To say that this year has been a rollercoaster ride for most entrepreneurs and business owners would be putting it lightly. The onslaught of economic and financial challenges caused by the COVID-19 pandemic has devastated many businesses and enterprises, and continues to do so. There’s no doubt that you, as a business owner or entrepreneur, have had to sweat through some trying times over the past months, whether it be having to retrench staff or take out loans to keep the ball rolling. So the question arises – how will you protect and grow your business in 2021?
Keep your head up and stay passionate
You’ve sweated through some of the most trying times a business owner can face this year. Now is the time to gear yourself up with a positive attitude and get ready to make 2021 a year for success! While it may be easier said than done, according to local business author Pavlo Phitidis, passion is vital…
“If your passion is not entwined with your purpose as a business owner, you risk it turning on you,” he shares.
There are few things that we have control over, but one of them is our attitude. So keep your head up and shoot for the stars, even if times are still trying.
Jump on the scale
Your key strategy for re-energising your business in 2021 should be scaling. People often mistake growth for scaling. But what exactly is the difference between the two? When a business grows, it increases its revenue equally as fast as it adds new resources to enable that increase. On the other hand, when a business scales, it adds revenue at a faster rate than it takes on new costs. Your costs should not grow at the same rate as your revenues. Don’t be afraid to break and rebuild structures in your business that are no longer working. Adapting to achieve a business that scales (and not just grows) should be your end goal. Think about ideas to scale your business. How will you increase revenue while also increasing efficiency?
“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.” – Warren Buffett
Whether you decide to increase your customer reach by increasing your online presence or investing in better software systems that will save you spending on outsourcing services, ensure that you stick to your scaling strategy and success should follow.
Share your 2021 strategy
This rings especially true if you have employees working for you. People follow systems, and they need to know if the current system is changing. So if you have big plans (or even just a few small tweaks) for your business in 2021, make sure you share your strategy with the team.
“It’s your business and you need to be in control, so you start by defining the business, and then you seek to get the business running smoothly,” says Phitidis in his book, Sweat, Scale, Sell.
If you’re looking to upskill yourself with the tools needed to future-proof your business for the year ahead, look no further than the range of world-class Digital Programmes available at GIBS Online. You’ll be equipped with the latest trends, thinking and training designed by industry leaders to set you and your business on the path of success.