5 Business Survival Strategies for 2021

Businesses around the world have suffered the devastating effects of the Covid-19 pandemic in 2020. There are many lessons that emerged from the year which can be adopted for the new year. Here are 5 essential tips to safeguard your business in 2021:

1. Social media is king

With the new normal, social media has become the safest and most effective way to communicate with your customers and forge new business relationships. This is the year to focus on your company website and social media platforms such as Facebook, LinkedIn and Instagram. Ramp up your content and engagements with customers to strengthen your online presence and brand exposure to attract more potential customers.

2. Flexibility is key

One major lesson learned from the pandemic is that companies who are quick on their feet when faced with unexpected changes in the business environment are survivors. Hence, it is vital to maintain a flexible business model so that you can change your strategies to respond quickly to any new developments in order to thrive in the current marketplace.

3. Optimise business spending

A lean business model is the best approach for uncertain times. One way to stay lean is spending your budget carefully. You need to reevaluate your business spending monthly to ensure that you are not overspending on unnecessary items to conserve and stretch your resources as much as possible.

4. Leverage on government initiatives

You are not alone in this tough times. The government often offers support for local SMEs in order to stimulate the economy. Don’t be ashamed to take advantage of these offers to help your business ride through these critical times.

5. Mental health support

While new vaccines have been introduced in some countries, the fight against the Coronavirus is still ongoing. This long-haul battle can take its toll on anyone’s mental health. Hence, it is important to take care of your own and your staff’s mental well-being for the benefit of your business.