2020 was an incredibly difficult year for all businesses, especially those who were geared up to grow or expand their operations. However, while the 12 months just gone have been extremely problematic and resulted in many businesses having to close their doors permanently, the year has also revealed the best ways to adapt to the ‘new normal’, and has shown small businesses what they must do to thrive in 2021 and beyond. So, with that in mind, here’s what you need to keep in mind if you want to launch or grow a business in the coming year.
1. Know your audience
What 2020 revealed is that businesses which spread themselves too thin or did not have a defined idea of what they specialise in suffered massively. It has always been important to understand one’s audience, but 2020 has definitively shown that to overlook this is liable to be incredibly detrimental to growing your business. To succeed, small businesses must understand who they want their products or services to appeal to, must figure out how best to reach these individuals through marketing or advertising, and must then strive to keep these customers happy, content and loyal.
2. Put sustainability front and centre
2020 exacerbated a trend that has been growing in prominence in recent years: sustainability. Companies that put a focus on sustainability, environmentalism and minimising carbon emissions are liable to not only be viewed favourably by customers but are also more likely to save money in terms of overheads and outgoings. This can all help with growing your business.
3. Be flexible
One thing that became very clear throughout 2020 was that companies which were able to operate flexibly, and were able to carry on efficiently with a remote workforce, were able to adapt to the changing business landscape far quicker. Millions of people are now very aware that they can carry out their work from home at least some of the time, and companies that offer people the opportunity to work flexibly are going to be far more attractive. Growing your business is still a possibility, even if you’re working from home.
4. Build a team that works for your business
Every business is different, and so every business needs to focus on its own bespoke needs and requirements when it comes to staffing. This is, however, something that can be very often be overlooked. Many businesses, especially in the early years of operation, simply try to do what is expected of them rather than what will be truly beneficial. Figure out exactly what you need to achieve and then contemplate how you will be able to attain your targets for growing your business. It might be the case that utilising freelancers or outsourcing certain tasks or roles will be more viable and cost-effective than hiring full-time employees, so think carefully about all staffing before making decisions.
Growing your business in 2021 – where to find out more
Established since 1989, Tower Leasing Ltd is a funder with the support of brokerage facilities which enable companies across the UK to acquire much needed capital equipment through leasing. We create the opportunity for businesses to manage their cash flow whilst being able to secure the latest assets and technology which enables our customers to stay competitive within the market. Our services also provide the capability to deliver additional funding to support your business growth with our wide range of finance solutions. Listed 30 in THAMES VALLEY 100 SME GROWTH 2020.