The Fundamentals of Small Business Success in 2021

Updated: May 20, 2021



Whether you’re looking to launch a start-up or are in the process of recouping from recent economic turmoil, business growth in 2021 may be challenging to come by. Beyond unforeseen circumstances, many small businesses fail due to inadequate budgets, lost customers, low engagement, or poor brand awareness. Fortunately, there are many ways around entrepreneurial obstacles that you can quantify into these building blocks.


- Adequate Backing


Financing your business must begin with a clear purpose and target audience. By knowing your business’ potential to survive and grow, you can more accurately develop initial investment needs.


With that in mind, backing money can be challenging to come by. Despite a successful launch, it becomes virtually impossible to cover business overhead, marketing efforts, employee training, and other necessities without outside investment.


The good news is, you can turn to alternative methods of financing such as collaborating with friends and family, sourcing an angel investor, or hosting a crowdfunding campaign.

Remember, the best time to secure adequate funding is before the business launch. Your first year of operations will dictate your success in the future—falter at any point, and you may no longer have a business to scale up!


- In-Depth Knowledge of Your Target Audience


Knowing what purpose your products serve is just as important as knowing who those products are for. Demographics are a vital component of research and success.

By clearly defining your target audience, you can:

  • Streamline products and services according to specific buyer needs.

  • Craft a sensible marketing budget.

  • Pinpoint audience sectors that provide the most significant potential for growth.

  • Reach out to consumers in the most appealing manner.

  • Develop brand loyalty.

- A Well-Defined Brand


86% of consumers believe brands must prove themselves authentic before they choose to invest. But first—how is brand authenticity defined?


Your brand’s projected image should complement what your business purpose is. What promise do you make to your customers, and how do you communicate this across all active channels? Anything from your initial logo design to purchase follow-up will dictate what your audience perceives as "genuine."


One of the primary sources of branded content is your website. Along with cross-platform marketing, your website should act as the site hub for all your content. There are multiple methods of achieving brand authenticity, all of which should reference your brand bible.


A brand bible details elements such as language, graphics, and, most importantly, what appeals to your target audience. By developing a coherent visual personality, the easier it becomes to tie your cross-platform content back to your established branding.


If hosting a blog, ensure that you build links back to direct traffic towards your website and increase sales potential. Don’t forget that brand-building is an ongoing process. Over time, your brand will evolve—don’t be afraid to make any changes as your business ages.


Conclusion


Despite the economic setbacks of 2020, your business can thrive in 2021. By acknowledging potential reversals before they occur, you can get ahead of your competitors and establish your brand as one to look out for as businesses recover.


Ensure stability for your business in 2021 by booking a free consult with Four Tree Coaching today. Our business advisory services can put you on a path towards growth in no time.

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