In times of economic uncertainty, companies are often tasked with reassessing their business strategy to ensure business continuity. While big organizations may have the resources to sustain their businesses through an economic downturn, startups often suffer the impact and are even sometimes forced to shut their operations. As an entrepreneur, you ought to understand how to formulate a business continuity plan that comprehensively addresses current as well as unforeseen challenges. Here are five ways to reset your startup strategy to help you sail through 2021 successfully;
Consider your vision and long term goals
Past events may have altered your vision in one way or another. This means you need to rethink it to ensure it is in line with your ultimate goals. By looking at the long term goal and vision for your business, you are able to understand what needs to change and what solutions work best in a different environment.
Ideally, a vision acts as a torch that guides you as you work toward achieving your purpose. It is particularly important in the early stages of your business since it provides a blueprint you can stick to.
Take a look at your business plan
Your business plan may have worked well in previous years, but you will have to fine-tune it to suit the new conditions. For instance, if you relied on foot traffic for your brick and mortar business, you may have to adjust to accommodate digital means of operation since more people are now shopping from home. A few things you may want to consider here include;
- Transition to online business
- Research new markets for your business
- Engage more with your customers
- Revisit your marketing strategy
Take time to analyze how your industry has changed over time to understand the new trends as well as identify any gaps you can exploit to expand your business. Remember to assess your strengths and weaknesses to ensure you have the requisite knowledge to support continuity.
Provide valuable resources for customers
As you make plans for your startup in 2021, focus your strategy on your customers by providing value through your products and services. For example, you can offer more financial options, such as structured payment plans and layaway, which help customers make purchases easily.
For your marketing efforts, provide valuable content and resources to your customers. By doing so, not only will you ensure your clients associate your business with value, but you will also expand your customer base. This translates to a higher return on investment.
Resetting your startup strategy should also include building resilience for your business to enable it to weather future disruptions. It is quite apparent that startups are especially vulnerable to uncertainties. The damages can be severe for those that do not have a viable plan in place.
To build resilience for your business, you must first understand the weak points and where your current model is most at risk. This will help you develop a protocol that is suited to address potential challenges.
Develop a multi-plan approach
Uncertainties are bound to happen in entrepreneurship. That’s why you need to have a backup plan that addresses critical aspects of your business. Identify potential contingencies and use the knowledge you have acquired in the past to create practical strategies that can help you maneuver through difficult times.
Research how other startups in your industry approach different situations and adopt what fits in your business plan. Using a multi-approach strategy can help you to pivot easily in the event of a crisis.
As an entrepreneur in the early stages of growing a business, you should always be prepared for uncertainties. When you are proactive in addressing the important aspects of your business, you can be sure to see your enterprise succeed in 2021 and beyond.
At Helios, we help you understand and leverage the data at your disposal to guarantee the success of your business. Reach out to us to learn more.