How to find top gear in 2021

After a long haul of lockdowns and life on hold, it’s time to get business back on the road

I won’t be the only one who was happy to leave 2020 behind. To say it was one of the toughest years for companies of all shapes and sizes is an understatement. Many adapted rapidly and pivoted their franchises to respond to changing market conditions. Some struggled, others survived and a few thrived, but all felt the repercussions of the coronavirus crisis.

Positive possibilities

What’s in store in 2021? No doubt there will be some turbulent times, but the start of a new year brings with it many positive possibilities.

To take advantage of this, rev up your business planning. Goals and milestones need to be mapped out. Look at the most successful businesses during the crisis and take note of lessons learned. Reassess expectations and desired outcomes and work backwards to see how they can be achieved.

Refine your marketing messages

Does your marketing need a facelift? Promotional messages have needed to be around client safety in recent months, but do you need to reevaluate your USPs so they resonate more with your target market and fit in with evolving consumer trends?

Could working closely with another business help you attract new customers? Will you need funding to support your marketing activities? If you do, don’t forget the window for the coronavirus business interruption loan scheme and bounce back loans closes at the end of January.

Would research and development work that could create new solutions or reach audiences in a new way benefit your business? If so, there are substantial tax credits available for qualifying companies. Seek advice to ensure you can claim back everything you’re entitled to.

Early adopter

If you’re considering investing in a new franchise, we’re seeing inspiring ideas springing up from organisations that are focused on consumer convenience, with some offering new tech innovations, green eco products, health solutions and a range of desirable delivery options.

Most businesses will operate a pilot scheme before franchising a concept. However, they may be looking for people to come on board early. Identifying these opportunities can mean it’s cheaper to buy a franchise that’s in its infancy and before it becomes a well-established business model.

There is a greater risk, so early adopters will need an entrepreneurial spirit combined with some good business sense.

Positive attitude

As much as 2020 was a long haul of lockdowns and life on hold, it’s important to have a positive attitude as the new year unfolds.

Visualising goals, grasping opportunities and backing up big ideas with careful planning to ensure the numbers add up will improve your chances of success. Let’s get business back on the road this year.

The author

James Thomas is commercial manager at d&t, award-winning chartered accountancy and business advisory specialist.