Important Small Business Pivots For 2021

April 13, 2021

How To Keep Pivoting in 2021

There were many words that dominated in 2020 and in the world of work and business, the most popular was – pivot.

As far as 2021 is concerned, pivoting is still the most important thing a small business can do. We have outlined four of the most important pivots that small business should be focusing on this year.

1. Keep Improving Online Presences

Last year many businesses quickly moved their products and services online. And while there were a few bumps in the road to a fully functioning digital presence most are new able to conduct business in this space seamlessly.

However, it is important to remember that your customer’s expectations about a quality online experience have also grown since last year. And your competitors have been investing in creating an improved experience for their customers. It is important to review and upgrade any systems that are not working optimally.

There are many different ways to update your customer's experience online. This can be anything from updating websites, using customer service chat platforms or upgrading shipping processes. The demand for online products or services is not going to change or decrease in the next year. In fact, all of it is expected to continue to grow. So don’t miss out on any opportunities by staying where you are or not investigating ways to improve.

2. Business Continuity Plan

Business continuity and disaster planning have become more important than ever. Traditionally, it meant planning ahead for network outages that could leave employees unable to access their work or investing in security systems to prevent cyberattacks.

Since the pandemic hit, it has also been about minimising business disruption. Business continuity used to be about preventing delays, and now it is about keeping a business running long term in uncertain times.

Every business should have a continuity plan in case of fire, flood, death and yes even an outbreak of covid. Having a solid plan means that no matter what you are covered and can continue to operate. Download this free template from Xero and get started on your process for continuing to operate now.

3. Get Flexible With Payments

Last year according to Xero’s Small Business Index in 2020, small businesses had to wait an extra 7 days longer to be paid. The businesses in these transactions had very little options other than extending payment terms, accepting instalments, and offering new ways to pay.

Many small businesses started accepting credit card payments for the first time. In fact, credit card processing services became one of the biggest business features people added to their invoices during the pandemic.

While the economy is in a state of recovery, be sure to give your customers the options they have become accustom to. Continue to look into ways to extend payment terms, accept instalments, and offer new ways to pay with Credit Cards and pay now functions on invoices.

4. Provide Versatile Working Hours

Remote work is here to stay and so is flexible working hours. This means offering flexible work to staff is a good idea for your business to attract top talent and be competitive in the employment marketplace.

Even for physical locations, extending or opening at new hours when people might be available due to flexible work arrangements is a great way to keep your staff and customers happy. The 9 to 5 is no longer the standard. It is important to ask yourself, how should your business respond to this shift?

Have Questions?

The new world of living and working is emerging and will continue to evolve in 2021. It is important to continuously assess the changes that have happened with your business and understand what needs to continue to evolve in the future. Get in touch with any questions about creating the right financial conditions to grow in 2021.

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