The New Normal of Business | 5 Traits That Will Determine Success in 2021
Doing business today is different than ever before. The COVID-19 pandemic caused many businesses to close their doors for weeks or months. Some of those shops will never reopen. A few segments of the market thrived because of continued or increased demand for their products or services or because they pivoted from their previous focus during the pandemic.
We are all looking forward to getting back to “business as usual.” Things that entrepreneurs do today can determine whether they will still be open in 2021 and whether they will enjoy success when the economy improves. A Maryland business attorney can advise you on how to increase the likelihood of surviving and thriving.
Here are 5 traits or strategies that will determine success in 2021.
Anticipate your supply needs for 2021 and adjust your vendor relationships accordingly.
Some businesses experienced work interruptions, which caused a loss of revenues because they could not get essential supplies. The American and global supply and distribution systems broke down multiple times during 2020. To the extent possible, companies should stock enough essential supplies to ride out possible supply and distribution hiccups in 2021 without hoarding. Talk to your suppliers and discover what measures they implemented to prevent future delivery disruptions.
Look in the rear-view mirror.
The year 2020 was educational, if nothing else. We all learned lessons the hard way. Invest the time into sitting down and reviewing what you learned during the pandemic. Companies had to be nimble and reinvent themselves or their way of doing business. Evaluate how you adjusted, what worked, and what did not work or could have gone better.
Anticipate likely global and local changes.
Think about how you would survive another pandemic or a long continuation of the current one. View 2020 as a warning of what can happen again without warning in the future. Companies with a pandemic plan are more likely to survive than those who try to “build the airplane while flying it.”
Keep an eye on your competitors.
We are not supposed to look over the shoulder of a classmate when taking a test, but in the business world, you can benefit from paying attention to the competition. Consider what other companies in your field did to get through lockdowns and restrictions. Try to ascertain what steps they are taking now to prepare for 2021 and beyond.
Strengthen relationships with your best customers.
Learn how their needs changed because of the pandemic. Ask how you can meet their current and future needs better. Discover if they made changes that will affect their needs for your goods or services in 2021. Solicit feedback about how you can provide new goods, services, delivery, or meeting options, or whatever would help them safely and comfortably do business with you.
Owners and executives who take these steps will be in a better position to hit the ground running in 2021. You work too hard to give up or merely hope for the best. You can be proactive when preparing for 2021, and a Maryland business attorney can help. Contact Steve today.
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