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The new normal has made a profound effect on all aspects of society. As we have been forced to shift gears in business, we need to keep thinking of effective strategies to adapt to our constantly changing circumstances. While physical stores might still be around in the near future, it is important to consider digital options. How can we best prepare for doing business in 2021?

Recovery Initiatives

According to the Department of Trade and Industry (DTI), a new proposal was made to increase financial support for micro, small, and medium enterprises from PHP 1.5 billion to PHP3 billion in 2021. With the help of Bayanihan 2, more recovery programs are in the pipeline for local businesses.

Necessary Pivoting

Pivoting requires identifying existing problems in your business and adapting to the changing environment. Open your mind to new possibilities. A limited perspective will also lead to limited success. So it is always best to explore new and exciting ways of doing things so that your business can continue to grow.

Always Deliver

All products need to be delivered efficiently and safely: food, dry goods, or even essentials. Businesses must do their best to deliver, literally and figuratively. From Grab to Foodpanda, bigger corporations are finding ways to reach out to struggling businesses to keep everyone afloat. Even newer businesses are using third party services to keep their finances stable.

Despite the challenges of 2020, there are still many opportunities for success in the coming year. The future might seem like a mystery for now but if you open your mind and you are ready to adapt your business to different changes, you will be better equipped to face any uncertainty.

 

References:

  • Crismundo, K. (2020, September 28). DTI proposes to double microfinancing fund for 2021. Philippine News Agency. Retrieved December 1, 2020, from https://www.pna.gov.ph/articles/1116844
  • Sheldon, P. (2020, November 5). 5 predictions: How things will change for retailers in 2021. Digital Commerce 360. Retrieved December 1, 2020, from https://www.digitalcommerce360.com/2020/11/05/5-predictions-how-things-will-change-for-retailers-in-2021/
  • Tambal, N. (2020, June 18). The Great Pivot: Why MSMEs Must Shift Gears Amid the COVID-19 Crisis. Team Asia. Retrieved December 1, 2020, from https://www.teamasia.com/the-great-pivot-why-msmes-must-shift-gears-amid-the-covid-19-crisis/