As the year 2020 is finally coming to a close I would like to ask fellow entrepreneurs , e-commerce sellers and small business owners this.
What are your plans to shock proof your business in 2021 ?
Perhaps the global pandemic and the resulting lock downs were a boon to your business as was usually the case for most online businesses. But are you sure you maximized this opportunity to the fullest, filled up the baskets for a lean patch or downward trend that may come up due to another unforeseen event?
And in case it had a negative impact ,what could have been done to minimize the burn ?
We all know change is inevitable and the only constant , but what 2020 has taught us is that the world today is so volatile and the rate at which things can change is quite rapid. If we are not prepared well it could have terrible consequences for our business and lives.
But how can we prepare for something which no one can predict ,you may ask. You are right , no one can predict what the next year is going to be like.
But in my opinion, what we can surely do is gain more control of our business, gather all data, use data to your advantage, measure, monitor and track your past business performance. Identify areas you did well and areas you could improve. Understand micro signals from the market/customers. See where the trend is going , be on your toes. Identify any hidden costs in your process, shave off unnecessary costs. This is something I see many small businesses ignore, especially the understanding of all the costs.
Doing these would still not ensure that we are ready for whatever the future throws us at, but empowered with data and insight you could make your business so agile that it can react swiftly to weather the storms or capitalize on the tailwinds.
Let me know your thoughts on this and what you are doing to prepare for 2021.