Unsurprisingly, 2020 was one of the most challenging years on record for businesses. Amidst a global pandemic and nationwide lockdowns, entrepreneurs were forced to pull out all of the stops to keep their businesses afloat. Since the recovery process got underway, however, the economy is bouncing back, and companies remain optimistic about the future.
In fact, the majority of U.S. small and mid-sized businesses believe they will have fully recovered from the economic impact of COVID-19 within the next 12 months. For business owners and entrepreneurs, 2021 is set to be an exciting year. The societal shift caused by the pandemic combined with increased demand for much-missed services means forward-thinking businesses could grow significantly in 2021. If you want to ensure you’re ready to seize the opportunities as they arise, take a look at these three things you’ll need to fuel your business growth:
1. Funding
Virtually all growth strategies require some level of funding, which means you’ll need to decide how best to finance your plans. If your company’s wealth is tied up in assets or inventory, using these resources to secure a business loan could be a viable way to access the funding you need.
Before you begin applying for financing, however, do your research and find the right lender. When you partner with a reputable and competitive lender, like cbffunding.com, you can access flexible, customized solutions to help you scale your business.
2. Dynamic Workforce
When your organization is going through a period of growth, it’s highly likely you’ll require extra staff. Additionally, you may require ad hoc input from specialists, such as business advisers, marketers, and tech experts.
Recruitment and workforce management is one of the biggest overheads faced by businesses, but you don’t need to inflate your costs unnecessarily by hiring permanent staff. Outsourcing your needs and working with freelancers and B2B service companies is a great way to use the gig economy to access the professional skills and resources you need as you take your venture to the next level.
3. Publicity
There are many ways you can expand a business but all of them require publicity if they’re to be a success. If you’re going to launch in a new market, for example, you’ll need to increase brand awareness to acquire customers. Alternatively, if you’re going to expand your product range, you’ll need to make existing and potential new customers aware of upcoming releases.
Fortunately, a strategic marketing campaign can help you to achieve your goals and maximize the return on your investment. By using offline and online methodologies to create a hybrid marketing strategy, for example, you can secure the publicity you need to successfully increase your profits.
Scale Your Business in 2021
After a period of economic upheaval, many businesses will be looking for ways to recoup the profits they missed out on over the past 12 months. With evolving demand for products and services, there are plenty of growth opportunities to explore across all industries. By making the most of the growth potential in your sector, you can transform your business in 2021 and enjoy unprecedented success.