Expectations and possible realities to prepare for in 2021
Expectations and possible realities to prepare for in 2021
January 19, 2021 1 comment
No business can claim to have remained the same since the outbreak of COVID-19. Many have collapsed while several others are struggling to survive with reduced revenues.
Recommended article: Effective Business Planning for 2021 – Consider this 3-Item Checklist
COVID-19 has equally transformed businesses to unprecedented levels, in many cases for the good of their customers. Many digital marketing trends, product and service innovations, especially in the delivery modes, were experienced and accelerated by COVID-19.
In 2021, here are some of the critical trends that we predict will continue to shape business operations that you must plan and be ready for.
Data will continue to be an asset.
Over the last few years, businesses are making decisions largely influenced by real data. Through data, companies can understand their customers’ preferences and trends, thereby tailoring their services and products to suit such tastes. A company that will invest in data and knows what customers want will be relevant to customers and become the market leader.
In 2021, data will continue to be a key driver of business growth. Therefore, having access to the right data and the right skills to analyse the data to make informed decisions will shape businesses’ profitability and sustainability. Suffice it to say, that the absence of such critical data analytical skills can, as well, easily spell the collapse of many companies.
This is precisely what Wayne Kepner-Tregoe, equally predicts in his article that companies will now, to no small extent, focus on data management to help them solve trending problems and exploit new opportunities.
Business innovations and research will take centre stage.
In the post-pandemic new economy, every business leader and businesses need to reflect on their internal capacity to fully appreciate the entire customer experience journey to inform what they’re offering their customers if they must have any competitive advantage.
Research and innovation will make businesses move away from generalised products and service offerings and resort to customised products and services with enhanced delivery mechanisms for their patrons.
During the pandemic; many pharmacies, hitherto operating as block and mortar shops, for example, quickly switched and adapted to home delivery services. Some even launched their company apps to reach a broader segment of the market through online purchases. This simple innovation helped many patients under lockdown to access medications without leaving their homes. Such innovations will continue to spur growth.
According to the World Bank, leading organisations from IBM to Microsoft, Amazon, Facebook, and Google are driven by research and innovations through data analytics. Similarly, your small business should task your staff to come up with innovations that foster growth in 2021.
Slow business growth
As already stated, businesses are still recovering from the very tough year of 2020. Perhaps, your business survived into 2021. If so, learn to manage your growth and profit expectation.
Recommended article: Still paying your children’s school fees? No need to hustle.
According to the World Bank, Africa will experience low growth seen in decades.
As you make plans and growth projections this year, do not set the targets too high, because the factors that brought about the significant dip in revenue are still staring the world economy in the face. Therefore, hasten slowly in your growth projections and learn to be realistic about your growth expectations.
Virtual meetings will continue.
2020 saw an unprecedented scale of virtual meetings – from staff meetings to entertainment, football, and political gatherings. Digital conferencing platforms such as Zoom and Microsoft Teams made abnormal profits for hosting such virtual encounters. Although life is slowly returning to normal as governments gradually lift many restrictions, easing the ban on social gatherings, virtual meetings will continue to trend in 2021.
According to Fleming, N (2020), online meetings save time and accommodate many people, especially those who would have missed important meetings due to limited budgets, family commitments, or disabilities.
As a result, make plans to include virtual meetings as part of the new normal for your business operations.
Final Thought
Dear reader, make no mistake, to succeed as an entrepreneur, C-suite executive, or career person, in this post-pandemic, digitally transformed world characterised by speed, volatility, uncertainty, complexity, old models and habits are simply insufficient. Business leaders and executives need to mature into confident navigators to remain on the side of the times’ winds and waves to remain critically relevant.
As an SME-focused consultancy, our relationship with our clients, primarily driven by our rigorous research into SMEs’ operations, has informed these views of the trends we expect to determine businesses’ success or failure in 2021. This list is not exhaustive, but we believe it can give you an excellent start in the year and help you plan accordingly.
HCI wishes you the very best of the year.
