Chances are, the business goals you have today are somewhat different from what they were heading into 2020. So much has changed so far this year that your biggest challenges and opportunities probably have, too.
We asked business owners what their top priority is for the second half of 2020 and whether the events of recent months have prompted them to shift focus. Here’s how they responded:
Increase online revenue
As a full-service recording studio and audio engineering/music production school, we’ve been closed for the past few months and had to do a major pivot to keep our business alive. We have developed several new revenue streams by offering online services and have moved all of our classes online. Our goal is to have 60% of our revenue coming from online services by the end of 2020 and 75%-80% within the next two years.
—Samori Coles, founder, Lil’ Drummaboy Recordings, Philadelphia
Diversify client base
Prior to COVID-19, my goal for my digital marketing firm was to double monthly recurring revenue by the end of 2020. Unfortunately, I had clients in industries that were hit so hard by the pandemic, they could no longer afford marketing services. (My portfolio has been heavily weighted in the restaurant industry.) So, I’m now trying to actively pursue clients in other industries like e-commerce and software-as-a-service (SaaS). Being involved in different industries will help bring more stability to my business.
—David Kranker, owner, David Kranker Creative, Grand Rapids, Michigan
Build out ancillary services
I own a wedding and event planning company that already had 10 weddings scheduled heading into 2020. My original goal was to plan at least one corporate event on top of those. Now that gatherings are being canceled or rescheduled, my goal has totally changed. We have always offered social media management as an add-on service and are seeing many requests for support in this area. So I’m now focused on growing the social media management side of our business and offering it to agencies that need help.
—Feyisola Ogunfemi, owner, Statuesque Events, Beltsville, Maryland
Expand virtual services and awareness
As a licensed psychologist and couples therapy provider, my goals have definitely been affected by the COVID-19 crisis. While I have seen an influx in clients, the reality is that many clients now prefer virtual interaction from home. So, for the rest of 2020, my top goal is to increase awareness of the ability to receive mental health services virtually.
—Dr. Laura Louis, CEO, Atlanta Couple Therapy, Atlanta
Grow the email marketing list
My top goal for the rest of 2020 is to double the size of my email list, from about 40,000 to 80,000. The COVID-19 crisis has actually made this goal easier to accomplish because advertising prices are lower. Most online advertising platforms operate in an auction style, so with fewer people advertising online, fewer people are bidding against me. Since I build my email list primarily through online ads, now is the time to double down and make it happen.
—James Pollard, founder, The Advisor Coach, Claymont, Delaware
Survive—and care for employees
All of the plans I originally laid out for my immigration law firm this year have needed to change. Due to the pandemic and the effects it’s had on my business, I just want to make sure that my company survives and that I can still take good care of my employees. I need to take care of my employees because they keep my company running and I owe it all to them. I believe that will help not only the company, but everyone, to survive this crisis.
—Jacob Sapochnick, founder, Law Offices of Jacob Sapochnick, San Diego
What’s your top priority for the rest of 2020? Share your perspective in the comments section below.Print this article