In Search of a Bottom-Line Boost for 2021? Try These Strategies

As one of the most tumultuous economic and entrepreneurial years in memory, it’s important to take stock of what 2020 was. For some leaders, it was a year defined by holding on; for others, it was a time of adapting to new norms — either by choice or necessity.

Some businesses, unfortunately, didn’t fall into either bucket. According to the Yelp.com “Local Economic Impact Report,” more than 104,000 businesses marked themselves as temporarily closed at the beginning of the pandemic. When the report published in late June, about 41% of those closures were permanent.

As the calendar turns to 2021, those companies still standing will need to solidify their bottom lines to give themselves the runway to get through the next year. For entrepreneurs, decision makers, C-suite members, and business leaders, growing earnings in 2021 will be paramount.

Here are a few ways they can make it happen:

1. Keep branding consistent across every platform. For consumers, no surprise is the best surprise. Having the products they want from the brands they know in a manner and voice they’re comfortable with can make consumers feel all warm and fuzzy inside — so much so that a Lucidpress study found that brand consistency boosts revenue by 33%.

   To that end, make sure your brand’s experience, voice, and overall presentation stay the same regardless of channel. Whether the interaction is in-person, via an online store, or through social media, consistency is critical, according to Caroline Jerome, the chief creative officer of marketing and branding firm TBGA.

   “Always sweat the details because it shows you care,” Jerome said. “When brand image and design are applied consistently and creatively across channels, it says that you take pride in your work. It establishes credibility. It shows focus. It builds trust. Because it comes down to whether or not customers believe you are capable and whether you care.”

   When customers know what to expect, it tells them that their expectations matter. Keep your branding consistent, and your customers will keep you in mind.

2. Connect with conscious consumers. Corporate values earn that distinction for a reason. Committing to a cause shows customers that a company is willing to stand behind more than just a product or service. That sort of conviction resonates with consumers; 70% of them hope their preferred brands support social and environmental causes, while 46% of them look at a brand’s values before buying a product.

   These buyers, the ones who gravitate toward brands guided by purpose and value, are certainly worth pursuing — but only if your company continues to build social consciousness into its foundation in 2021. Authenticity (or lack thereof) is easy to suss out for potential customers, so make sure the causes you claim and tout aren’t just window dressing.

   Once you’ve homed in on a set number of corporate initiatives, highlight them every chance you get. Spotlight them on your website, post them across all your social platforms, and connect them to how your company operates and quantifies success. Be sure to also hype those victories! If you’ve done good, don’t be shy about sharing it.

   When customers see the reverence with which you hold these values, they’ll feel invested in your company’s pursuits — for social good and improved bottom line.

3. Take care of your people. Employees are the driving force behind your business’s day-to-day operations. When you invest in and care for them, they take that support and apply it to their production. And with some employees likely to at least begin 2021 working remotely, companies must continue to take care of those workers.

   For one, it can help improve retention and engagement. When companies provide their employees the support, resources, and training they need to do their jobs effectively, team members want to stay on board. In fact, research has found that 40% of employees who feel they don’t get sufficient training within their jobs leave within one year.

   Considering the Society for Human Resource Management estimates it costs an average of $4,125 to onboard a new employee, taking care of your current team is an investment in your company’s short- and long-term progression. Provide employees regular access to professional development opportunities, encourage them to prioritize their mental health, and routinely check in with them to gauge how they’re progressing in their day-to-day roles. Take care of them, and they’ll take care of the company.

   Whether you’re leading a company looking to rebuild toward pre-pandemic norms or fronting a startup that is trying to find its place in the entrepreneurial landscape, one thing is for sure: money talks, and it can help your company walk in the coming year.

Establish consistent brand voice and service, spotlight your pursuits of social good, and take care of your employees this coming year. Though these aren’t the only strategies that will help boost your bottom line, they’re a good start and can help solidify your financial foundation for 2021 (and hopefully beyond).

This report/news/ranking/statistics has been prepared only for general guidance on matters of interest and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, CEOWORLD magazine does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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