One thing that 2020 should have taught you as an entrepreneur, is that planning for the future is only going to become more challenging. Accordingly, there is a need to be savvier in how you approach and develop your business plan. This is to help ensure you are able to handle the predictable, as well as unpredictable, challenges moving into 2021. How do you plan your 2021 business strategy as a woman entrepreneur?
With that said, here are five ways you can plan your 2021 business strategy as a woman entrepreneur.
Assess Your Vision and Long Term Goals
When developing a business strategy to sustain you through 2021 and beyond, begin by assessing the goals and vision for your business. This allows you to identify your current position, challenges, and opportunities. This is important in creating a comprehensive and definitive strategy.
In order to be a successful entrepreneur, you must understand what you want to attain at the end of it all. Even when things change along the way, your vision will keep you on track toward achieving your ultimate goals.
Look Into Way of Adjusting Your Business Strategy
2020 has been the year where virtually all aspects of a business have been disrupted. For 2021, you need to look into more inventive ways of conducting business. For instance, due to social distancing rules put in place for the safety of people, many restaurants transitioned to deliveries and outside dining. This allowed them to continue doing business without compromising the health of their staff and customers. Regardless of the business you operate, it is imperative that you adjust your business to accommodate the new way of doing things. Here are a few tips:
• Revisit your marketing strategy
• Transition to doing business online
Develop a Multi-Plan Approach
For sure, we expect some of the challenges experienced in 2020 to spill over to 2021, at least for some time. This means businesses need to develop comprehensive business strategies that address different scenarios. For example, health concerns, remote work, and slow rate of operation, will certainly define 2021.
To develop a multi-plan approach, research extensively on ideas and strategies that have worked not only for you, but for other businesses as well. Having adequate knowledge can help in developing a plan that takes into consideration the most important aspects of succeeding in a rather volatile environment.
Provide Valuable Resources for Customers
Your customers' needs are evolving, and as an entrepreneur, you ought to evolve with them. For your 2021 business plan, you need to look into how you can provide more value for your clients by offering solutions to their current and potential needs.
For example, you can offer more options for financial assistance (such as structured payment plans and layaways) to help your customers make purchases. You can also offer valuable information that relates to your business to ensure they are able to navigate the new environment with ease.
Identify KPIs to Measure Your Success
After you are done developing a business plan for 2021, you need to identify the key performance indicators you will use to track your success. With metrics, you are able to gauge your progress over time, which allows you to address issues as they come up. Be sure to align your KPIs with your overall plan so that everything can flow smoothly.
Undoubtedly, your approach as you plan for 2021 will play a significant role in determining the success of your business. Take the lessons of 2020 with you to ensure your plan is comprehensive enough to address current as well as unforeseen challenges as you prepare for productive years ahead.
Fundid is on a mission to get women owned business the capital they need to grow so that we can all close the business wealth gap. While 42% of business in the US are owned by women, they only account for 4% of revenue generated by private businesses. We spend our time at Fundid thinking about what the world would look like if women also generated 42% of revenue and how to get them the capital they need to make that happen. Fundid is a challenger business bank, business lender, and grant marketplace built from the feedback of women entrepreneurs.