2020 has been an almost unprecedentedly tough year for businesses. The COVID-19 pandemic fell like a hammer blow at the start of the spring and the ramifications are still being felt from that first lockdown as we prepare to exit the second. Going into 2021, things have never been more crucial for businesses looking to expand and thrive well into the ’20s.
For those now starting to make plans for their business goals in 2021, we thought we’d take a moment to go through of the things you could and should be doing to give yourselves the best chance to make 2021 the year that 2020 should have been.
Look at your short and long term loans – Take stock of your company finances and how much money you owe. With interest rates so low at the moment, you might want to think about restructuring your loans to free up more capital.
Keep updating and innovating your strategy – If 2020 has taught us anything it’s that we can’t afford to stand still for too long in this day and age because there’s always something waiting in the wings to change the playing field. That means being nimble with your 2021 business strategies and being unafraid to make bold changes to them on the fly.
Think about the different ways of working due to COVID – The pandemic hasn’t just changed the fortunes of certain businesses but the way they operate. There has been, for example, a major increase in remote working across the board in the last 8 months and now that it’s been normalised, expect that trend to continue gaining traction in 2021. Remote working, or allowing staff to work from home a couple of days a week will improve everything from office overheads to employee mood and flexibility and should be a key tactic when planning for 2021.
Go digital wherever possible – The fact that the future is in digital should come as no surprise to anyone but still, there are thousands of businesses clinging to ‘the old ways’ and it’s holding them back. With the pandemic forcing even steadfast brick-and-mortar establishments online, 2021 should see an even greater push to digitise any physical businesses strategies.
Improve carbon footprint & sustainability – One of the key takeaways from 2020 is the fact that people care more than ever before about the environment. So, not only will improving your carbon footprint save your business money but it will give your brand a much-needed boost in the eyes of clients and partners.
Don’t be afraid to ask for help – Sometimes, it can be the third parties that offer the clearest insight into your business as they are not clouded by sentiment or investment. Look to consultants and those specialising in innovation and legal technology to expand your horizons and explore new avenues. You might be surprised where they lead you!