Most tech companies have been affected by the pandemic in 2020, just like in other industries. Businesses have had to adapt quickly and fit into the new normal as they try to find a sweet spot to build resilience and stay afloat. 2020 has been a year of adaptation. Companies have tried to build resilience by adopting new ways of doing things, like switching to remote working and utilizing various software meant to make the process easier. Come 2021, tech companies will also need to employ new strategies and set new goals to not only stay afloat but grow as well.

For owners of tech companies, here are the different ways you can help your tech company to grow in 2021.

Focus on Business Resilience

Business resilience is the most important thing that any business has been focusing on during covid-19. But it shouldn't end there. Tech companies should also fight for resilience in 2021, just like they did in 2020. Business resilience will not only help your tech company continue to run but also creates an opportunity to have an open mind and capitalize on any new emerging opportunities that come your way. For instance, Google and Microsoft have this year focused more on polishing their remote working software products, Google Workspace, and Microsoft Teams to suit the urgent need for such software by the now stuck at-home workers.

Seeking Funding

Investor funding is also a great way of growing your tech company to the next level. It's no secret that in 2020, many industries have been hit hard thanks to stay-at-home orders occasioned by the pandemic. As such, not-so-many companies have enough cash to fund their growth prospects come 2021. But you can help your tech company to grow by seeking funding for both working capital and to invest in different growth strategies. Having free cash flow as a tech company is very useful, especially in an industry where continuous innovation is key to staying in business. Free cash flow ensures you have the money to invest in your growth as a business. Cash flow can help you fund the backbone of your business operations whether you're in the software or hardware business or both, like research and development, training your employees, acquiring new assets, and inventory.

Through Strategic Partnerships, Acquisitions, and Mergers

As a tech founder, you can also grow your company through strategic partnerships with other businesses, and via mergers and acquisitions. What's the importance of mergers and acquisitions, you ask? Two main reasons companies merge and acquire others is to boost their own business and grow as well as to fend off competition.

Before you think of acquiring another tech startup to stay on the safe side, have a clear strategy on how you're going to integrate the two properly. Strategic partnerships, if well thought out, can also help grow your tech company. They involve partnering with a company that doesn't directly compete with your firm. A classic example of a strategic partnership includes the Uber & Spotify agreement or the BMW & Louis Vuitton pact.

Outsourcing Skills

As a business, there's a minimal chance that you can be able to do every single thing that needs to be done. Sure, the traditional way of doing things is by hiring individuals to run the finance department, sales, and marketing department, and any other sections essential for any business's day-to-day activities. But you don't necessarily have to do that. Instead of paying a premium to hire full-time employees, you can start outsourcing other professional workers' skills on a contractual basis. Outsourcing is cost-effective as you won't have to pay for medical insurance and 401k that a full-time employee is obligated to be paid. You can outsource other professionals to handle some business tasks that don't need you to have a full-time employee but are essential to your everyday business activities. Outsourcing lets businesses focus on what they do best, fine-tuning their products or services, and leave the rest tasks for other professionals.

Conclusion

The pandemic has hit hard different industries this year. Going into 2021, growing any business will need strategic approaches. For tech founders, you can grow your business by focusing on building resilience first, seeking funding to have cash flow invested in growth, partnering with other businesses, or acquiring competition and outsourcing skills.