From Set Back to Come Back: Strategies for 2021
During 2020, I met with and surveyed business owners and entrepreneurs every single week for months and months. Overall, 67% said their revenues were negatively affected by COVID-19, 20% managed to hold their ground and 13% grew. Given that, the vast majority of businesses out there need to move from what I call set back to come back as soon as possible.
As an entrepreneur, working on the growth of my own and other people’s businesses for the last 29 years from start-ups, to thousands of SME’s, to $400M and $1Bn enterprises, even having been the Founder of a non-profit and the CEO of a $100M business, I’ve won and lost. I’ve had great years and not so great years.
Many people and particularly business owners are in the space of “I can’t wait for 2020 to be over so we can get on with a new 2021” but my gut feeling is – and not to burst bubbles here - 2021 is not likely to be a picnic. COVID-19 is here to stay. How impactful it will be in 2021 depends a lot of luck, geography, economics and biotech … strap in people, this crazy ride is far from over! Here’s some actionable tips on how to make a comeback in 2021.
Keep your perspective straight! Despite the start that 2020 has been this can still be the decade that delivers for you, your business and your family but you have to keep your eye on the prize! Where do you want to be by 2025 or 2030? What do you want your business to be achieving in terms of returns to you – profits – lifestyle and positive impact in the world. Business is a marathon not a sprint, this is a long game, you must be sure to remember that long game as you are dealing with the short term acute decisions we have to be making at this time.
Strategy. What’s your plan? Most businesses don’t understand nor do they have a strategy! A strategy is the most cost effective, profitable and fastest pathway to get from where you are now “A” to “B” where you want to be by a certain timeframe. Most people are too busy being busy and reactive to stop and think about strategy. But think we must! Strategy is vital. Schedule 2-days away to work on your business and clarify your strategy. What’s yours?
Action – now, not later! Whether personally or in business, be on the front foot in communications and actions. Lead. Stand tall, as you deal with whatever you are dealing with - the world is with you and navigating all of this too. Lead your family through this, lead your team through this, lead your client/customer/team or community through this ... but lead you must. There’s NO time for “wait and see” – this remains the time to be on the front foot and in action!
Keep Marketing - Don't stop marketing, keep reaching out. Some people will gain traction (and make money!) in this time while others will fade out. Stay present in people's minds. Despite the challenges, there are lots of people cashed up in the world right now and many are willing to bet on a positive future post all of this ... how can you attract, support and add value to them?
This can be a great time to maximize building your audience and following (there are lots of eyes on screens right now) with the right messaging. Then, depending on your industry, you can monetize that growth now or later when the timing is better.
Offering - Look at how your business is structured and offering - what can you do right now to change that and meet a changing world? What can you do right now inside a long game of business to ensure a thriving future over the next 12 months AND the next decade and... What can you offer differently or to a different market to be of value at this time? Who could you make a difference with? What and how could you do things differently to serve a different or larger group at this time and moving forward? Everywhere you look you can see examples of businesses that did that successfully in 2020. Just as easily you can see businesses that held back, that are “waiting for the world to go back to normal” … sadly, it never will. Don’t wait. If you haven’t already, move on your offering if you need to asap.
Treat Any Lead as Gold & Convert – If there was a time to hone your conversion rates it would be now! While this one seems obvious, you’d be shocked at how many people have gone a little strange about selling! Selling is how you get to add value to your market – having them see value and exchange funds for it – is the lifeblood of your business. So, what can you bundle, package up or offer to make buying from you right now of extreme value? Ideally do NOT drop your prices but do for example allow for different payment terms, payment plans etc. Make it easy for people to buy… Add so much value that it’s madness not to choose you!
Be the Positive Light on the Hill – We need you and your business to be positioned positively. For example, do not join into or have negative rants, long diatribes or crazy conspiracy theories on social media. Stay positive! How you show up on social media and digital marketing now – matters more than ever. Be a positive force and add value wherever and whenever you can. Be in touch more often than usual with your customers and clients, suppliers and with your own team. Be positive and reassuring such that they have “brightness of the future” with you, your brand and your business.
Find Funding Sources – Most businesses wait far too late to seek funding sources and support. If your business has potential, if you have good bones, if you’ve been able to pivot successfully if needed, or you can see how to and if you have a plan; you will be able to find funding sources. There are investors out there right now looking for great opportunities. Money has never been so cheap, as a results investors are looking for alternates to have their money earn more. There are plenty out there, start looking now before you need it and present your business – and its clear pathway forward - with confidence.
Do Not Go It Alone – A lot of people, especially those of us in business are independent, self-starters sometimes to a fault. Now is not the time to go it alone. In uncertain and challenging times, it can be even harder to see opportunities and leverage points that are right there in front of us … That’s why it is critical to get support. Find a mentor. Reach out to an expert or a peer. Ask for help, input, feedback. You’ve got to get some external eyes and ears looking at what you’re dealing with and creating … Other people’s experience and external perspectives can be critical in normal business circumstances but are even more so now. You can also make requests of those around you who could support you personally or in business during this time – even if that’s family and friends.
Take Care of Yourself – I’ve never seen people work as hard as they did in 2020. You have to remember, to take care of yourself. Frequent breaks, even if it’s a long weekend or half a day away from customers or your laptop can sharpen your mind and give you a fresh outlook. Find your – rest, recoup, restart rhythm - then do that, as often as you need.
About the Expert:
Ryll Burgin-Doyle is a strategic advisor and entrepreneur that has spent the last 30 years growing businesses across Australia, New Zealand, the USA, Asia and the United Kingdom.
She has worked with and grown almost every kind of business imaginable, from startups to SME’s to corporate enterprises (one of them being a $1B company). She’s received several awards for her work, including being nominated twice as a Telstra Business Woman of the Year Finalist, Smart Companies Top 50 Female Entrepreneurs, Enterprise Challenge Winner and winning the Ryan Recognition Award.
Ryll can also count published author among her achievements. Her book, ‘Businesses Getting Results’ is a program delivered through accounting firms the world over, including 2,000 pages of marketing and management strategies and all the associated training materials penned by Ryll.
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Yvon Lux is the editor of her Apple News channel. Her “blogazine” celebrates sisterhood and empowers women by focusing on women’s health, travel and entrepreneurial news while also sharing the most coveted trends and stories. Yvon also published a journal and fast track guide to learning unconditional self-care while claiming your peace and happiness. The Best Friend Journal is available on Amazon now.
As an entrepreneur and influencer, she has been featured in Thrive Global, Los Angeles Times, Orange County Register, Modern Luxury Magazine, and various other media outlets. Connect with her on Instagram and subscribe to her Apple News channel!
