How will business strategies develop

Ideas for your business strategy in times of uncertainty

What business strategy do you have planned for 2021?

Some companies are developing strategies for growing their business in 2021, while others just want stability in the face of so much uncertainty. It is becoming more and more difficult to plan for the future. As a result, many business owners and executives wonder how to develop a growth strategy for 2021.

What you need is a strategic direction that will give your business meaning and help you set realistic goals that you want to achieve in the year ahead.

Here are some suggestions on how to build your 2021 business strategy in this final quarter of 2020:

Focus on what you can do

All the rules and regulations have told you what your company cannot do. What you need to do now is focus solely on what you can do. For example, when restaurants were told not to serve customers indoors, they moved to delivery, takeaway, and large outdoor patios. No matter what type of business you are in, this is the mindset to develop and adopt for your 2021 business strategy.

The possibility strategy starts with a list of what is possible. Here are some typical examples:

  • You can move on to running your business online.
  • Explore new markets for potential expansion and diversification.
  • Keep reaching out to your customers personally to deepen your relationship.
  • Create a different, but still extraordinary experience for your customers.
  • Reconsider your marketing strategy.

Once you've defined what you can do - even if the business environment needs to adjust - you can set quantitative goals and a range of tactics to achieve them.

Expand your product launch schedule

If your company is developing new products, then your 2021 business strategy should approach those product launches with a fresh understanding of the changes in 2020. From a lack of raw materials to factory shutdowns due to illness, many product launches came to a standstill.

Use this experience to devise a new product development schedule, assuming many of these factors will continue to affect the process. Expanding the product launch timeframe will also help you make strategic business decisions about people, marketing, and more.

Provide valuable resources for customers

In your business strategy for 2021, focus on your customers and customer-oriented measures, such as: B. increasing the value you bring to them and how these actions support your sales goals.

On the sales side, providing more options for financial assistance could help new customers make their purchases. Examples include installment payments, structured payment plans, and other payment options that take into account smaller cash flows and lower consumer confidence.

On the marketing side, you also have plenty of time and opportunity to plan content and provide access to similarly valuable resources that provide information to your customers and prospects. These tactics may not result in immediate sales, but targeting prospects now so that they are ready to buy when the situation improves can be effective.

Use the time to make improvements

See the blank canvas 2021 presents as an opportunity for improvement. Some companies may have postponed a complete digital transformation. If that's the case for your company, now is the ideal time to transform more manual and paper-based processes into a digital format.

Your business strategy can focus on describing this transformation in detail, including the schedule for testing and implementing these new digital processes. You will be better prepared when business picks up again. You may then find that you can better connect with your customers and provide them with the digital experiences they expect in other areas of their lives.

Develop a multi-plan approach

Given the uncertainties to be expected in 2021, it's good to have one or more backup plans for your business. Identify possible contingencies you may face in the coming year and use this time to develop strategic responses.

These strategic plans can cover different scenarios, such as: B. Persistent health issues, reopening at a slower pace, continued opens and closings, remote and on-demand environments, and full reopenings. Develop each of these plans, using the experiences of 2020 to develop key tactics. Many of these tactics have already been shown to be effective or are still being tested this year.

Research tactics that have worked well for other companies, including those you haven't yet implemented, perhaps because your strategy was to return to a recognizable environment.

Now, as you address various potential developments, much of what you are planning may feel like you are a startup that is testing the water again. Creating these different business plans can also better prepare you for any potential swings from one scenario to another.

More certainty than uncertainty

As you go through these approaches to creating your 2021 growth strategy, you will no doubt find many actions that you can confidently take to counter the doubts that seem so pervasive. By proactively addressing the areas listed here, you can focus on moving your business forward with resilience and a positive outlook for a bright future.