This has been a challenging year for businesses around the world, and the fight for survival has never been more critical.
2021 may see a brighter future on the horizon, but by no means will it be plain sailing for businesses in any industry as competition grows fiercer. And all the while, many enterprises seek not merely to survive but to grow, develop and reach new heights.
This article explores just three avenues of growth that can help your business to survive and thrive over the next twelve months.
Diversification is a great way to adapt your business, remain relevant and stand out from the competition, but it is a step that requires careful consideration.
Rather than blindly lunging to corner a new market, seek feedback from your existing customers and find out what products and services they would be interested in. This can be done via email surveys, onsite feedback forms and social media polling.
Responding to the needs of your customers in this way is a much more effective means of growth that fulfils an existing demand.
2. Develop your marketing strategy
Marketing is an ever-changing sector that has been transformed by the meteoric rise of the internet over the past few decades.
And this year in particular has seen a vast increase in users shopping online. This has in part been due to the closure of non-essential shops in lockdown, but equally, as users have spent more time online, they have had greater exposure to digital advertising.
The latter is something that many small businesses shy away from but it can have a significant impact on site traffic, consumer interest and most importantly, sales. There are a number of ways to introduce digital advertising into your marketing strategy, from paid search advertising to growing your social media profile. All of these online tools are invaluable in a world which is increasingly dependent upon ecommerce.
3. Go international
Globalisation brings a wealth of opportunities for businesses like yours, and whilst it is an ambitious step, it is one that could open the door to a prosperous future.
Citizenship by investment schemes like Portugal’s Golden Visa program are a godsend for businesses looking to expand to international markets. Eligible investments start from around €350,000 on the Portuguese property market, and with the rise of opportunities like Airbnb, residential properties can easily be transformed into commercial ventures. Check out Property Lisbon for an incredible selection of qualifying properties.
Portugal’s EU membership also opens up a wealth of businesses opportunities, granting Golden Visa holders the right to travel freely between the Schengen states, as well as the right to work and trade in these countries.
This is, of course, just one way to capitalise on globalisation, and while it may seem ambitious to tackle international markets in today’s difficult economy, bear in mind that these diverse opportunities could be secret to unlocking the next chapter of your business adventure.
Whatever you decide, we wish you the best of luck in your 2021 business ventures!