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7 Key Business Strategies Every Entrepreneur Must Implement In 2021
Communicating with your team, setting up weekly team meetings, setting team goals are some of the ways to manage a team effectively. With so many different ways to lead, the leadership style you use will influence your startup’s culture and its ability to grow.
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Building a business is not an easy task specially after businesses worldwide took a hit in 2020. Despite that, many businesses overcame the unfortunate pandemic by strategically planning ways and setting goals to stay on top of their game. Goal setting is an important exercise for founders as you tend to be your own boss; without goals, startups and teams would just drift along.
What you need is a strategic direction to provide purpose for your business and help you set realistic goals to accomplish. 2020 was a year where it seemed that we just leaped from one crisis to another. So, this time around, goal setting will allow you to be proactive, instead of just being reactive, and you can steer your start up to the next level.
Improve your leadership
Keeping your team motivated is essential to reach your goal. Leadership development is critical in order to maintain this dynamism and keep businesses relevant and profitable. 2021 will be a testing year for most startups and it will demand a lot from founders as leaders - new business challenges and evolving work habits and environments. Communicating with your team, setting up weekly team meetings, setting team goals are some of the ways to manage a team effectively. With so many different ways to lead, the leadership style you use will influence your startup’s culture and its ability to grow.
Build a winning team.
Behind every successful business is a reliable and competent team. Building a successful team is about more than finding a group of people with the right mix of professional skills. The key is to recruit the best people to help you achieve your goals, but more importantly, people who share your vision. Every teammate might bring a different skill set to the table, but the entire team should always be on the same page about the company’s vision and values.
Develop a business plan.
A business plan is a very important and strategic tool for entrepreneurs as it lays out your ideas and gives you a sense of direction. A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term objectives. In brief, your business plan should at least answer the following questions about your business:
- What is your product or service? What are your priorities?
- Who is your target audience?
- What are the ways to reach out to your audience?
- Why should people buy your product/service?
- How will you deal with unforeseen emergencies?
Practice creative problem-solving
Creative problem solving (CPS) is a way of solving problems or identifying opportunities when conventional thinking has failed. It encourages you to find fresh perspectives and come up with innovative solutions, so that you can formulate a plan to overcome obstacles and reach your goals. Set yourself objectives to assess your company's processes and procedures; Look for loopholes and brainstorm ways to overcome them.
Take advantage of free marketing tools.
While executing your core competency is a crucial factor to your business’ success, another important step is effectively marketing your business. Fortunately, there are hundreds of free digital marketing tools that can greatly impact your business. Some free marketing tools such as Google My Business and social media can be used for marketing and promotion. Many businesses create Facebook peer groups to spread the word and interact with like-minded people.
Learn something new
An entrepreneur who is eager to learn new things will know how to help their new workers to overcome those potential inhibitions. By learning we mean just reading important books for business owners, but also reading your employees – their goals and plans, as well as their problems. As an entrepreneur you must commit yourself to learn something that will add value to your skills and bring a new dimension of interest to your life.
Giving back as a leader or mentor can be one the most gratifying things you can do. As an entrepreneur, connect and reach out to someone who’s just starting off and that can learn from your advice. You’ll be seen as both as generous and as a person people want to work with. Sharing a few hours to help others, will be satisfying and allow you to practice empathy and remember why you became an entrepreneur.
With 2021 just around the corner, it’s time to start thinking about ways to evaluate your business strategies that will pave the way to success. As an entrepreneur, it’s time to make a commitment to the resolutions on this list.
Happy New Year!
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.