2020 has been a year full of business challenges. Changes in the market and business structure were unexpected and sudden; industries were forced to adjust their growth projections and action plans. Undoubtedly the consequences of 2020 will be felt throughout 2021, so it is time to reorient strategies for quick business recovery. That’s why in this free essay, I wrote these tips to help revitalize the economy in the most effective way for business well-being.
This year, companies have adapted their business models, strategies, and routines to the new normality that surrounds us today. We are approaching 2021, hoping that vaccines, public health measures, government support, and monetary policy will accelerate the economic recovery and draw new business growth opportunities. Nevertheless, companies must begin to orient their goals to optimize their business, adapt their strategy and business structure to the current situation, prepare for possible changes, and take care of their employees and their human talent. As well as their customers, investing in technology to continue to grow with more serenity within this new normal and work toward business recovery, a task left behind by the coronavirus health crisis.
It is difficult to predict what will happen at the business level in 2021. However, we can rely on previous experience, with the behavior of 2020, to foresee possible trends, new habits, and critical strategies that succeeded and contribute to the company’s growth and recovery plan in 2021.
Keys to a rapid business recovery in 2021
1. Drive digital transformation
Consumer and user behavior changed radically this 2020, shifting consumption to a highly demanded digital environment. That is why digitization became a necessity, and new technologies are critical tools for the recovery and optimization of the corporate business model, both at a corporate and professional level. With productivity software, time recording, and project managers specializing in telecommuting and commercial grade, with specialized CRM and robust sales systems.
2. Prepare the business for the 100% digital consumer
Customers are part of the economic base of any business model. As we have already mentioned, the consumer in 2020 has begun to rely on digital channels that offer security, speed, and convenience. From this context, it is essential to understand that customer loyalty is not only achieved by launching an online store.
It is also necessary a whole digital strategy that revolves around the consumer’s needs and expectations, adapting techniques for your brand to connect with potential customers through their favorite channels, using data to customize each contact point during the customer journey. This way, you can provide unique and personalized commercial experiences and valuable content to make the user want to come back for more.
3. Implement hybrid work modalities
In 2020, many companies encouraged the practice and development of telework to protect workers’ health. This modality denied its presence as a condition of productivity, and it has been shown that working from home increases concentration and motivates professionals to work.
The hybrid model of work will be raised, combining telework and face-to-face work. This is the key for organizations to achieve a competitive advantage, which will promote the attraction and loyalty of human talent. This asset supports the business economy for a rapid recovery.
4. Strengthen talent management and emotional well-being.
Betting on emotional salary is essential for the growth of any organization. Remember that professional talent is one of the main economic assets of your company. Promoting work motivation, professional development, and taking care of the team of workers’ mental health, now more than ever deserves special attention. They have gone through a period of crisis relying on your business organization.
On the one hand, it is essential to bet on greater labor flexibility, professional training, and better family reconciliation, reinforcing workers’ involvement and motivation. On the other hand, it is essential to implement psychological assistance, emotional coaching, or advice on dynamic balance and work responsibility to manage work stress.
While these aspects have been among companies’ main objectives for years, the coronavirus health crisis has shown that their work talent, effort, and dedication are even more evident in the most motivated professionals, which are necessary to increase business productivity.
In addition to the aspects above, promotions and work incentives are also valuable tools to motivate workers, foster more productive teams and, as a consequence, promote excellent customer service. So seek to maximize support and growth within your business team for a quick but above all effective recovery.
5. Promote business sustainability
It is time to entrench an economy that considers two sustainability areas: the environment and society, so bet on business models that implement new technologies and environmentally friendly products and seek to promote the UN Sustainable Development Goals.
Incorporating regenerative approaches to natural resources and safeguarding psychosocial rights promote economic growth and optimize professionals’ management. Investing in sustainable solutions is crucial for its financial portfolio’s performance and development, thus for its recovery.
6. Invest in new business models with “green economy policies.”
The International Institute for Law and the Environment (IIDMA) and the Smith School of Business and Environment’s package of recommendations. Smith School of Business, University of Oxford, recommends investing in five key business areas that promote green policies to protect the nation’s economy:
- Industrial Transformation: hydrogen development and production of resources with sustainable bases such as cement or green steel.
- Zero-carbon home construction and renovation.
- Renewable energy infrastructures to incorporate unemployed low-skilled labor and encourage retraining related to clean technology.
- Sustainable mobility: Renewing the automotive sector with electric and environmentally friendly production.
- Job training focused on “green policies” and digital transformation, facilitating the transition of workers to a new business model.
Within their report of recommendations, they explain the importance of taking advantage of the current situation to undertake a substantial and essential change in the economy in the face of the need to lay the foundations for a new model that can cope with the coronavirus health crisis but also with the climate emergency.
Take all the necessary measures! And refresh your company for 2021
A country’s economy depends on companies growing and having an ideal economic flow. Everything goes hand in hand, regardless of size or industry. That is why it is essential to reorient strategies, adapt business models, protect professional talent, and incorporate innovative tools driving digital transformation. Key elements that drive growth and help cover critical needs and focuses on empowering business areas and foreseeing future economic and social changes affect business evolution. Are your company and your team of professionals ready for the coming year? Evaluate your business and refresh your strategies!
Esther Crowder is a blogger by vocation who writes articles on various Internet resources. His favorite topics to write about are marketing and education. He believes in the digitalization of all processes in education and business.