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Education
StreetSmarts SM
Help for the ecommerce crunch
By Marc Beauchamp had occurred in how consumers shop and in the ways
Bankcard Life businesses function. We will see what the future holds
once the vaccines take effect and people start to return to
ell, it's that time again: we are about to close normal routines.
out another year and receive a blank slate Strategize for 2021
providing the opportunity to begin again.
W I can't say I've ever experienced a year like What I'd like to do now is delve into how your year went
this one. Have you? Who would have thought a virus and what you're going to do to improve your results in
could bring the world to its knees like this one did? 2021.
As I dealt with this crisis in my own business and It's often said that the past holds the key to the future.
communicated with others in the industry, I was struck I believe it's valuable to take an unbiased look back to
by contrasting ways in which various ISOs and merchant determine whether your strategy and tactics need to be
level salespeople (MLSs) handled this challenge. Some fine-tuned. What may have worked before may not work
adapted quickly and prospered; others were paralyzed in the future. Remember, there is no such thing as failure,
with fear or stuck trying to decide how to respond. Many but there are results. If you've experienced a result you
MLSs watched as their seemingly low-risk brick-and- want to avoid in the future, this is the time to recognize
mortar businesses shut their doors while ecommerce that change needs to happen.
merchants hit record volumes.
I know it's a challenge to make time for strategic thinking,
As the year progressed, I was amazed at how resilient but I promise if you set aside just a few hours, your return
and creative we are as an industry and the ability for on investment will be considerable. Don't shortchange
small and midsize businesses (SMBs) to adapt to this new yourself or your company. Commit the time to review the
and fluctuating environment. No doubt a seismic shift past year and create a vision of what your new year is
going to look like.
Remember, there is no such thing Start with the following probing questions about the past
year:
as failure, but there are results.
If you've experienced a result you • What were your major accomplishments in 2020?
want to avoid in the future, this • What was your greatest win for the year?
is the time to recognize that • What did you want to accomplish that you didn't
change needs to happen. accomplish? Do you still want to do this?
• What were the biggest challenges faced?
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