The year 2020 has been a long and overwhelming ride. While the entire world was shut down, many businesses were forced to rethink how they conduct business. However, the pandemic is not over and the true impact of the events in 2020 is likely to reach far beyond this year. As we transition our mindset out of this historical time, we begin to plan for 2021. We can start by taking everything we have learned this past year and condensing it into a business strategy for the next.
Strategies to start planning for 2021
- Reflect on the year 2020 – A reflection on the year 2020 might seem painful, but it is necessary to evaluate how your business may be exposed in the future. Understanding that to be qualified as an essential business has never been more imperative to your business strategies. You may want to ask yourself: Is my business in the right location? How can I adapt if the production of my goods/services gets delayed? How can I support my staff in crucial times?
- Define your goals – Any good plan must start with a goal in mind. Start your 2021 business planning by outlining your short-term, mid-term, and long-term goals. Once those are established, consider how you will measure their success.
- Evaluate your team internally – Your employees are your biggest expense and your most important asset. As you develop your business plan, be sure to take a moment to reflect on your team. Ask yourself: Will I need to add to staff to achieve my goals? Will skills need to be updated? Do I feel confident that employee retention or recruitment is in a positive place?
- Revisit your relationship with your vendors – It’s best to revisit your relationships with your vendors and analyze your supply chain. Especially in the aftermath of the pandemic and the economic challenges it brought, an audit and cost review of your vendors can be a key step into optimizing your business costs and workflows.
- Plan for more or less equipment – As you outline your next fiscal year, be sure to evaluate your organization’s equipment inventory. You’ll want to ask: Does my business need an equipment purchase to reach its objectives next year? Does the existing equipment run efficiently and safely, or does it need updating/replacing? Am I overspending on my capital assets? Has my business changed or decreased, leaving me equipment underutilized?
- Set benchmarks timelines – Once you draft a business plan, it’s essential to set timelines to reach your benchmarks. These could be reviewed month-over-month, quarter-over-quarter, or year-over-year. Measuring your success from more than one lens will allow you to gain a deep understanding of your operations.
2020 has changed the way we plan in all aspects of life. It is important to learn from the past and prepare for the future. At Spring-Green we have a network of business experts as well as a bevy of tools to help our Franchise Owner plan, analyze, and strategize for the future. We help our Franchise Owners understand their goals and track their successes. If you want to learn more about how our dedicated Business Consultants help our Franchise Owners prepare for the future, follow the link below.