remain competitive and attractive to them.
Ask for an opinion
Don't be afraid to ask staff or family and friends how they think you could improve your business. Employees are often aware of the company's problems (and solutions), while outsiders can give you ideas that may not have crossed your mind.
Be better than the competition.
It is much easier to be competitive if you solve customer problems better than the competition.
Focus on the benefits you offer, not the features. To give you an example, if you sold drills, what you sell is not the drill but the hole.
2021 promises to be a year to build again. Ask yourself how this affects your customers. How can your company better help them in this new normal? If you can offer your customers more value than the competition, you will have no problems in the new year.
Don't charge less: offer more.
Lowering prices to compete is a bad investment, especially against larger competitors with more resources. Instead, beat them with unbeatable service, a diverse catalogue, product knowledge, or after-sales service.
Lastly, tip number 12! Be open to listening to others and accepting their advice. Do not forget that many intelligent people are ready to help you.
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