Bye 2020, Hello 2021

There are 11 business days remaining in 2020! Bye 2021, Hello 2021! It’s been a very unusual and, in some cases, detrimental year for small businesses across Arkansas and the country. According to the U.S. Small Business Administration Office of Advocacy, “While self-employment figures indicate the number of proprietors has been mostly consistent over time, their income declined 13% annualized in the second quarter of 2020. This is the largest quarterly decline in history (quarterly data began in 1947.)"

This statistic is a reflection of how our new normal is impacting business owners across the country. With lowered revenue and, most likely, profit as well - 2021 business planning and goal setting may feel distant and defeating. We feel you - but want to remind you that it can be better. How we marketed or recruited before COVID-19, may not work now.

Before we write off 2021 - let’s take a moment and take a few deep breaths. Now, let’s think about how we can have a different impact in 2021.

Business planning or strategic planning reviews where we are, where we are headed, and where we want to be. It should also detail opportunities, challenges, and low-lying fruit. This exercise can help identify opportunities or new ways to approach how we sell our brand. Some things don’t cost anything other than time - as a business, are we taking advantage of those?

We have provided business planning questions, resources, and relevant blogs below. If you would like more guidance than this blog provides, schedule a consultation with a Small Business Consultant.

2021 Business Planning Summary Questions:

• • What are our goals? What were sales / profit by month in 2021? What is the source of those sales? Which has the highest ROI?
• • If sales are up - what is working? - what should be done to maintain the momentum?
• • If sales are down - How could we innovate and approach our marketing differently?
• • Are we running the business efficiently? Are there any processes that need any improvements? The right people are in the right places?
• • Are we taking advantage of low-lying fruit - have an online presence, touching base with current and past clients, using free tools like social media, networking with others in the community, revisiting past leads, and asking for referrals?
• • Are we showing our current customers that we care? Do we regularly check in with them via call, text, and email?

Here’s a summary of a few stats that we find interesting -

• According to Entrepreneur, “long term studies show that the right approach during economic uncertainty is to increase, not decrease, your marketing spend.”

• According to AMA, “Online sales have grown to the highest level in The CMO Survey history. They now constitute 19.3% of sales—a 43% increase over just three months ago.”

“For the first time in CMO Survey history, the rated contributions of social media to company performance rose—up 24% since February.”

• According to Google, "In the US, staying home has led to a 60% increase in the amount of content watched – Americans are watching roughly 12 hours of media content a day, according to Nielsen data.

• According to SHRM, 32% of small businesses have found a new way of delivering services - innovating to survive.

• According to Search Engine Land, “50% of business owners don’t have a marketing plan.”

Resources for Business Planning in 2021:

• Enter 2021 with an Effective Business Plan

• 5 Small Business Trends for 2021

• Constant Contact Online Marketing Calendar

• How to Write a One-Page Business Plan

• Predictions 2021 - Forbes

Other Blogs to Read:

• 1st Quarter 2020 Checklist for Small Business Owners in Arkansas

• Business Plan

• Business Planning 2020

• Are You Inspecting What You Expect?

• Customer Acquisition Costs Five Times More than Customer Retention

Please note: the resources listed above aren’t endorsements by us – they are provided only as information. We were not paid by or affiliated with any of the companies listed.

Comprehensive Consulting Solutions for Small Businesses helps small business owners with their small business puzzles. We offer business consulting and coaching solutions to help small businesses increase efficiencies and maximize profit. We help business owners with operations and planning, which includes running the business, goal setting, SWOT Analysis, business plan creation and updates, staffing, marketing, and more. Comprehensive Consulting Solutions for Small Businesses is located in Fayetteville, Arkansas but serves clients across Arkansas, Oklahoma, Missouri, and surrounding states.