Top 10 Business Strategies for the New Year

Top 10 Business Strategies for the New Year | Lyons HR

During the past year, Covid-19 has not only exposed the strengths and weaknesses of many companies, but it has also opened new doors for conducting business, often in ways never imagined prior to the pandemic. With that in mind, here are 10 tips to help.

Ten tips for the best strategic moves in 2021:

1. Review and share your goals.

Take a look at the goals you’ve developed for your business in 2021. Revise them as necessary, given recent market fluctuations. Then, share them with your employees and other stakeholders to get everyone on board and encourage staff and customer referrals.

2. Survey your customers.

Much changed during 2020. Now is a good time to get a fresh look at what your ideal customer demographics look like and what people need. Surveys are a great way to understand how you’re doing and uncover new customer demands and pain points that you can meet and relieve, respectively.

3. Research your competition.

It’s always a good time to see what your competitors are doing. This helps you find your unique market niche and capitalize on it.

4. Identify new opportunities.

As you communicate with your customers and assess your competition, you will likely uncover new business opportunities. You may want to jump on them immediately, but remember to do your research first.

5. Refine your business plan.

This means re-examining how and when you will complete each step in the process of reaching your 2021 business goals. Essentially, it’s about fleshing out the details of that goals analysis you did earlier.

6. Keep networking with peers and potential clients.

You can’t afford to stop networking just because you can’t gather in person. Whether you use Zoom or similar venues, networking remains a great way to capture new business, catch up with peers, and be inspired by industry leaders.

7. Embrace automation.

What better time to automate – or automate more – than now, with more people than ever working or connecting remotely? The possibilities are endless, so put artificial intelligence and other automated tools to work for you in 2021.

8. Build customer loyalty.

Explore new ways to leverage customer loyalty, such as referral programs and online reviews and recommendations. They can serve the dual purpose of attracting new business and top talent. In addition to social media and online options, never underestimate the power of word of mouth marketing.

9. Utilize global platforms.

If you weren’t already on board with platforms like Amazon, Upwork, and eBay, now is the time. Sift through the myriad options and single out those that will best support your company and its goals.

10. Focus on training and team building.

Yes, it’s still possible during a pandemic. In fact, it may be more important now than ever. Well-trained employees are more apt to be productive, motivated, satisfied, and loyal. So, don’t let this commitment fall by the wayside.

Looking for Talent Management Help in 2021? Get in Touch!

HR has a direct impact on the success of your company and team. You know this … but as a small or mid-sized business owner or leader, are you overwhelmed by the scope of talent management demands placed on your time and resources? Partnering with a professional employer organization (PEO) like Lyons HR may be your best strategic solution this year. Contact us today to learn more.