The COVID-19 pandemic caused unimaginable damage to small businesses across the globe. Now in 2021, businesses that have survived the economic downturn are continuing to work on recovery and building plans for the future. As a small business owner, you may be wondering what’s up ahead and what your next moves should be. While there are a number of ways that you can work on recovering your own business, there are several key strategies that all small business owners should begin implementing right away. MMG Digital Academy outlines the four strategies that you can use to come out of this year with a thriving business.
Update your short and long-term goals.
When was the last time you sat down to seriously analyze or update the goals you have for your business? After being in survival mode for over a year, working toward long-term goals has been impractical — and often, not possible.
With COVID-19 beginning to wind down, you can now start to plan for both the short- and long-term with much greater accuracy and confidence. This is why it is crucial to begin establishing new goals or updating your existing ones. Decide where you want to take your business, and begin creating actionable ways to reach those goals.
Revisit your current business structure.
There are several circumstances in which you may want to revisit your current business structure. If you had to dissolve one of your businesses during the pandemic (and are now restarting) or if you didn’t grow your business as you had expected, it might be time to change your structure for maximum benefit.
One change you may want to make is moving from a sole proprietorship to an LLC. First, this can help prevent personal financial losses that may result in the future as it formally separates you from being liable for your business debts. It also provides tax advantages and allows you to file certain types of paperwork more easily. When filing for an LLC, ensure that your business is compliant with your state’s regulations. Also, it is quicker and less expensive if you use the formation service here, as opposed to hiring a lawyer.
Make digital marketing work for you.
If you’ve let your digital marketing efforts slide, now is the time to pick them up again in full force. From online ads to engaging videos, you can build a thriving business when you let your digital marketing do the work for you.
An excellent strategy is to hire a knowledgeable team that can craft a digital strategy that is specifically tailored to your business. MMG Digital Academy provides valuable digital resources for businesses. When you have a plan that coordinates all of these efforts, you can expect a maximum return on your investment.
Start outsourcing critical tasks.
Now that business is beginning to pick up a bit, you definitely want to consider outsourcing specific tasks for two specific reasons. First, outsourcing frees up hours of your time. If you’re consistently finding that there aren’t enough hours in the day, it could be time to hire a virtual assistant, social media manager, sales rep, or order fulfillment specialist.
Second, outsourcing certain tasks (such as your digital marketing) can give your business the professional edge it needs. When there are tasks that you know you can’t complete with a high degree of skill, it almost always pays to outsource.
When following the above strategies, you’ll quickly begin to see and feel momentum behind your efforts. That momentum can quickly snowball, and carry your business out of this year on top.
For more strategic branding, productivity, and digital marketing tips and resources to help your business level up and thrive, subscribe to MMG Digital Academy.
Written by Julie Morris, a life and career coach. She thrives on helping others live their best lives. It’s easy for her to relate to clients who feel run over by life because she’s been there.