By Ervin Hall, Profection Advisors

The fact is that we really don’t know precisely what the business environment will be like in 2021.  But there is a lot we do know and should be able to extrapolate to develop a plan to anticipate what business you may be facing. 

What do we know?

1. There is a vaccine for the covid virus.

2. It will take six to nine months to get the vaccine to most Americans

3. There will still be a need for most of the new year to practice and to maintain virus safety protocols

4. There will be economic impacts to both small businesses and to individual families

• But there is still a significant consumer base that was not impacted economically
  • Who are they, where are they
  • Is there opportunity to market strategically to them?

5. The new normal is to be determined

• Not all businesses will survive through to 2021
• A number of consumer households will face economic hardships
• It will take time to get back to a full new normal

So what do small businesses need to do now?

The first thing is to communicate, communicate, communicate

• Now – you should be touching base with your customers to let them know that you are open and ready for their business.  The communication should also express a hope that they are doing well
• If you have added any new virus related protocols, your customers should know what you are doing to help them to stay safe

What to do in 2021

• Early 2021 – you need to be communicating that you are open for business – this is important because some of your competitors may no longer be in business
• Set a priority to get you and your staff fully immunized
  • Once your business is fully immunized – that is a good message for your customers to hear
• Need to assess the business climate and direct your efforts toward consumers who are in the market for goods and services
  • Are home sales still hot?
    • That has implications for all types of goods and services
  • Are interest rates still low?
    • That gives consumers more purchasing power
  • What is the consumer confidence level?
  • How is your on-line access and website
    • Can your customers purchase on line?
      • If not why not set up a process where appropriate
  • What industries were least impacted by layoffs?
    • Government workers
    • Medical related personnel
    • Teachers
    • Public transportation
    • Possibly real estate if housing sales are still hot
    • Banking potentially if refinance is still hot
    • Pharma related businesses and employees
    • Food supply related business
    • Social service workers
    • Major corporations by and large
    • Etc.
      • How can your business serve these consumer groups?
• How ethnically diverse is your customer base
  • What is the opportunity to expand the customer base
    • Where are the business communities that have been hard hit and are there opportunities to capture share?
      • There will be underserved communities needing services in 2021

The fact is that there will be business done in 2021.  You may have to be a little more creative and or be willing to expand your outreach to consumers who have the means and the desire to purchase the kinds of services you offer.  You may need to adjust your business offers to appeal to a broader consumer audience than you have been traditionally serving. 

Bucks County is a very attractive place to visit and to shop.  There will be opportunities to bring more consumers to the area, but it may take some out of the box thinking and efforts to do so.