Five Businesses That Are Best Positioned to Succeed in 2021Kate Noether | Updated: 04-05-2021 15:04 IST | Created: 04-05-2021 15:04 IST
If this last year has done nothing else, it has tested business leaders and organizations of every size and from almost every industry to the max. Thankfully, there's plenty of evidence for what a little innovation, determination, and foresight can do to help you achieve, whether you are a startup or trying to find ways to reinvent your current business model.
Thanks to the economic fallout from COVID-19, businesses have lost revenue, staff, and opportunities to grow. Many have been forced to pivot in creative ways. This has led many business owners to discover unique revenue streams as the nature of their business and industry changes.
Being flexible and adaptable to change has always been a crucial part of having a business. The ones that fail are those who were not able to accommodate changes and shifts. This article will look further into what success looks like in 2021 and what successful business owners are doing differently in order to weather the storms.
What a Business Needs to Succeed in 2021 and Beyond
Starting a business is always risky. From the start of the global pandemic, companies and entire industries were forced to close or implement strict regulations. In an uncertain climate of downsizing, reconfiguration, and just trying to survive, some might say that starting any business during a global pandemic is crazy.
Some of the ways businesses have adjusted and responded to these restrictions are to transition to remote working setups and rely heavily on technology. These shifts were expected to happen within the next decade, but due to the pandemic, the whole transformation was fast-tracked.
Trends that have developed over the past year will continue to be a factor for businesses moving forward. Remote work and hybrid eCommerce businesses will prevail, with many brick and mortar companies transitioning to an online-only environment.
Thankfully, we have digital tools and platforms that allow huge workforces to transition online and conduct daily business tasks. Platforms such as Zoom soared in popularity as teams conducted meetings and gatherings virtually and HR teams are able to manage virtual workforces using software that allows them to easily manage financial responsibilities such as payroll, invoicing, and accounting. Without this advanced technology, remote working would not be a reality.
Regardless of business vision, hopes, and objectives - successful leaders share certain characteristics that support business success and long-term sustainability. Among these are having a vision, confidence, determination, agility, flexibility, acceptance of change, collaborative mindsets and focus.
However, the main characteristic of a successful business owner is being able to remain relevant and productive. Staying relevant post-pandemic will ensure that you can get through even the most trying of times in the future. This can be accomplished through having a commitment to continued learning, embracing change and technology, considering new marketing and customer service techniques and methods, being flexible, maintaining digital relevance, and continually reviewing and revitalizing business goals, plans, and strategies.
5 Businesses That are Guaranteed to Succeed
If there is a word to sum up 2021 and beyond, it's caution. Nothing in life is 100 percent foolproof. However, the businesses listed below have shown a great degree of stamina, agility, and innovation in the face of adversity. When seeking success, it's crucial to heed the lessons learned in failure and follow the leaders.
The businesses that have thrived during COVID-19 and have a high chance of succeeding in a huge way are:
- Food Trucks
What's a budding restauranteur to do when social distancing keeps eateries at half capacity? Put your restaurant on wheels and take the food to the people. Consider this the real-world version of remote work. People still need to eat, and we all miss the social aspects of dining out.
Dining establishments of all kinds are considering new ways to serve customers, so they are pivoting and exploring their options of how they can serve their customers in different ways.
- App Development
There has never been a better time to veer into app development. Between a greater reliance on smartphones for almost everything to the continued need for learning, productivity, fitness, delivery, and banking apps - customers and business owners alike are looking for secure platforms to conduct their lives, keep them entertained, and make a profit.
- eLearning Providers
It's not just businesses that are turning to technology to remain afloat. People are looking to update their skills, change their careers or return to studying. Students are in dire need of uninterrupted schooling, and business owners need reliable training platforms.
Successful eLearning platforms are now high in demand and offer multiple learning channels. The rise in creating digital courses, eBooks, learning apps and virtual teaching has rapidly increased as eLearning supports entire workforces to learn new skills, offers a cost-effective way of providing training, and solves the challenges of providing compulsory education during a pandemic.
- Social Media Marketing
Even businesses that still haven't fully transitioned to remote work or eCommerce need digital marketing services to raise their brand awareness, generate leads and obtain sales. Digital marketing agencies can be created and operated completely online, and they aren't limited by geography when it comes to building a client base.
There are also enough digital marketing platforms and services you can offer that will allow you to implement or create a niche. With the rise in startups, freelancing, and virtual workspaces, clients and opportunities are expansive.
As online marketing expert Dan Fries of Blue Tree notes, the array of digital social media marketing tools available make it easier than ever before to market a successful online brand.
You need a consistent on-brand presence, and social media managing tools get this done optimally," says Fries. "These micro-tasks need to be completed every day, in some cases. But you can simplify your workload. The key to avoiding 'burnout', in the race for better engagement, is to minimize energy out and maximize ROI The best SMM tools handle your entire social media presence. They reduce complexities and keep your activities in line with your strategic vision.
- Personal Trainers
Between the pandemic and being house-bound, 2020 has put the focus on health and wellness. Although gyms have reopened in some parts of the world, the idea of sweating in close quarters or working out with a mask makes people nervous and anxious. So home fitness, virtual personal training, and classes remain in demand.
We don't know how the world will look in ten to twenty years. For many, the previous year has been a significant challenge and one for the history books. Others see it as an opportunity for innovation and greater efficiency.
Whatever the future holds for you and your enterprise, we hope that learning more about the characteristics needed for success and businesses that have weathered the storm and come out stronger will provide you with inspiration and a template for long-term prosperity.
(Devdiscourse's journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse does not claim any responsibility for the same.)