In February 2020 we were unaware of what was ahead of us as a country and also in business. In fact, if someone had a crystal ball and told us, would we have believed them?
Businesses have been significantly impacted and for the majority it has been a struggle and a challenge. Now in 2021, many of us will need to implement cost saving measures, but how can we keep building our business at the same time?
Reframe your mindset
Firstly, if you’re reading this blog then congratulate yourself that you’re still here! Acknowledging where we’ve come from and the journey you’ve been on is key to your mindset. Yes, you may not be where you had planned to be, but you’re not alone
Keeping your personal development and growth at the forefront is key, because when we’re outside of our comfort zone, it’s then that we’re normally in our growth zone. Investing in yourself through reading, seminars, podcasts and mentors will help you maximise your opportunity.
Count the pennies
As we come into the New Year there’s much talk of diets and the need to balance and adjust our lifestyle through eating and exercise. It’s the same in business – our incomings and outgoings are key to understanding our present position, so know your figures.
Take time to review all of your outgoings (I always start with the biggest) and consider their worth. Are they essential? Look at your memberships – is there a lower level of cost that will meet your needs? Is there a cheaper deal without the penalty of huge early termination fees? Is there a free option? Diarise all termination dates of contracts so that you are actively managing them and in control. Take time to review and audit your figures or invest in an accounting system that keeps them all categorised and managed for you and which will probably save you time.
Think of time as a resource
Time is probably your most important resource in your business, as it can determine everything else. During the pandemic some almost had too much time, whereas, others were under greater pressure with commitments of home working and family. Do you ever really review how you use your time?
By knowing how time is spent on activities we can see which are direct ‘money earning’ and which are the back-office necessities that can take us away from earning. Then we can consider if we can outsource these activities to other businesses, apprentices or programmes such as the government’s Kick-start programme to allow us to be more client facing and maximising our earnings.
I find planning my diary into designated times for specific activities maintains my focus and prevents drifting or not completing tasks.
E-mails and social media ‘pings’ can be the biggest distraction and time waste, because they pull me off focus, so I switch off notifications.
Make sure people know about you
Finally, in this quick resume of ideas…what are you doing to build your client base? Have you reviewed your incoming figures to know which clients are giving you the most value? Do these clients really know all you have to offer?
Consider how you’re getting the word out. Are you presuming because you told them once that they know and that they have remembered?
The key thing is to be building relationships with your consumer through networking, face-to-face calls, updates and marketing. People need to know, like and trust you. If they see that you add value to them then they will refer and continue to do business with you and that is what you need for a productive and effective 2021.
Liz and Andy Ranger run ARISE and help businesses to find competitive deals for businesses utilities, merchant services and insurances etc. At ARISE we cut your bills down to size.