Amidst COVID-19, social distress, and fluctuation of finances in 2020, the number of business owners has increased. Indindividuals were forced out of their comfort zone and pushed into spaces to explore the talents and interests that they love in order to make their everyday life fall back in order. On top of that, many veteran business owners found themselves finding new ways to stay on top of their industries.
We still aren’t clear of the nature of business and what the landscape will look like, so as we move into 2021, we compiled a list of successful tips for how to build a better business that will help you make your mark in this digital space next year.
Be Clear on Where you are Financially
Whether you are just starting out or you are knee-deep into business, it is important to be clear and concise about where you are financially. First, being financially sound when in business can set you on a course to expand your business when needed. Secondly, understanding your finances can also protect you during uncertain times like the ones we’ve experienced during the pandemic.
“Understanding and learning how to properly budget your finances can set you up for a successful push ahead in business,” says Financial Wellness Expert, Tae Lee.
Use What You Got To Get What You Want
Over the course of your professional life, you have acquired a wealth of knowledge, whether it be managing teams, finances, organizing, etc. Utilize that acquired knowledge to build on your business model. There is no need to reinvent the wheel when you’ve learned how to successfully manage certain tasks under other successful systems.
“When designing your ideal future and success in business, you must first bring together your past knowledge and experience to conceptualize your own business model,” says Elizabeth Davis, Former Construction Engineer and CEO of Shedavi Hair.
“The knowledge and experience that you have earned is an opportunity for you to earn money,” says Best Selling Author, Publisher, and Manifestation Coach, Lacresha Hayes. “You can increase your income by monetizing your experience based on your existing knowledge.”
Know your Niche
Knowing the past, present, and future trends of your niche, their likes and dislikes, and everything in between, will help you define your path in your industry. You will know what your niche is keeping an eye out for and how they will experience you and your brand.
“We worked our way to a 7 figure month by understanding our brand and our niche,” says Registered Nurse and Lactation Consultant, Krystal Duhaney. “We are a breastfeeding support company and for Breastfeeding awareness Month we hosted giveaways, marketing efforts, and gave back to our community in a big way because we understand our niche and what is important to them. Which is also great because what’s important to us is important to our niche.”
Set Your Own Standards
The only way to really stand out in business is to define your own rules and standards. No matter if your industry is considered over-saturated, there is no YOU! You can create your own rules in how you want to be perceived in business.
“I knew when I went into business that I wanted to create a brand that represented myself and women who looked like me,” says CEO of Izzy and Liv, Nicole Brown. “With Izzy and Liv, I defined my brand as a celebration of me, my culture, and my truth. And through my authenticity have I gained success.”
Make A Plan to Cultivate The Next Generation
In all business models, keep in mind the future and longevity of your company. This is developed in creating a culture that can be passed on throughout your company, as well as, providing tools, resources, training to your employees to build up the next generation of your company.
“The future depends on the qualitative opportunities we provide to the next generation,” says Co-founders Sabrina and Anthony Barrett. “Passing the know-how training and education downwards will leave your footprint on your future.”
“Create training systems to ensure that your company’s culture, vision, and mission is being carried on,” says Instructs Training and Education expert, Dr. Tonya Robertson, CEO of Focused Training Solutions. “Keeping training a priority to nurture technical expertise, team member skills, and company culture will improve the quality of your business for years to come.”
“With Gabby Bows, it was Gabby who came to me with the idea of building this business. At just 7-years-old she knew she wanted to create something that was hers,” says Co-Founder of Gabby Bows, Rozalynn Goodwin. “It was my job to make sure that in order for this business to strive and live on, we educated ourselves and acquired all the necessary resources to ensure growth.”
Know When to Take a Moment
Success in business is always the goal but in order to reach higher heights in business, you must also know how to balance life and work. Refusing to make a plan to give yourself the care and love you need, is a sure way to self-sabotage and self destruct during the unexpected times of business.
“Taking a moment just to step away from your workspace to breathe and clear your mind from all the distractions, will allow you to tackle newfound issues, problems and boost your creativity and productivity,” says Yoga and Fitness Expert, Althea Lawton-Thompson, CEO of Aerobics, Yoga, and More.
Find Ways To Be Productive
As we continue on the path of uncertainty when it comes to business environments, productivity can be hard to come by on the day to day basis. As an entrepreneur or employee, you must create regimens to be productive, focused, and efficient.
“I have found that focusing on immediate tasks works best. Accomplishment breeds more accomplishment. Sometimes starting with smaller tasks works better for me now because once I get in a good rhythm for the day, I can ramp up and maintain a higher level of productivity. Before I would start with the harder things first, but that doesn't always work in the overwhelming world we live in today.” says Celebrity Luxury Interior Designer, Nikki Klugh, CEO of Nikki Klugh Design Group.
We encourage you to go out and make your mark in this new year, carrying the baton to the next level of greatness. To learn more about each one of these women, be sure to follow them on social media.