• Legal Escrow & Arbitration Services Ltd.

    Escrow news

5 Business New Year’s Resolutions for 2021

Posted on by admin

Most of us choose to make some sort of new year’s resolutions or goals in January to set ourselves up for the year ahead. It could be getting fit or eating healthier, saving more money, or going on that holiday you’ve always dreamt of.

new year goals

Unfortunately, it’s possible that many of our goals and resolutions for 2020 were thrown out of the window by the COVID-19 pandemic – especially in a business sense. After the year we’ve just had, taking back the control in 2021 and setting out some good intentions early is probably high on every business owner’s list.

So, what new year’s resolutions might you make for your business in order to get the best out of 2021?

Review your plans and goals for 2020

A good place to start is to reflect on what you didn’t get round to achieving, or what changed in 2020. Depending on your business, everything you’d planned for the year may have been totally turned upside down. Could you pick up any of these abandoned goals in 2021? Will the way in which your business had to adapt in 2020 influence the way you go into this year?

Do this exercise before planning any resolutions and goals for 2021 to put yourself in the best headspace for creating the perfect strategy for the next 12 months.

Be flexible

That being said, who knows what 2021 will bring? Of course, we all hope that we will begin to see some normality for our businesses, with a future of plain sailing. However, if 2020 has taught us anything, it’s that we cannot solidify how we do business. We can plan ahead all we like but ultimately, in 2021, businesses must be nimble and ready to change tact at the drop of a hat.

Be prepared for the unexpected and make sure your contingency plans are solid. Model as many scenarios that could affect your business as possible and think about how you would buffer the financial impact.

Support other businesses

In 2020, there was certainly a consumer shift to support small/local business. People became much more conscious of where they were spending money and, particularly around Christmas, shopping small became a focus for many in order to try and help soften the blows that many businesses felt throughout the year. As a business owner, you may support and preach the importance of supporting small/local businesses, but it can be hard to remember to practice yourself to your fellow businesses.

Whatever position you are in, set yourself the intention to help others in a similar situation as much as possible. This could be simply buying coffee and cake from your local cafe for your team on a Friday morning, showcasing some of your favourite small businesses to your following on social media, or swapping your large office supplies company for a smaller one. Whatever it may be, make an effort to shop small.

Perfect remote working

Many businesses that had never had to implement remote working before were suddenly forced to in 2020. They may have muddled by, finding their feet along the way, but remote working is unlikely to be going anywhere for a while. We might as well spend some time getting it right in 2021.

Last year shone the spotlight on so many remote working platforms that exist to make it smoother and more efficient. You should make sure that you are nailing the right instant messaging platform for your team to communicate, the perfect schedule of weekly meetings and catch-ups, and making sure your team has what they need to comfortably carry out their day’s work at home. Remote company culture needs to be a priority, so make it work for you.

Implement cybersecurity protocols

If cybersecurity has never really been a focus for your business, make 2021 the year where you begin to care. If your company experiences a breach, it could lead to major losses. That’s the last thing you need if you are getting back on your feet throughout 2021. Protection is paramount, so ensure that you are implementing robust enough protocols.

If you just take one step towards a more secure business in 2021, let it be SaaS Escrow. If you rely on a third-party software provider to keep your business going, then what happens if they go out of business? The pandemic has put thousands of businesses in a vulnerable position. Whilst you may be going into 2021 feeling strong, other businesses you rely on may not. You can never be too careful. With SaaS Escrow, AccessAssure independently monitors your software provider’s financial position, triggering a cascade of events should anomalies arise. It leaves your cloud-based software accessible for at least three months of business continuity.

We’ve had enough of nasty surprises. Make 2021 the year of protecting your business from anymore disruption. We offer favourable terms or deferred payments on escrow provision. Just give us a call today on 0800 456 1115 to discuss further.

Share it now!