Get your Small Business prepared this time round for the New Year
As we welcome you to yet a New Amazing Year, we would like to thank you for your support as a subscriber and esteemed customer, and to wish you a happy and healthy holiday season. We always look forward to continuing to help you to develop new skills and keep up with the game here in the Uganda Baking Industry.
Recently, we have seen signs that many businesses are reopening during the last quarter of 2020. Yet uncertainty remains. Some businesses reopened only to be told to close or reduce their capacity for customers like the taxis or banks where the people have to endure massive lines outside the premises. It is becoming increasingly challenging to plan for the future especially with the current political climate in the country. With the much anticipated National Elections scheduled for January as well as the ongoing pandemic crisis, many small business owners and leaders might wonder how they can develop a growth strategy for 2021.
There are always going to be setbacks, some are expected and yet others manage to elude the best of us and catch us off-guard like the beginning of last year. So instead of beating yourself up, ask yourself ‘What can I learn from this?’ or ‘What will I do next time when I am in this situation?’ It’s a learning process –not a battle between the successful you and the failure you. Here are some tips to get you well-disposed for some of the predictable anomalies of the New Year 2021.
Focus on what you can do!
All the rules & regulations have told you what your business can’t do. What you need to do is to look solely at what you can do. For example, when restaurants were told they couldn’t serve customers indoors, they transitioned to delivery, takeout & large outdoor patios or the multitude of stalls in various malls in downtown Kampala that took to online advertising. No matter what type of business you operate, this is the mindset to develop and use for your 2021 business strategy. The Can-do strategy will start with a list of what is possible. Here are some possible examples;
- Transitioning to doing business online.
- Researching new markets for potential expansion and diversification.
- Creating a different yet still exceptional experience for your customers.
- Revisiting market strategy.
Once you define what you can do, you can build quantitative goals and a set of tactics for achieving them.
Provide valuable resources for customers
Focus your business strategy for 2021 on your customers and customer facing actions, such as adding to the value you deliver to them, and the ways in which those actions assist with your revenue objectives. There has never been a greater time for the business mantra ‘The Customer is King’ than today. Wallet Share is more effective than market share for the business so it’s advisable to ensure customer satisfaction above all else.
Use the time to make improvements!
Look at the blank canvas 2021 offers as an opportunity to improve. Some businesses may have been putting off a complete digital transformation. If that’s the case for your company, now is the ideal time for transforming more manual and paper based processes to a digital format.
Your business strategy can focus on detailing this transformation, including the timeline for testing and implementing those new digital processes. You may find you can better connect with customers and offer them the digital experiences they have come to expect in other parts of their lives. Simple transaction advancements like ecommerce plugins on your business website or purchasing a Business Merchant ID from your service provider for faster and secure Mobile Money transactions.
With uncertainty anticipated to continue in 2021, it’s good to have one or more backup plans for your business. Layout potential contingencies that you may face in the New Year and use this time to craft strategic responses.
Research tactics that worked for other businesses, even those you have not yet implemented, perhaps because your strategy focused on a return to a recognizable environment.
As you review these approaches to creating your 2021 business growth strategy, you’ll undoubtedly find plenty of actions you can take with certainty to counteract the doubt that seems so pervasive. By proactively addressing the areas listed here, you can keep your focus moving your small business forward with resiliency and a positive outlook that the future is bright. We here at Uganda Trimmings Limited wish you a Prosperous New Year! Don’t forget to Choose Uganda!
Uganda Trimmings Limited
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