Last year was a year of change and upheaval for many business owners. Some entrepreneurs lost businesses they’d built through years of hard work, while others pivoted quickly to meet new demands, and some started new businesses entirely to deal with the COVID business impact.
Few businesses went through the pandemic without having to make some changes. No matter how your business has fared though COVID, there are lessons to learn from this past year.
What to consider if your business changed slightly due to COVID
Even slight changes can have a big impact on your business. If you had to alter your core products or services in order to meet new needs in 2020, it’s wise to reassess your target market.
Ask yourself: am I still serving the same customers as before? How are my current customers different from former ones? Is my ideal customer obvious in my advertising and marketing efforts? Is there anything I should change?
Having an unclear target market can slow your growth and interfere with your progress. It’s tough to position yourself competitively when you don’t know who to reach. Additionally, having a target market that’s too broad or too narrow can cause problems, so choose your audience carefully.
If you’ve rolled out new products or services alongside existing ones, consider the market for each new offering so that you can reach the right people.
What to consider this year if your business changed drastically due to COVID
Many business owners are running companies they no longer recognise due to the pandemic. These entrepreneurs had to make major changes quickly in order to survive and adapt to changing needs, and now as the dust settles, they may see things in their business model that need to be corrected.
If you’re starting from the ground up, it’s essential to assess and define the following:
- Mission and Values: describe your purpose and the values that drive your business. In short, figure out your “why”.
- Products and Services: list out your core offerings and what each product or service includes. Define the audience for each of them.
- Marketing and Sales: describe your marketing and sales funnels in depth, and look for inefficiencies or weaknesses that should be addressed.
- Leadership and Team: write down your organisational chart and make sure a capable person is in place for each role. Check that all major bases are covered and that nothing is missing.
- Operations: verify that your operations are in order and that there’s plenty of communication between people and departments. Tighten up spots that need adjustments.
- Analytics: make sure you’re measuring your growth properly, setting realistic data-driven goals, and checking analytics on a regular basis.
Starting fresh always requires assessing your foundation to make sure it’s solid. Don’t skip out on this critical process since doing so could cause challenges in the future.
How an online business manager (OBM) can help your business grow in 2021
No matter how your business changed in 2020, an OBM can be an invaluable resource to rely on in 2021.
An OBM is an all-in-one solution for business management, human resources, process management, and team supervision. As fully remote workers, they can integrate seamlessly with your online business team. If you need help staying organised, reaching your goals and assembling an all-star team, an OBM can handle these tasks so that you can focus on high-level planning – which allows you to take your business to the next level.
Reach out to REAVA Solutions to learn more about how we can help