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Economy to Bounce Back in 2021 - Is Your Business Ready for It?

  • Written by News Co
Here’s a bit of much needed good news: According to many financial experts, things are getting back on track in 2021. It won’t happen overnight, clearly, but the global economy is on the path to recovery, and it’s marching faster than expected. Keeping in mind that the vaccine against COVID-19 is already becoming widespread, this shouldn’t come as a surprise. However, it’s not just about the vaccine. This change for the better would have happened even without it.

This projection may seem illogical but dive deeper and you’ll understand. After a year of on-and-off lockdowns, restrictions, loans, business aids, subsidies and what-nots, it seems like economies around the world are starting to finally realise that they need to live side-by-side with this virus, since it’s not going to disappear. That is the first step to recovery, and this is why many believe that the forces of the economy are going to speed the recovery process up now.

Take every step necessary to make your business COVID-19 aware

Are you ready to get back on track? Is your business, venture or project suited for the new commercial reality, post COVID-19? If not, you still have time to take a few important steps in that direction. Let’s take a look at some things every business owner or entrepreneur can do, in order to be more prepared for 2021.

Make yourself pandemic conscious

As we’ve stated, the virus isn’t going to disappear. It probably won’t be as lethal, but let’s face it: We’re stuck with Coronavirus for good. This means that you and your business need to make some changes in order to fit this new reality. Social distancing as a work practice should be common. Opting for online meetings instead of mass gathering should be a policy. Delivering your product without a need for a physical interaction is preferred. You get the drift.

It isn’t only about being more aware of the pandemic. It’s also about developing a reputation as a pandemic-aware business. When your clients see that you are taking measures to ensure their health, their trust in you and your services will rise. In these times, the feeling of security is very important, so do not underestimate it.

Create your client base now, don’t wait

When business does get back to normal, it’s going to be a fierce competition for every consumer’s pocket. That’s why you need to start attracting clientele ASAP, so as to be ahead in this race. One good online advertising method is called lead collection. We asked Johnathan Greenwood from Crystalead, a top digital marketing platform operating worldwide, to explain.

“Basically, this means marketing with the sole intention of gathering client interest and information, and not aiming for sales currently. Your digital campaign should encourage people to give you their contact details - such as a phone number or email address - for future use, meaning for the time when restrictions are lifted, and businesses start operating again. In a sense, you are splitting the sales process in two: one part now, one part later, when things get back to normal.”

Is lead generation for everyone? This is a bit tricky. “You need to know how to campaign online at the first stage, and how to close sales via more traditional means at the second,” added Greenwood. “We at Crystalead offer a platform for the first phase, but it may also be wise to hire a professional if you feel you won’t get the desired results on your own.”

Know your rights

It’s time to admit it: Most of the policies regarding financial welfare during COVID-19 times were ‘play it by ear’. That has naturally caused a lot of confusion and most people don’t know just how much money they are entitled to from the government, in the form of compensation or aid for losses during lockdowns. Very few people have already taken advantage of all their privileges.

The right thing to do is not to wait until things get better. When you do open up again, you will need that money in order to get yourself (and your store, service or what not) back on your feet. That’s exactly when everyone else will start looking into the matter, and bureaucracy at its finest will probably not be able to handle the demand. Dig into it now, don’t wait.

The economy won’t wait for the number of infectees to reach zero