The year 2020 really did a number one on individuals, businesses and the world in general. Noting the toll that the pandemic took companies around the world, the Washington Post said more than 100,000 small businesses have closed their doors forever as a direct result of the virus and its impact on the economy.
And even for companies that have managed to weather the storm, challenging times lie ahead.
Smart Business Objectives Entrepreneurs Should Pay Attention to Right Now
Every year, entrepreneurs create their business strategy for the months ahead, basing actions and growth on the final game.
What do they want to see at the end of the year, and how can they align with their long-term goals this year?
With the pandemic still going on and the world constantly changing, what business objectives should entrepreneurs focus on now?
Let’s look at five smart business objectives and how they can impact your company’s growth:
Purpose 1: Brands for the New Normal
With that shift to online-only and online-preferred marketing and services, we see corporations harnessing their potential to provide services in line with the new normal.
Promotion of free shipping/returns, curbside pickup, incentives and new digital customer offerings are the new norms.
To make it as organic as possible and keep it from looking like a bandwagon-jumping gimmick, it’s important to promote these as part of your branding strategy.
Yes, you want your efforts to be noticed and appreciated, but you don’t want them to be random, in line with your current branding, off-putting, or generic.
What to do: Now’s the time to set aside a portion of your marketing budget to make sure you’re applying good brand identity design principles across the board, and thinking in the long term, not just in the present.
Objective 2: Creating a productive office at home
Working from home is often cited as a benefit for both employees and business owners. But these days it’s a little more than that – it just makes good business sense.
If you’ve made the transition from an office space to a home office at the start of the pandemic, you may have seen how sustainable it is.
It cuts your essential budget, uses your resources more effectively, and even eliminates your commute. This gives you more time to focus on what really matters in your business.
However, many of the shifters did so in a slapstick manner. For many people, this means they are still working out of a corner of the living room, without a dedicated workspace, which cuts into productivity.
What to do: If working from home is a profitable move for you—as it has been for many people—and you prefer to keep your budget low, it’s better to have productivity tools and a good amount of work space in your home office.
Invest in the environment. Setting it up now will reduce stress levels, increase productivity, and enable you to keep your focus where it’s needed: growing your brand.