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3 Ways to Save Your Business in the 2020 Aftermath

Byadmin

Nov 9, 2020

There’s no question: 2020 was a tough year. For consumers and families but also for business across the globe. Depending on where you operate, you may be able to be more productive than a few months ago but chances are you’ve lost income. Certain industries were hit the hardest, with aviation and retail seeing the most job cuts over the past few months.

If the large corporations are struggling to survive, how can smaller companies weather the storm?

The truth is that smart planning and some changes in your business can have more impact than you expect.

Below we list just three tips to get you started. Use them to gain momentum during 2020, for 2021.

Reassess Your USP

How you operated a few months ago may have satisfied your customers, but many of their needs have changed during the Covid-19 pandemic. You can’t assume that your old marketing messages will still appeal to your audience.

It’s time to reassess two aspects:

  • What you offer: Can you change your business plan to relate to clients’ new needs?
  • Your audience: Do new research about your audience, to understand their new perspective. Also research other groups. Perhaps your services or products now appeal to an audience you didn’t consider before.

You may discover a brand new USP that will make your business relevant to enough clients, so you can generate more revenue.

Change WHERE and HOW You Operate

The jokes about Zoom meetings are still rampant on social media and it may be that way for a while. While it may be frustrating to only have virtual meetings, it’s probably the way of the future.

Invest resources into making it work for your team so that you can enjoy optimal productivity again, instead of employees having unnecessary challenges while performing their tasks. This often requires partnering with companies like Hire Intelligence UK to create the infrastructure you require:

  • Computers, printers and mobile devices
  • A secure network
  • Software that support effective communication between everyone

In the long term these will be wise investments. Even more so because remote working is becoming a sought after feature when workers are job hunting. You want to attract and keep the best from the talent pool, don’t you?

Outsource

Yes, outsourcing requires an initial investment. But for many it’s the key to:

  • Save money in the long run
  • Have more time to focus on your priority list
  • Prevent unnecessary – and often disastrous – mistakes

The focus here would be to outsource tasks that you and your team don’t have the exact skill set for. Without the training or insight, chances are you’re taking much longer on those tasks than is necessary. In addition, lack of insight can lead to mistakes that rob you of even more time to solve the problems you created. Can you see the vicious cycle? In the end your productivity is suffering.

Also, the right outsourcing plan can improve revenue enough to cover the costs of the service. These are examples of areas many companies have seen success stories once they made the shift:

  • Outsourcing to tax experts who submit tax returns on time, prevent penalty fees and ensure all possible tax deductions are taken into account.
  • Having an accounting expert perform bookkeeping tasks to prevent payroll mistakes and to have up to date reports on hand to make more informed decisions.
  • Trusting a digital marketing company to help you reach your modern audience, so increasing revenue.

Last Words

A few smart decisions can still save 2020 for you and your team. Some will be difficult, but all you need is to get started. Where will you start?

By admin