How can Business Improve in 2021?

An effective business leader is constantly looking for ways to improve things. When you stop doing this, you’re effectively standing still while the competition continues to move past you. Even marginal gains will compound over the long term into big improvements. But exactly where might those gains be found in 2021? Let’s take a look.

Embrace Change

It’s unclear what the full impact of the novel coronavirus is going to be. It’s been demonstrated clearly that business is capable of adapting to a working-from-home environment – and it’s therefore likely that many of these practices will persist into the long-term. You might expect to conduct more interviews and meetings over videoconferencing software like Zoom, for example.

The precise shape of the new way of doing things is impossible to predict with any accuracy. What’s important is that you’re ready to expect the unexpected.

Work smarter, not harder

Success isn’t just about working hard – it’s about results. It’s perfectly possible to spend hours slaving away on a given task, when that same task could be solved much more quickly through other means. If you need a new chart displayed on your website, for example, it’s easier to bring in an outside expert with a specialised skillset to get the job done for you. Thanks to websites like Fiverr and PeoplePerHour, this is easier than it ever has been.

Connect with a Broader Customer Base

If you only connect with your customer base through the same tried-and-tested methods, then it’s likely that you’ll reach a point of saturation where reaching new customers becomes steadily more difficult. By diversifying into different approaches, you’ll be able to reach customers who might otherwise not have considered you. 

For example, if your market research determines that your target audience is predominantly to be found on Facebook, you might concentrate your marketing efforts there. However, if you do so to the exclusion of other digital avenues, and while neglecting real-life opportunities, it’s inevitable that you’ll leave potentially loyal customers unreached.

Improve Your Supply Chain

Cutting some of the fat and gristle off your supply chain will help to bolster your profitability. This doesn’t just mean comparing suppliers, but comparing countries. Keep an eye on foreign exchange rates that are important to your business, ideally through an easy-to-use forex platform. You’ll be able to spot where optimisations are possible, and react to sudden changes before they have a chance to impact you in the long-term. If 2020 taught us nothing else, it’s the importance of being able to anticipate disruption and manage it.