2020 has been a rollercoaster of a year. Everything that could go wrong.. did. As I write this, protesters storm the capitol protesting the election:
…so honestly, 2021 isn’t going that well either. But! There are still things you can do to help your business! Small, enjoyable, practical things that you may have forgotten add value to your business structure. Here are 4 easy things small business owners should be doing while everything goes to h***.
1. Listening to Great Podcasts
All business owners stand to learn from the way Bill Gates operates in the world. The good news is keeping up with this thought leader isn’t difficult in 2021. Gates now has a personal blog entitled “Gates Notes” available to the public. Included in his blog is a popular podcast with Rashida Jones. He is not the only one. There are plenty of business podcasts you should be taking advantage of. This is just one example of many. Here is our Go-To List for Young Entrepreneurs:
2. Securing A Good Insurance Policy
Small business owners should hold their old insurance policies to brighter light and make sure they understand exactly what is covered and what is not in 2021. Many business owners embraced the pandemic hoping that their insurance policy would cover some of their losses. They did not. Over 50% of lawsuits from small business owners trying to recoup their insurance policy losses failed. What has this taught us? Small business owners should invest in securing insurance policies that are best for their budget, While it seems intuitive to go for an “all-risks” plan, one major learning from 2020 is an “all-risks” insurance policy does not include all risks, so plan accordingly.
3. Digitize & Invest in Tech
An online presence does not have to mean creating a new business Instagram from scratch. It just means keeping one foot online and one on the pavement. Meaning, be sure to digitize some of your operations to keep up with the tech running this world. Business owners who do not keep up with tech will be left behind in a rapidly digitizing world. In 2021, small business owners that own brick and mortar shops should make having a bigger grasp on the tech a top priority. Here are simple steps you can take to work towards this:
- Start using apps in your store like Delightree to run your operations.
- Create a Tiktok for your frontline employees to use during their downtime.
- Invest in online marketing.
- Start a Blog
Incorporate more tech into your world of business, so you don’t get left behind in 2021.
4. Incentivising Your Workers
An important thing you should be doing for your business while everything goes to pits is incentivising your workers so they actually come in. You might want to consider keeping your workforce consistent while you weather this storm, and money is the best incentive.
The thing is, after 2020, many essential workers began to know their worth. Mcdonald’s dealt with staged walkouts and protests demanding increased pay and while it might seem simple to refuse the pay raise / hire new workers, studies show that a pay raise might be worth the cost vs. training a new employee.
So do the right thing! Increase your employees' wages and ensure that if there is another natural disaster, they will actually come in.
Happy New Year, everyone! :)