Rebuilding your brand power can be a long and arduous journey. The coronavirus pandemic has created the need for virtually all businesses to rebuild their consumer base from the ground up, and your brand is likely affected as well. But revamping your brand and its financial stability is a routine task for business enterprises, and it doesn’t have to be a long slog through panic and uncertainty. Utilizing these tips for creating a firmer financial standing is a great place to start. You must do your homework in order to build a long term vision and strategy, and then execute your plan to perfection.
Start with a goal-setting framework.
Goal setting is a natural starting point because it’s an integral piece of business planning, both in the short and long term. Getting an OKR coach certification is a great way to enhance your goal setting structure and improve on your company’s deliverables at the same time. OKR frameworks take objectives and key results as separate entities and then work to develop a series of short term outcomes that advance the overall objectives that your brand is working toward. These planning structures are used by the likes of Google to advance the giant’s branding and corporate mission, and it can be a powerful tool in your arsenal as well.
This framework starts with a series of overarching objectives. You might want to increase sales by 10% or expand to three new cities with your marketing and sales teams. Whatever your pathway to success, identifying achievable goals and setting out your corporate strategy for meeting them is the best way to create momentum within the company and for your brand among the public as well. Once you have fleshed out these main goals, your team will be better prepared to execute on the things that matter most to rebuilding your brand’s market capitalization and expanding upon its share.
The second phase of the OKR planning circuit is to identify five to six key results per objective. These are measurable milestones along the pathway to achieving the overall goals set in the first phase. If you wanted to increase sales by 10% next quarter, you would need to measure your progress each month to see if you’re meeting the goal. The primary benefit of an OKR strategy is its constant accountability. You have the ability to shift gears midstream because your team will be constantly reporting back its progress toward each key result and siloed objective. With this increased visibility, your team will work better together and own a higher degree of accountability. OKRs are great for instilling teamwork and productivity among businesses as a result.
Outsource your accounting department for better cash flow.
Whether your company is looking to understand the TFSA limit 2020 or searching for tax implications on reporting major losses for the fiscal year, outsourcing your accounting functions is a great way to save money and net reliable and professional CPA services at the same time.
Hiring out for an e-commerce CPA that specializes in the structural changes that have befallen your business as a result of the pandemic is the perfect way to analyze your current financial situation and create a strong plan for growth going into the new year. Outsourcing this crucial role will save your company an all-important measure of cash because in house accountants cost a pretty penny. It will also ensure that you’re receiving impartial and professional help to balance your budget, track changes in expenditures, and plan for an uptick or negative spike in sales well in advance.
E-commerce CPAs also specialize in the type of accounting work that many businesses have had to transition into during the spreading pandemic. As more shoppers shift their purchases to online-only storefronts, more and more businesses are offering a wider range of products and services from a distance through the digital space. This can be a challenge for those who didn’t already offer this level of distanced service, and keeping track of the new interactions can prove a headache for those working on the books themselves. Small businesses are especially vulnerable to these issues and benefit the most from outsourced accounting work. By relying on a professional, you can take this highly technical work off your own desk and focus on the branding concerns that are burning a hole in your head.
Hire digital marketing experts.
Similarly, hiring a professional web design or SEO firm to incorporate some of the latest marketing trends into your new brand awareness campaign is a great idea for growing your footprint organically and quickly. Taking advantage of the digital trends that are making waves in the community is a great way to increase your branding power as we head toward 2021. With the end of this demanding and exhausting year fast approaching, we’re eagerly awaiting the rollout of mass vaccinations that will return life to a semblance of normality. This means that your business stands on the precipice of increased digital traffic and traditional purchasing interactions alike. Creating buzz today with the help of a digital media firm will help you convert more sales and build your branding in the short term, but it will also help drive traffic to your business at an increasing rate in the year to come and beyond.
Building your brand can feel like an incredible challenge after the year we’ve all struggled through, but your brand must survive the next few months in order to continue providing you with your dream job. Working for yourself and your own personal financial freedom is the dream of millions of people all across the world. Fighting for your brand means making sacrifices, but it also means benefitting from smart decision-making and strategizing for the future. Identify areas that will help you grow over the long term in order to take advantage of them today. Rebuilding now will be difficult, certainly, but it will be worth it when you and your business arrive at the other end of the pandemic’s lockdowns and shocks to public health and wellbeing. Take steps today to secure your business’ future.
