2020 was a tough year for businesses of all types. Covid-19 decimated labor markets, stressed utility lines and halted land production in some unfortunate sectors. 2021 is a chance to forget last year’s exams and start over.
Opportunities have to be used to bring about change. You need to put your nose to the grindstone both personally and as a company director if you want to turn this into a red letter year.
If 2021 is to be your company’s year, you have to do it that way. That’s how it’s done:
1. Customize your appreciation statements
Last year was just as tough for your team as it was for you. Take care of them and they will take care of your customers.
Find out how each employee feels valued. If you don’t know, start with four of the five love languages: words of affirmation, gifts, acts of service, quality time, and – which you should skip – physical touch. Not just for romantic love, these describe the way different people prefer to show and receive appreciation in general.
Almost eight in ten people quit their jobs because they feel underrated. After a year on the beating, your team needs to know that you really appreciate them.
Ask employees why they feel valued and give this back to them. If a third of your team says “quality time,” your next step should be to set up happy hour. Every day, give an authentic compliment to people who respond to “affirmative words”.
2. Use new trends
After all of the pivots and store closings of 2020, 2021 will be a year of change. Keep an eye out for new trends that are relevant to your work.
Take remote work. If your competitors are forfeiting all of their office rentals, maintaining these overheads will result in a competitive disadvantage.
Another reason is contactless collection and delivery. Although hiring drivers increases your labor costs, your alternative is to give up customers who insist on hands-free retail experiences. Never give up market share if you can help.
These big trends aside, there are micro-trends if you are careful. If you are a gym, you can work out at home by moving fitness classes online. If you’re a lawn maintenance company, the decline in brick and mortar shopping means you can predict fewer customers for landscaping.
3. Build resilience into the budget
The economy is recovering, but uncertainty remains. Overspending is risky until the pandemic is over.
First, take a look at your planned earnings. Use consumer spending shifts to predict sales during uncertain times.
Next, reserve enough funds for the necessary expenses, such as B. Your payroll, office rent and maintenance payments for any existing loans.
What remains is your discretionary budget. When you haven’t spent six months in an emergency fund, your savings increase. In this case, consider what technologies you need to offer products or services related to these new trends.
What else would protect your disadvantage in 2021? Build a thing or two of these into your budget. If you suspect sales are more difficult to come by, invest in your referral network.
4. Ask “What’s the worst that could happen?”
While everyone has high hopes for 2021, nothing is guaranteed. New Covid-19 mutations appear. Social and political turmoil is everywhere. Natural disasters are increasing in frequency and intensity.
I’m not trying to scare you. I am trying to help you imagine worst case scenarios that could affect your business.
Running a business in Florida without flood insurance is running on thin ice. So don’t wade into political issues or throw the face masks in your pantry because your city has ended its mask mandate.
You will never regret being careful. Even if none of these horrific things happen, your team will be more confident with an existing plan. They’re helping everyone figure out what risk management means for their role – something that will benefit them well beyond 2021.
Better times are just around the corner. However, they are not here yet, and may never be if you don’t introduce them.