The coronavirus pandemic and all things associated with it made it difficult for businesses to survive last year. The worst scenario was that many businesses closed their doors due to lockdowns and poor sales. Based on the findings of Yelp, the permanent shutdown of businesses touched 97,966, which means 60 percent of businesses closed, never to reopen.
Of late, the situation has improved a little with vaccination for COVID-19, things are expected to change and businesses are reviving gradually. When you invest in a business, it is a good amount of money, even if you own a startup. Just because of the novel coronavirus, companies did receive a hard blow until many of them failed to stay afloat amid the pandemic.
To learn how Eric Dalius, a marketing professional, how you need to stay emotionally sound amid the epidemic. He also has penned several business articles for you to read. Here are some of the best survival tactics for your business in 2021:
Eric J Dalius recommends working with skilled employees
When you work with experienced employees, there is nothing like it. Your business needs that competitive edge and therefore, you need the best people for the job. When you do not have the best talent working for you, you will fail to give the best service to your customers or clients.
Hiring skilled employees is essential but what also matters is training your resources and keeping them happy. You need to show some understanding, making certain to build a healthy work environment in your organization. Your employees should have a purpose that adds to their job satisfaction.
Ensure that your customers remember you
Marketing is imperative for your business and companies that managed to stay afloat amid the pandemic last year remained in the minds of their customers. In case, if you face lockdown again in 2021, your company cannot function normally leading to poor sales and revenues. That is the reason why you need to continue with your marketing campaigns but cut back on the budget instead.
When it comes to marketing your business, it helps you to learn about customer demands, needs, and educate them about your products or services. It will not only help you stay connected with your existing customers but also let you acquire new ones. Then, not all your market tactics may translate to sales but you will gain when it comes to product sales provided you continue with your marketing campaigns consistently.
Social media sites such as Facebook, Twitter, Instagram, and others are your best bet when it comes to marketing your business on a budget. Studies indicate that approx 50 percent of the global population uses social networking platforms, which means three billion people all over the world.
You can stay in the minds of your customers by staying around while they can see your brand and social media helps you do just that. Whether you opt for organic posts, leverage paid campaigns, or connect with influencers, hard work and time are required to stay in your customer’s minds, according to Eric J Dalius.
Focus on business capital and budget
When it comes to planning, you must also focus on financing your business, as you will need capital to pay office rent, spend on marketing, purchase equipment, pay employees, and more. Again, budgeting is essential because it is a roadmap for your company and you run a great risk if you have a dearth of funding or capital. You can opt for business loans and even ask for help if you have close family members or friends to help you acquire some business capital. You will need to repay them of course, once your business starts doing well and start generating revenues.
Whether you own a small or big business, budget is important to prevent the collapse of your startup due to financial reasons. To be candid, you will invite more problems for your organization if you do have a budget in place or skip the same.
As far as budgeting is concerned, be it asset acquisition, marketing, employee salary, or any other aspect, all of these things run smooth. Figure out your short-term and long-term financial requirements for your business. You may need to hire an accountant to maintain records of the funds entering and going out of your company.
Learn to protect your assets
When you are in business, certain factors may damage your assets and lead to money loss. For example, the last thing you would like is to lose your business assets due to a legal suit in a court of law. This is something that many entrepreneurs ignore, but it is imperative to protect your company assets even when things do not work out in your favor in a legal proceeding.
No entrepreneur starts his or her business and anticipates the possibilities of a complex legal case. Studies show that 78 percent of defendants in a court case in the United States never imagined that it would occur to them. Did you know that Sony made a huge loss of 200 million worth of their assets? They could have avoided such a mammoth loss provided they knew how to protect their business assets. You can ensure asset protection offline or online irrespective of your business size.
Even if you a small business or startup to manage, there are some assets in your company. Make sure you do not enter into legal complexities and end up losing these assets. When you have limited capital and budget, exercise more caution when it comes to your business assets. Sony is a giant corporation and they managed to brave the rough weather because they had the capital. Things are not easy for small businesses, as they have budget constraints.
Last year was too bad for businesses of all types, and 2021 is still uncertain because it is too early to predict anything due to the pandemic situation. Whether you sell products or services, connect with your customers, continue with your marketing efforts, and protect your business assets to stay afloat this year.