2020 isn’t quite the year most of us envisioned. Although U.S. GDP growth was slowing down for much of 2019, the last quarter recorded a 2.1 percent growth, evoking optimism that the growth would spill over into 2020.
But then the coronavirus happened – just what an already slowing economy needed to crumble almost into a recession. Businesses across the country and beyond have felt the pain of the pandemic, no doubt.
As an entrepreneur, you might be wondering what you can do to make the most of the remaining part of the year. Achieving entrepreneurial success in such difficult circumstances can be challenging, but not impossible.
Continue reading to learn how you can prime your business for success.
Don’t Fly Blind
If there’s anything 2020 has taught entrepreneurs it’s how the economy dictates business performance. When the economy is expanding, businesses are growing. When the economy is slowing down, sales tend to take a slump.
In business, it’s super important to keep an eye on the economy at all times. Failing to do so would be akin to flying blind – you’ll crash.
Check out economic forecasts and prepare your business accordingly. If, for instance, economic experts are saying a recession is on the horizon, this is the time to start cutting your costs in preparation for the inevitable slowdown.
Digitize Your Operations
You might want to hold your breath for this:
46 percent of small businesses in the U.S. don’t have a business website.
Yes, it’s 2020, the year when almost all consumers are shopping online, yet entrepreneurs can’t be bothered to take their operations online.
If your business is offline, you’re leaving money on the table. If you stay offline, you’ll probably never catch up with your competitors who have online businesses.
Since the COVID-19 pandemic has significantly shifted consumer behavior, online businesses now have a clear advantage. The few people who weren’t shopping online now have no choice but to buy goods and services on the web.
So, digitize your operations. Set up a proper ecommerce website for your business.
Keep Your Existing Customers Closer
One of your biggest goals as a business is to keep expanding your customer base.
There’s nothing wrong with this, but there’s everything wrong if your pursuit for new customers comes at the expense of existing customers.
There’s that little saying: a bird in hand is worth two in the bush.
OK, let’s bring it home for you. It costs 5 times more to acquire a new customer than retain an existing one.
In 2020, perhaps you need to focus on retaining your current customers. Check up on them from time to time and even surprise them with a promotional product such a t-shirt, or more important, a mask. http://www.teamconceptprinting.com/ can help imprint your logo on your promotional merchandise.
Keep Chasing Entrepreneurial Success
Entrepreneurial success is a big, hard goal. So many small businesses fail that your chances of being successful are a toss of a coin. However, there’s no luck with this. You have to put in the hard work and follow the right steps, guided by the information we’ve shared above.
All the best and keep reading our blog for more entrepreneurship tips and insights.