Tuesday 17th of June 2025
The past year may have been a roller coaster ride for small business owners, but it has opened th
...e channels for improvisation and innovation. Vario...
The past year may have been a roller coaster ride for small business owners, but it has opened the channels for improvisation and innovation. Various enterprises which were brick and mortar setups moved to the digital platform to cater to their customers during the COVID-19 pandemic. Several others came up with new additions to their product lines to make the most of the surge in demand for sanitation materials.
Thus, 2020 proved to be a mixed bag for entrepreneurs where some had to face a decline in sales, and others created a path to break-even or grow in the changing environment. If you have been planning to purchase a business for sale in Australia, you must be prepared with a plan for success in 2021. It will help you to stay away from the pitfalls and develop a solid base for your venture that will lead to stability in the New Year. So, here is a list of seven ways of preparing your business for great success in 2021.
An existing business usually has the business plan ready for the next three to five years. However, the recent upheavals brought about by the pandemic have changed the course of action for most entities. Thus, you need to tweak the business plan for 2021 according to the changed market scenario. You should brainstorm and prioritise ideas that will bring the desired profits in the current conditions. You must analyse and examine the changed customer behaviour and adapt your operations to meet the needs of the buyers.
If you have made changes to the production design and the offerings in the past year, you must work on a renewed marketing strategy for these products. You must update your communication accordingly and upgrade your website and social media pages to reflect the same message. The business plan must include realistic projections for the year, keeping in mind the reluctance of the buyers to spend and the marketers to take risks.
Customer retention is cheaper than acquisition. Thus, you must aim to get your existing customers back. Your mission should be to make them come back to you so that the sales figures keep moving up. Customer loyalty schemes ensure a positive cash flow in the organisation. The key to retention is offering loyalty discounts, freebies on a bigger purchase, reference rewards for bringing new customers, promo codes for shopping online, etc.
You must develop a customer-centric approach which makes the buying process extremely simple and streamlined. If you are selling online, then give them adequate product description, images, customer reviews and ratings to make the purchase confidently. Keep them updated about new offers and resolve any issues or grievances at the earliest with a smile on your face. It will build your credibility and win you the word of mouth publicity through online reviews.
The monetary losses faced by businesses during the lockdown have put greater emphasis on better financial planning. Make sure that you have the required amount for any kind of contingency. Wasting money at this hour is one of the worst things to do as an entrepreneur in 2021. Avoid getting into debts and take advantage of the support provided by the government for businesses, such as grants and programs for eligible small businesses.
Also, make financial projections according to the investment strategy, income and expenses expected in the New Year. Make sure to cut down on the irrelevant costs or expenditure on projects which are not bearing fruits for the organisation. Instead of buying new assets, you can lease them and implement downsizing to reduce the ongoing costs. Use the advice of your bookkeeper and accountant to make the right financial decisions.
November 2020 experienced an onslaught of online sales in Australia, which recorded the biggest online sales ever. With sales events like Black Friday and Cyber Monday driving buyers to shopping sites, the country witnessed a massive surge in online shopping. The industry has displayed a considerable upswing, which is a sign for the marketers to pay more attention to this platform.
It is advisable to invest your marketing budget wisely on the digital medium to gain maximum visibility and traction. From revamping your website to including e-commerce for engagement with customers through social media marketing, you must create a digital marketing plan for 2021. Advertising online is cheaper and highly targeted as compared to traditional channels.
The tax requirements for small businesses will be different for 2020-21, so you must prepare accordingly. The tax concessions have changed, and you must be ready to take advantage of all the relaxations offered by the Federal Government.
The end of the financial year makes most business owners nervous, but if you have kept your books in order, then there is nothing to worry about. Keep track of all the transactions, save all the invoices, and generate all the reports to be submitted. Check your eligibility for small business concessions and avail them to reduce the amount and do not miss the deadline.
Implementing the latest advancements in technology and utilising it for business growth is an essential part of adaptability. It makes the organisation ready to tackle any challenge that comes its way. For example, the pandemic forced most organisations to shut their offices and work from home. Most business owners survived the lockdown by adopting a variety of online tools to collaborate, sell and purchase.
However, those who were not able to move their work on the digital medium had to face heavy losses. Thus, it is not just about survival in case of a crisis. The use of updated techniques and processes helps to stay on par with the competition and move ahead with changing times. The pandemic has taught us to become adaptable and flexible and be ready for any economic catastrophe.
The success of the business is dependent on its people. Thus, you must work on upskilling your teams so that they are in tune with the changing times and are competent enough to accomplish the goals effectively. Determine the strengths and weaknesses of your employees and delegate work to them according to their specialisations so that they can excel in their area of expertise.
Create skill building plans for the teams and organise training to improve their capabilities. Mentoring the subordinates can also go a long way in boosting their confidence and inspiring them to perform to the best of their ability. Develop the culture of constant learning in the organisation to enhance productivity.
Conclusion
With the past year proving to be a challenging ride for most entrepreneurs, the beginning of 2021 has brought new opportunities. The positive cases are going down, and vaccination is on its way for the citizens. Thus, if you are planning to purchase a business for sale in Australia, then you must follow the tips mentioned above to enjoy great success in the New Year.
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