Execute these 3 growth strategies to win in 2021
2020 was a year that some of us will want to forget. But, it was also a year of opportunity for businesses to adapt how they play the game. It’s clear that the disruption caused by COVID-19 will last long into the future; if businesses want to survive, they’ll need to adjust their operations and prepare for a turbulent year ahead. But, it’s not all doom and gloom - businesses can still ride the wave of change and re-optimise their growth strategies to stay on top in 2021. So, are you ready for growth in the ‘new normal’?
As we settle into the new way of life in 2021, trends are emerging to help businesses cope with the fundamental challenges to the old routine (think: commuting, the 9-5 and face-to-face selling). We’ve chosen the top 3 that businesses need to consider now to secure growth tomorrow.
Tap Into The WFH Revolution
After an enforced trial-run of businesses’ work from home (WFH) infrastructure throughout 2020, many companies are satisfied enough to rethink their entire business models to embrace remote work. This raises the question: are offices necessary for organisations to function?
Even after the initial impact of the pandemic, in early 2020, the innovation of working from home has led to the majority of office workers in European countries like Britain, Spain and Italy undertaking some form of remote work long into the year and beyond (we’re writing this from home now!).
It might have felt like a myth before, but many companies are reporting an increase in productivity after enabling their workforce to go remote. That being said, this trend hasn’t always been suitable for employees due to variations in industries, living conditions, and the distractions of poor home internet connections or juggling childcare and homeschooling.
This means that business owners should spend 2021 reconsidering their own workspaces in order to provide sufficient support for individuals working from home, such as:
- supplying them with the right equipment to work - a good chair is essential
- an appropriate level of mental health support to combat the adverse effects of isolation
- embracing more collaborative tools to foster productivity.
If you’re not sold on an increase in productivity, the agility that WFH affords your workers can play a key role in recruiting more strategically, whilst avoiding the burden of having to grow your office space alongside your company - a continued benefit of this set-up.
Build Your Ambitions With The 10x > 10% Mindset
Julia McCoy, founder of Express Writers and ContentHacker, expressed her belief that people tended to play the ‘safest’ cards in life, where they choose security over achieving their wildest dreams.
In response to this approach, McCoy laid out her idea for the 10x > 10% mindset:
“It’s thinking of the biggest outcome you can get from anything you do. It’s stepping out of your comfort zone and fearlessly reaching out for what you want."
The 10x > 10% mindset means that, instead of looking to turn $5,000 per month revenue into $5,500 at a growth rate of 10%, businesses should adopt a mindset where they’re actively thinking how to turn their $5,000 into $50,000 in the next month. McCoy explains the reasoning behind her mindset in an example taken from her life as a founder:
“When rehauling our content strategy services at Express Writers, I could have ‘played it safe’ and fixed a typo or added a small extra feature. Instead I wanted to grow 10x, which is why I rehauled the entire product, rewrote all the internal training for my team, and turned what used to be a five-page analysis into a 25-slide deck.”
While a 10x growth mindset may sound unsustainable - and McCoy herself acknowledges ‘not every day can be a 10x day’ - the approach can aid business owners to attack the topic of growth more ambitiously. In a world that’s generating more post-COVID optimism (albeit fragile) each passing week, it could be an ideal time to abandon your inhibitions and work towards that next big idea for securing growth.
Go Digital With Your Marketing Strategies
2021 is set to be the year where businesses find more value in ramping up their digital marketing strategies.
Speaking to Medium, Sucharita Reddy, Co-founder at MeraCashier, claimed that in a post-COVID environment, digital marketing needs to be at the center of focus for businesses looking to generate growth in the new year.
Reddy showcased the appeal of interconnectivity as a driving force for communicating with customers digitally, via mediums such as SMS, email, WhatsApp, Facebook or just about any avenue for building value with customers.
Furthermore, Reddy highlighted the untapped potential in connecting to customers via Facebook live sessions, to allay their concerns and answer queries. During these challenging times, digital marketing can be an excellent way of building trust in your brand and helping customers to better understand your products and services.
With an ambitious mindset and the adaptability to shift your business model to suit a WFH population, 2021 could yet be a year filled with sustained growth for you and your endeavour.
Not sure where to start? Don’t worry, we’ve got you covered.
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