Business Survival Tips for 2021 - Shaun Stenning

The pandemic and everything related to it caught many business owners by surprise and, even worse, caused some businesses to fold. Yelp reported that permanent business closures have reached 97,966, representing 60% of closed businesses that won’t be reopening. Imagine investing so much into an entity, and because of some virus, things start to slow down, till they eventually go under.

According to Shaun Stenning, “It’s the new year, and nobody knows what it holds. But as a business owner, you have to plan and fortify your business against such problems.”

“Business success is a tricky thing, with a lot of influential factors involved. In a “normal” year, small business success can be threatened by a wide spectrum of obstacles.” Shaun Stenning said.

Let’s discuss some tips to help you get a head start for the coming year:

Protect your assets for longevity

As a start, protect your business assets to avoid theft/misplacement and optimize maintenance to prolong the lifecycle. The last thing you need is mismanaged assets adding to your bills.

Forecast budgets for sustainability

Not surprisingly, healthy cash flow is a crucial part of business survival. Without proper financial management, there is a high chance of expenses getting out of control.

Collect actionable data to drive analytics

Once you have the data you need, pay attention to what can be improved. Collected data is only worthwhile if you can put it to good use. Implementing a robust tracking system can help you deliver effective insights to steer your business in the right direction.

Adopt agility for preparedness

No business was ready for 2020, but when it arrived the only option was to adopt or perish. Hundreds of businesses that were heavily reliant on in-person contact suffered from financial losses, operational difficulties, and even closures after the social distancing norms were announced.