Launching a business can be a fraught process no matter when you decide to do it; however, the year 2020 has made things particularly challenging for many companies and industries. That being said, if you’ve been planning a business launch for several years and had your heart set on a 2020 launch, you can still find success, even in such uncertain times.
Ultimately, the core of your business launch will stay the same, even with a 2020 launch. Even so, you may want to take this time to reflect on a few different components of your business as a way to ensure that you’re ready to open in the midst of a global pandemic. Here are five tips for a successful launch in 2020 and beyond.
Clearly aligning your team to different goals is crucial.
With working from home being the new normal, it can be challenging to keep your team members on the same page. After all, many people have even moved back in with older family members as a way of helping out, meaning that some workers aren’t even in the same time zone that they normally would be. All of this makes it more important than ever to have a clear business strategy and communicate to your employees where their work fits in with that strategy.
Thankfully, there are software solutions that help facilitate this sort of organization for you. For example, if your business uses the OKR method to drive and plan objectives and key results, you may want to look into getting Workboard. Workboard makes it easier than ever to visualize your strategic priorities and comes with a variety of analytical tools that make measuring data and understanding risk so much simpler. The end result is a unified workforce regardless of where they work.
Funnel more money into social media marketing.
Social media usage has increased a staggering amount during quarantine measures, which means that you have an even larger captive audience online than you were probably initially planning for. Beyond that, many business experts agree that the quarantine has accelerated online shopping behavior by several years. This means that more people than ever are comfortable using the internet to shop for products and services they’d otherwise look to a brick and mortar store to get. As such, the time is ripe for you to spend more money on your digital marketing since the prospective ROI has never been higher.
Explore ways to make your business COVID-compliant.
If part of your business launch does involve a physical presence, you’ll want to read up on CDC guidance (as well as state and local guidance) on how to ensure you’re in cooperation with regulations about the way you do business. Even though this sounds like a logistical nightmare, many companies have found success pivoting to contactless delivery and curbside pickup. Take a look at what similar businesses in your field are doing and you might be surprised with how simple it is to stay COVID-compliant and keep your customers and employees safe.
Brush up on your tax law.
2020 is an election year, which means there could be a wide swath of governmental changes coming your way. Just to be safe, it never hurts to review your business tax compliance and get a better understanding from a tax expert about what sorts of regulations your small business needs to abide by. Forging this kind of relationship with a CPA now can save you a headache later in the year if there are sweeping economic reforms and you need to ensure you’re managing your finances properly.
See if you can secure additional funding.
If COVID-19 has illustrated anything, it’s the need for an emergency or rainy day fund. If you can secure additional funding from investors or the Small Business Association, it’s a good idea to do so. It never hurts to have a larger contingency fund, and even if you don’t tap into it now, it could be useful in the future.