Building Your 2021 Business Strategy
You and other businesses have spent much of the past few months scrambling to adapt to extraordinary economic turmoil. 2021 looks to be the year of transition. Some business leaders are building expansion strategies for 2021, despite uncertainty.
It has become increasingly challenging to develop your growth strategy in 2021 due to the ever-changing business ecosystem.
What is your strategic direction? What would you like to achieve? Do your planned 2020 goals still apply? Are you able to build on your fourth quarter of 2020 growth?
Are you determining your path?
It would be best if you created strong ties between your business and your customers. For stability, you need to retain existing customers as your priority.
Bringing value to your customers, business, and employees strategies:
Motivating your customers to buy.
- Offer your customers small discounts as an incentive to pay their bills early.
- Show appreciation by giving free goods and expedited shipping, decreasing your minimum order quantity to qualify for free shipping, or assigning personal managers.
- Consider subscription services if your products represent items that are routinely purchased either weekly or monthly.
- Share your knowledge of your specific expertise to enhance your credibility in social media.
- Survey your customers to allow you to enhance your online business reputation and share their positive experiences.
- Use contests to improve your business awareness and excite user engagement.
Transforming your business.
- Create your vision for improvement through initiatives that your people can support and execute.
- Build your environment with trust, openness, and set up benchmarks for measuring productivity and efficiency.
- Automate your business optimization to provide you data for your strategic planning that identifies, organizes, and executes your sustainability.
- Engage your staff throughout your change projects through cross-functional teams and deliberate collaboration for lasting success.
- Seamlessly integrate technology into business processes while advancing cloud and mobile computing.
- Design your business culture for continuously training, measuring, and rewarding your staff for business excellence.
Creating multiple scenarios for forecasting.
- Each scenario should contain enough detail to assess the likelihood of success or failure based on various strategic options. The very process of thinking about your possible business futures will be a valuable opportunity to address issues that might be overlooked.
- Will there be sufficient demand for your products/services? Are supply chains likely to remain intact? How much competition can you anticipate? What changes have occurred in your industry since Covid-19?
- Establish a narrative. → Define implications and early indications. → Determine mitigating tasks to minimize potential effects.
- Your scenarios require strategies —forecast sales and expenses for each method.
- Choose which scenarios will be the basis for decision-making. Update with monthly actuals so they remain current and help you navigate the current economic uncertainties.
Enabling digitation throughout your business.
- Make digital transformation essential to your business strategy.
- Recruit your subject matter experts into teams that design for measurable results.
- Opt for digital transformation trek by starting with existing applications and modernize them as the foundation for new technology implementations that deliver your competitive advantage.
- Invest in secure application platforms and automate security policy automation throughout your business, including home networks.
- Be patient and measure steady progress without being discouraged by setbacks. Consistently allow your staff to know you are supporting all change efforts.
Embracing the future of work, now.
- Build up your people’s adaptive capacity to handle turbulence and strategic strategies.
- Develop each member of your workforce with self-management skills and a collaborative approach for your teams to achieve lasting sustainability.
- Identify skills required to deliver on your big expectations for the future and determine which talents you will need in the future.
- Consistently address your employees’ experience. It is essential for your substantial business success and be aware of behavioral health impacts on individual performance.
- Your effective business strategy exists where planning and intentionality intersect. When you invest your time in planning and evaluating your progress, you can expect a positive return.
Plan! Adapt! Manage! Succeed!
- AccuComp Enterprises collaborate with business and technology leaders to support the formulation and execution of transformational strategies.
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