Small companies are slowly adapting to new challenges in their business environment because of the COVID-19 pandemic. They have no option, but they follow the statutory guidelines of what their government issue in this scenario. Almost all of them have to deal with serious disruptions in the vital supply chains. They cannot deliver the service or make the products their customers demand on time. Some companies even have shut down their offices for a considerable period during the lockdowns. Many of them let their employees work from the comforts of their homes to discharge their responsibilities and maintain social distancing.
Steven Fisackerly – Business ideas small companies are likely to implement in 2021
Steven Fisackerly is a retiree and business expert living in Long Island, New York. He enjoys studying, analyzing, and predicting emerging economic trends around the globe.
He says that all small companies are resilient and know that their business environment will change in 2021. They are re-thinking, formulating, strategizing, and revamping their commercial operations in response to the COVID-19 challenges. Some corporate enterprises are planning to venture into relatively new and lucrative sectors of the economy. In doing so, the companies are implementing their new business ideas while keeping in mind the following factors:
- The products or services they conceive has to give them the competitive edge over their rivals,
- Their pricing policy has to be reasonable and according to the purchasing power of their customers, and
- The products or services they sell in the market have to be of high-quality.
The business ideas small companies assume will be successful enough to generate lucrative profits in 2021 are:
- Dropshipping where they operate e-commerce website to fulfill their online customers’ demands without incurring inventory costs,
- Translation services where their multilingual employees interpret vital documents and information from one language to another,
- Online teaching in the areas of conducting school tutoring, music, fitness and life coaching sessions,
- Virtual assistant services where they provide remote services to other businesses in website maintenance, blog writing or digital marketing,
- Homecare service providers to meet the basic needs of housebound elderly and invalid people,
- Lawn care service providers to affluent homeowners who find gardening tedious and time-consuming,
- App development as the number of people around the world owning smartphone grows exponentially,
- Medical courier service providers delivering prescription medicines to sick people who cannot go to a pharmacy,
- Online bookkeeping and accounting services using the latest technology to maintain financial records of other businesses,
- Cybersecurity audit services where they evaluate the vulnerability of other businesses’ computer systems to data breaches,
- Real estate agency services as the number of people looking for their dream homes on a tight budget is growing, and
- Consultancy services where they provide useful suggestions to customers in areas like communication, social media, or digital marketing
Steven Fisackerly concludes by saying small companies can thrive in 2021 regardless of what industrial sector they operate in. They just need to adapt to the changes of the post-COVID-19 business scenario. In doing so, the companies need to be aware of the challenges they face and manage them with confidence to use the new opportunities that are emerging since the outbreak of the globe Pandemic.