8 things you should stop doing to grow your business in 2021

8 things you should stop doing to grow your business in 2021

Entrepreneurship

UnionBank Publication

UnionBank Publication

30 Dec 2020, 13:00 — 6 min read

2020 was indeed an unprecedented year. It presented a set of challenges we never imagined would take place.


To start your 2021 strong, here are some of the things you should avoid in order to grow your business.


1. Forgetting your ‘why’

It’s easy to lose your focus when there are so many things happening around you like seeing your business bank account balance continues to dwindle or waiting for your clients to pay.


When facing these circumstances or challenges, remembering your ‘why’ or your reason why you started business can help you get through everything. Is it for your family? Is it for freedom? Is it to fill in a gap in a specific industry?


Whatever your ‘why’ is, keep it as your reminder so when the going gets tough you can go back to your mission and adapt to unforeseen changes.


2. Not stepping up as leader

You play a significant role as the chief of the business. There are a lot of opportunities in 2021 only if you will realize as a leader. Without your clear direction or game plan on how to navigate the coming year, your team and your business can go astray.


3. Not embracing the lessons of 2020

What have you learned in 2020? What went wrong? What went right? Reviewing what you learned and using this in the coming year can help you manage your business in a manner that meets your goals and the needs of your customers.

Also read: 8 business owners share invaluable lessons learned in 2020

4. Not paying attention to market trends

There is no permanent in business. 2020 has taught us to prepare for the worst-case scenarios. Even the startup unicorn Airbnb that’s about to go public in 2020 learned to pivot and launched new services as they responded to the needs of their customers.


Keeping yourself and your team up to date can put you in a better position to adapt to the ever-changing business landscapes. 

5. Not preparing for the worst-case scenarios

Although the economy is gradually reopening, you still have to be ready and make preparations accordingly. Set a conservative plan and realistic expectations so your business can remain flexible and adaptable to the changing demands or trends in case a disruption occurs.

6. Ignoring your customers

Don’t forget who you are serving. Talk to your customers and find out their pain points and needs. You might forget your customers as you improve your internal process or launch a new product. You have to learn how to strike a balance between improving your operations and serving your customers better.


In the post-pandemic world, you have to find out how your products or services can help your customers. Are there enhancements or changes that need to be done? Are there solutions or opportunities you haven’t explored yet? Find out the answers by going out and talking to your customers!


7. Not asking for help

You cannot do it alone! It’s time to go out and seek for advice. Ask your fellow business owners or mentors. If you are not yet connected to the local agencies that help entrepreneurs like Department of Trade and Industry (DTI), get yourself connected.


One thing that’s prevalent in 2020 is the unwavering spirit of bayanihan in the business community. Bounceback group was even born out of the COVID-19 pandemic to help entrepreneurs bounce back.


This is not the time to be reluctant when asking for help. Show up and ask for help. UnionBank GlobalLinker initiated several projects to help you navigate the pandemic.

  • Project Luca. It provides free accounting consultation in partnership with P&A Grant Thornton and MGP Accounting. You can inquire and seek for advice by joining in this group.

  • Project Big Brother. It provides consultation for digital marketing related questions in partnership with Growth Nest. You can inquire and seek for advice by joining in this group.

8. Waiting for the pandemic to be over

Even with gradual reopening of the economy, it’s not going to happen anytime soon. There’s still a post-pandemic world and waiting can take you forever. Remember, time is money in business.


Lyn Reasol of Binuhat Arts and Crafts used to make handmade bags and her sales depended on physical trade fairs organized by DTI. But with the COVID-19 pandemic, physical trade fairs were cancelled and handmade bags became non-essential.


Instead of waiting for the pandemic to be over, she learned to pivot by offering household goods like plant pots and laundry basket. She also launched her online store through the UnionBank GlobalLinker eCommerce platform Linker.store and joined digital trade fairs like Gawang-Pinay and National Trade Fair by DTI-Bureau of Domestic Trade Promotions. By actively promoting her online store online and several media features, she was able to bounce back. She also shared that her online earnings are equivalent to attending three physical trade fairs.

Also read: Going digital: Woman entrepreneur bounces back with her online store during the pandemic


The lesson here? Learn to be flexible, partner with private and public institutions, embrace change, and pivot to the trends.  


Here are some of the things you should remember as you welcome 2021. There are a lot opportunities for your business to grow in the coming year. Embrace the change and step up to the challenge!

 
Image source: Freepik

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