How to set yourself up for business success in 2021

Last year, home builders, remodelers, and home service providers faced many unexpected economic conditions. While some businesses shut their doors forever, others grew and pivoted well enough to remain in operation. As the economy continues to fluctuate in tandem with the pandemic, what will you do to ensure business success in 2021?

Set yourself up for success in 2021

Analyze past performance

There is an intense eagerness to move on from 2020. Wide consensus also suggests that the year ranks among the worst for most businesses and individuals. This may tempt you to also put 2020 behind you and focus on what 2021 has to offer. However, the truth is that what made 2020 a difficult year hasn’t completely gone away.

Consequently, it’s important to begin your business planning by reviewing past performance. Here are some important considerations:

• Which aspects of the business brought in the most revenue?
• Which marketing strategies produced the most engagement?
• What is the most important hurdle you still need to overcome?
• How did pandemic responses work out for the business?
• What do you need to change in order to take your business to the next level?

In addition, if you’re not tracking the source of your successes and failures, you’ll never be able to measure return on investment and make improvements moving forward.

Invest in data quality

Have you ever heard the expression data never lies? Well, it’s true for the most part. Data makes it easier for you to analyze past performance, and reveals key metrics where you excelled and the ones that need work.

Data does not appear out of thin air, though. It’s important to invest in the infrastructure necessary to track it properly. This applies for all areas of your business, from finances to customer satisfaction to business and employee performance.

When you start collecting more data, it’s also important to do more than let it pile up. Use these insights to make key business decisions by analyzing and developing new strategies for the future. Don’t wait until the end of the quarter or year to do this, either. Keep an eye on the data points throughout the year, and don’t make decisions without consulting that information. Remember, data never lies.

Set new goals for 2021

When it comes to setting goals for business success, having data to analyze past performance will come in handy. Look at what worked, what didn’t, and where you still want to go. This will help you lay out your goals.

Setting goals for your business can get a little overwhelming, so here are a few things to help you get started:

• Separate goals by long and short term
• Make sure your goals are realistic and can be measured
• Use previous data to set goals
• Share your goals with your team for accountability
• Set goals that build on each other and have a separate deadline for each one

Taking the time to analyze and write out your goals will not only help you track your success, but will set an expectation for your team regarding the direction you want your business to go.

Remain flexible

In 2020, there was a lot of talk about pivoting and remaining flexible. Many contractors were forced to change business models and restructure operations. These changes helped them stay open, meet government guidelines, protect employees, and continue making money.

Even the most hands-on industries turned to virtual technology. For example, moving companies started completing estimates via video call instead of through in-home visits.

The ability to innovate depends on several factors:

• The flexibility of employees for filling new roles
• The availability of capital that can be allocated to a new purpose
• The creativity of business owners and managers
• The willingness of customers to try something new

No matter the circumstances, it’s important to always have a back-up plan in place to ensure business continuity during unexpected times. Listen to your customers, keep your employees informed, and don’t be afraid to pivot.

Prioritize customer satisfaction

Customer satisfaction should be at the heart of your goals and priorities every year. When your customers are happy, your business is more likely to succeed.

Statistics show that 1 in 3 customers will leave a brand they love after just one bad experience. That means 33% of the time, you have one shot to get it right the first time.

Surveying your prospects and customers during all stages of the sales cycle and throughout a project can give you insight into your business processes and employee performances. Asking for this feedback and making adjustments accordingly can help you to improve customer satisfaction and give your business the extra boost it needs to see growth.

Boost business success with GuildQuality

GuildQuality provides you with the ability to customize surveys, giving you the exact feedback you want and need. With an average customer response rate of 60%, you can build your online presence, improve customer satisfaction, and ensure business success in 2021. Get started with your free trial today!