2021 just hit like 2020 and micro and small businesses are no doubt still having some problems either pivoting or adapting.
However, there is still reason to be somewhat optimistic about the future of some micro and small businesses. But this grandeur future won’t come without the work. For the businesses sitting around and waiting for the “normalcy” to return, you may have quite a long wait and your business may suffer while you wait.
In the grand scheme of things, businesses have to literally now “mind their own business!” Your survival depends on what you do now AND what you don’t do.
Here are some key things that can contribute to your survival and success:
Understand and ACCEPT that consumer behaviour has changed permanently post-pandemic.
(Some consumers are still warming up but behaviours are still changing). It’s like a reset button has been hit.
Successful businesses will direct their focus to value-based pricing and messaging.
Businesses that put emphasis on social, environmental and ethical responsibility have been flourishing.
Take a look at the businesses showing up organically and consistently on your social media feeds: the ones that are giving back, doing charitable work, helping flood or poverty stricken families, etc.
We see businesses making significant efforts to clean up their business practices and they’re adjusting their ads and posts messaging to appeal to enlightened consumers who value deeply, a company’s purpose and commitment to social and environmental sustainability. These businesses will be more successful in the future for obvious reasons.
Businesses that embrace the digital transformation will win big.
The pandemic has forced businesses to adopt a “new normal” - a digital transformation in terms of the delivery of products and services as well as how they market and collect payments. Though “Digital transformation” is not a new ‘thing’, it wasn’t really until March 2020 that it really began to sink in for most businesses. Unfortunately, some are still waiting for “normal”.
Businesses that embrace evolving technologies to create a more seamless customer experience will gain more traction and flourish post-pandemic.
These are just a few mentioned here, but the Timely Entrepreneur Resource And Research Centre is bursting with information and research about business survival post pandemic. If you wait too long to pivot, adapt or evolve, your business won’t be around much longer.
Now that’s a scary thought!
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