As we look toward 2021, we see signs of hope for those businesses that suffered the most in 2020: hospitality and tourism. For the business that saw decent profits in 2020, the coming year should be an opportunity to grow and see enhanced profitability.
For all, though, no results are guaranteed. Diligent effort and hard work will always, in our experience, bring the best results.
Here are five questions that can help you focus your business in Hawaii in 2021:
- Are your supply chains reliable? There is nothing worse in Hawaii than having orders but no ability to fulfill them. At Kona Impact, we have some orders for supplies that have been back-ordered since July. I know of one company that has everything to make some money except one small critical part for their machines. Inventory and parts will be a challenge in 2021 in Hawaii due to the pandemic’s lingering effects. Keeping extra inventory and spare parts in stock will be a positive business strategy.
- Are you reaching out to your customer list? Many businesses have tens, hundreds and even thousands of existing customer that can become a source of easy income. Reach out with email and regular mail to your customer database. These are what we at Kona Impact like to call the “low hanging fruit of marketing”. Easy pickings!
- Are you connecting to new residents and new businesses? Kona, Hawaii, has a considerable number of new residents and new companies a year. We studied new business numbers a few years ago and found hundreds of new businesses in Kona a year. If you are a consumer-focused business, develop a strategy to connect to the thousands of new island residents that arrive each year.
- Do you have a monthly action plan for the small things? One thing I like to do is to set January as my “start anew” month. Every day I go through my Inbox and unsubscribe to everything that is a distraction to my work. Getting rid of just 50 useless emails a month can save tens of hours a year. I also watch all expenses in January carefully and halt unused subscriptions to software or recurring orders. Saving just a few hundred dollars a month can add up to thousands a year.
- Can you think of two product or service additions to your business for 2021? Not all ideas are feasible, but growing your products and services can help a business pivot into new areas. When we started Kona Impact, we had five pillars of the business, and within a year, three of them were gone and replaced with three much more profitable pillars. Adding and subtracting to what you do is normal and expected for all businesses.