As we approach the end of the first quarter of 2021, the business sphere remains fragile. It appears as though elements of uncertainty will continue to be present as we enter into Q2 and beyond. However, it is expected that once recovery does take place growth will be rapid across the business landscape with opportunities in abundance.
This presents a plethora of opportunities for companies across a range of sectors looking to recover from one of the most challenging periods in our lifetime. However, while this is positive news, businesses will need to be prepared for high levels of competition and the possibility that restrictions may return later in 2021 depending on global developments.
Therefore, across all sectors, enterprises need to ensure that they are well-polished and prepared for the upcoming months and beyond if they are to take full advantage of the opportunities which are likely to present themselves.
See below for ways in which to improve your business’ efficiency in 2021 and to take advantage of the opportunities and increase revenue.
Avoid disruption of supply chains
Once the buzz of economic activity returns it is going to be essential that all aspects of your supply chain and supplier management are seamless and optimised as much as possible. If you are a company dealing with multiple suppliers across the globe, then now is the time to consider investing in a solution for Supplier Information Management to keep up with the demands of global complexities.
This will enable your business to organise and manage supplier information while amplifying supplier engagement and the quality of data. This will also ensure that you are minimising risks and improving your company’s efficiency in the long-term.
Automate as much as possible
Whether it is conducting small tasks such as employees’ wage slips or sending out invoices to clients, look to automate as much as possible. This will ensure that you are able to increase efficiency inside of your organisation and streamline the decision processes amongst top-level management in the company. It also means that resources will be available to focus on other areas of your business that may require some attention over the remainder of the year.
Create an outstanding experience
Putting your customer at the centre of your offerings and creating an outstanding experience is going to be more important than ever in 2021. Expectations and priorities will have changed amongst your customers and you need to ensure that you are providing them with an experience that demonstrates that you truly value them.
Take stock of your products, customer services and support and ensure that processes are refined and that workflows are clearly defined and optimised. Analyse and determine what should be improved to provide an outstanding experience as soon as activity picks up; make a plan and put it into action now.
Analyse & adapt your offerings
The majority of industries have seen numerous changes over the past year which are likely to have an impact for the foreseeable future. Take the time to analyse your products or services and their place on the market. You need to consider both the demand during the latter stages of the pandemic and the longer-term once it is over.
Consider whether time needs to be taken to adapt to this new landscape and if your offerings need to be updated or if a more in-depth overhaul is required. If changes are needed, a plan needs to be devised in order to ensure that adaptation is seamless.
If you do not take the time to do this then your offerings to the market will not be aligned and your recovery is likely to stall or falter, which could have damaging repercussions for your business.
Analyse your market
The previously mentioned shift in your market’s landscape also needs to be considered in relation to your target audience. The way your target audience and its segments behave, and their priorities will have shifted since pre-pandemic times. Analyse the different segmentations of your target audience and determine whether or not there has been a significant shift.
Ensure that there is alignment on this aspect across the whole of your organisation and that there is the capacity and expectation that agility may well be required to navigate through the changing landscapes and the shifts that have taken place over the last 12 months.
Use established processes
If you have internal processes that have long served your business well then ensure that you stick with them and avoid tweaking them for the sake of it. Looking to reduce time taken in these instances can lead to corners being cut and quality and output suffering as a result.
Once the economic picture becomes clearer then will be the time for refinement and determining where improvements can be made to further increase efficiency in the short and medium-term.