It’s impossible to fully predict what will happen in 2021 and beyond, but there are strategies that can help small businesses stabilize and grow. Let’s discuss three of them here.
1 – Build multiple revenue streams
Very few businesses are built around a single product. It’s nearly impossible to sustain a business with such a narrow focus. The more products you have to sell, the more likely you are to be a success.
But building multiple streams of revenue is about more than just selling different products — it’s also often about marketing from different platforms, to different customers, or creating passive income. Potential revenue streams that could be added to your product line include a variety of ideas, such as:
There’s really no limit on the different types of revenue that can be added to your main source. It all depends on the type of business you run, the need in the market, and your own imagination.
2 – Find funding before you need it
Don’t wait until the last minute to look for funding. The world’s an uncertain place, and having funding will help your company to weather the storms that may come without notice. Keep your funding in place for when it is needed, whether through investors and backers, through small business loan programs, or through your own savings if absolutely necessary.
This means accurately assessing your needs as a new business, and keeping a finger on the pulse for what is to come in the future as you grow. Your needs won’t just be internal, such as paying for overhead; those financial needs should also continue to change as you create new products, reach new customers, and build your business.
3 – Invest in your customer service
Customer service often takes a backseat in terms of strategy. You might assume that customers want to be loyal, especially if you’ve invested adequate time into building customer relationships, marketing effectively, and reaching out on social media.
One of the best ways to do this is by integrating an excellent customer service system into your website. If you can’t have a service agent standing by at all times, use a well-designed chatbot that knows when to bring in a real human. Send acknowledgment messages when you get emails, and always follow up on any correspondence.
Ultimately, no one knows what might happen in the coming year. But following the old adage, “Hope for the best and prepare for the worst,” isn’t a bad idea. If you make sure that your small business is in a position to recover from any potential economic downturn, you can plan for the future and for the successful growth of your company.
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My Fiscal Office LLC
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New York, NY 10012