2020 was rocky for many businesses but how can you come out of the starting gates into 2021 really punching ahead, aiming for growth? Author and business expert Erica Wolfe-Murray offers three suggestions for how to succeed in 2021.
1. Analyse your data rigorously
Every single company of any size has a raft of data available to them. In your accounts, your sales records, your mailing list, your past client list, what you?ve ever been paid to do, your marketing material and reach.
Digging into this and analysing it rigorously is imperative. This is exclusive to your business and belongs to you.
- Can you find unexpected sectors in your client list?
- Have you got commercial skills you could turn into a unique opportunity?
- Does your pipeline route highlight overlooked marketing tools that proved successful in past years you can re-visit?
2. Growth is multi-faceted
Growth does not have to be about getting bigger. Other areas of growth might make your business more successful or give it greater resilience in longer term ? so it?s vital to consider what growth you are looking for.
Growing profitability is wiser than purely adding turnover. Deciding to grow new revenue models is always worth investing time in. Or looking to grow from smaller value clients to larger ones?
All these options bring different opportunities and potential futures for your business. You can select just one or develop a pool of ideas within your growth strategy.
3. Don?t hack back
Following the 2008 crash, the Harvard Business Review researched which companies had done well emerging from the recession stronger and better. They identified some core behaviours which could serve you well today:
- Don?t lose your workforce ? put them on to shorter hours or furlough them. They are experienced and will help your business thrive when the economy rebalances itself.
- Don?t stop investing in innovation ? your company needs to be doing this to face the future. And you may well come across great new opportunities.
- Keep marketing spend as high as you can but use it inventively to find new audiences.
- Be aware of opportunities that recessive times bring ? whether for discounted plant, smart new hires, clients reshaping their businesses and go for them.
About Erica Wolfe-Murray
Working across the creative and cultural sector, Erica Wolfe-Murray runs an innovation studio that helps companies develop new products and services out of their existing intellectual assets and IP. Erica?s book ?Simple Tips, Smart Ideas : Build a Bigger, Better Business? was a finalist in the Business Book Awards 2020.
Sign up to our newsletter to get the latest from Business Advice.