Learn how to grow your business in 2021! Small to medium businesses were hit hard at the height of the pandemic. However, quick thinking allowed them to review their marketing strategy and significantly grow their business online.
October research (courtesy of Australia Post) showed that online revenue for the average small business increased between $105 000 and $708 000. This may have been influenced bythe federal government’s decision to extend the $150 000 instant asset write off until 30thJune 2022.
It’s no argument that 2020 was difficult for most businesses, however those that took the time to review their business strategy and planning found it was still possible to grow.
Here are some tips on how to grow your business in 2021.
1. Revise the Business Plan
It’s time to dust off the business plan you wrote way back when. It may seem trivial, but it’s a great way to create a roadmap for 2021.
What are your goals for the next year?
Identify your target market – has it changed? If you can understand your target market down to their behaviour, wants and needs, it’s going to make it A LOT easier to reach out to them.
Business.gov.au offers a planning template if you need a starting point.
2. Who is your competition?
If someone were to ask you who your competition is, would you be able to answer them straight away? It’s always useful to know what your competitors are doing. Not to copy them, but to ensure there are no missed strategic opportunities or avenues your business could be utilising.
Why not set up a Google Alert to keep up to date?
3. Keep your customers
So often we see marketing messages that offer a discount or product add on for “new clients.” But what about your current loyal clientele?
Research shows that it can cost 5 times more to attract a new customer than it does to retain an existing one. It’s also easier to sell to an existing customer as they alreadyhave your trust.
4. Don’t be afraid of social media
If you aren’t on social media in 2021, it’s time to start. Your business should be utilising a combination of Facebook, Instagram, Email Marketing and SEO to maintain an online presence. Remember, content is king. If you are providing content that adds value to your reader, you will keep them engaged.
5. Manage your cash flow
Your cash flow is only as good as your accounting and reporting. Make sure your accountant is communicating regularly. Covid reports showed that average accounts receivable for small business blew out by 26.5 days. Charging clients up front will help to avoid late payments and keep your cash flow steady.