This year has been another year of disruptions, and many businesses have had to adapt and pivot to survive. Not only disruptions but inflation and shortages from the supply chains make it more difficult to have a successful business in 2024.
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Looking to Have a Successful 2024?
Working from home may have been the new normal, but is it still possible to be successful in these times of higher inflation?
With innovative thinking, intelligent software, and a dedicated team if you have one, your business can thrive — even during these challenging times.
Here’s some tips on how to have a successful business in 2024 and beyond.
Managing a Remote Team
By now, your staff may be used to the idea of working remotely either full-time or part-time. If you want to give them the best chance of success, you will need to grant them access to the right tools.
You can support your team by ensuring they understand the company’s goals and expectations. Regardless of where they are working, your values will be the same.
Performance management software can help you monitor your workforce while keeping them engaged. You can view communication between customers and staff members, and access insights into productivity and KPIs.
Consider rewarding your employees when they perform well, as this is good motivation.
Keep your staff engaged by encouraging breaks, and catch up with video meetings. Some companies are hosting a virtual movie and quiz nights to nurture relationships and keep everyone connected.
Making a Profit
Right now you may be thinking it is enough for your company to survive, but it is possible to make a profit and see your business grow.
This is your opportunity to reinvigorate your brand and try new things. For example, some restaurants have offered free delivery, traditional storefronts are selling online and beauty salons are renting their equipment to customers overnight.
Consider offering discounts and incentives, and be prepared to think outside of the box.
Now might not the time to invest in a new car or office space, instead upgrade your website and optimize your mobile workforce. When you set clear goals, track spending, and maintain a high level of customer service you can be profitable.
Be sure to collect payments for all of your work and/or products.
Providing Customer Service
Understanding and connecting with your customers is essential to a successful business. Customer relationship management (CRM) software can be beneficial, especially when working remotely.
With a quality solution, you can give your customers consistent service, whether they are communicating over the phone, e-mail, or social media. Track sales with in-depth reporting, and follow up with customers at the right time.
When you understand your target audience and respond quickly and appropriately, you will be more likely to gain their loyalty.
Look for a cloud-based CRM. Your team will have access from any device, with real-time updates and security.
Keeping Costs Down
Running a successful business in 2024 means keeping a sharp eye on costs as inflation has risen over the last 4 years. You’ve noticed your electric rates, groceries and fuel rates going higher. That haven’t gone down.
Start keeping costs down by rethinking your supply chain. Look for local suppliers to cut down on shipping fees.
Embrace technology to automate routine tasks and save on labor costs. Energy expenses can take a big chunk out of your budget, so consider energy-efficient options, like LED lighting and smart thermostats.
Regularly review your subscriptions and software licenses to ensure you’re not paying for unused services.
Focus on what drives profit, and don’t shy away from cutting what doesn’t add value. Remember, every dollar saved is a dollar earned.
Have a Successful Business in 2024 and Beyond
It may take some adjustments, but advancements in technology have made it possible to manage a team and communicate with customers from anywhere.
Keep your staff engaged by connecting virtually, and track their progress with performance management software.
Use a CRM solution to keep your customers happy, offering streamlined service no matter which team member they are assigned to. Now is the time to reassess your goals and make changes as required.
With more people now working from home and around the globe, the future is a digital one.
The key to having a successful business in 2024 is to keep on communicating online and via phone calls or video calls with both your staff and clients.
She has 30+ years of experience in marketing/advertising with 12 years of experience in content marketing, social media, blogging, and SEO.
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These are some good tips lisa. Running a successful business is not that easy. I think providing good customer service is the key to every business. To build a better reputation we need Happy customers. This means a Positive reputation leads to higher growth.
Thank you Appu. You got that right that running a small business is not easy today at all! Yes, a positive and great reputation can go a long way today as it once did in the past. Thanks for your input and have a great day!
Hi Lisa,
If there is one thing this past year has shown us, it is that mostly everything we do is online. From communicating with family and friends via Zoom to our business practices. We need to invest in our online business instead of spending money on a new car or other things.
-Donna
Hi Donna, isn’t that the truth? Everything is online today. Without it, you cannot do many things sadly. Investing in your laptop or internet service is important as we head in 2021. Thanks for coming by and I hope this finds you well Donna.
Smart tips Lisa. I dig the focus on investing in virtual assets versus investing in an office or car. We are moving toward a virtual environment fast. Big time. Especially this past year. Happy New Year my friend.
Ryan
Hi Ryan, Thank you. Yes, and you go the word correct: investing. Too many think of it as spending. There is a big difference. Indeed, this year really pivoted everything online. I hope you have a great 2021 Ryan.
Lisa,
This is a great blog post about “How to Have a Successful Business in 2021” Especially I loved 2 points, Number 01: Managing a Remote Team, Number 02: Providing Customer Service. Also, I think we have to consider the marketing strategy in 2021 because the old-school digital marketing methods or SEO won’t work anymore, so it would be better if you write one point about marketing in 2021. Thanks for your best writing.
Have a wonderful new year.
Hi Mahbub, welcome to Inspire To Thrive. Thank you. You are so right about those old methods no longer working today. I do have articles here on Inspire To Thrive on those topics. Thanks for coming by and enjoy the weekend!
Thanks for exploring the aspects to run a business successfully. Definitely, we should understand our target audience and then work accordingly to gain their loyalty.
Thanks a lot, Lisa.
-Nitin Dabas
Hi Nitin, you are most welcome. Yes, defining the target audience is key in marketing today. It may have to be looked at every several months too as things change rapidly today. Have a great weekend and end to 2020.