Dec 21, 2020
The coming year brings many unknowns for businesses small and large, and everything in between. That’s why having a business plan is more important now than ever. Read on to learn the top reasons to secure your business with a plan in 2021 and beyond!
Whether it’s a startup or an established business, a roadmap acts as your guide. Last year, 50% of businesses surveyed by OutboundEngine did not have a business plan. It’s essential to know what you want to accomplish, plan for the unknowns, develop a strategy and keep a scorecard (for tracking). If “Expect the Unexpected” was 2020’s theme, being prepared and following through would be the antidotes.
Identify Strengths & Weaknesses
This is the part where you completely embrace reality. Don’t sell yourself short! Develop your business plan based on existing conditions via a thorough analysis including strengths and weaknesses (which may have already been exposed organically thanks to COVID-19). This will help determine new opportunities and existing threats. Are there any opportunities for additional, revised or new funding in 2021, for example? Don’t forget to include your stakeholders to help you get the full picture.
Structure, Run & Grow
A written plan helps business owners structure (or re-structure), run and grow their businesses. By involving stakeholders and even department heads, managers and other key employees, it allows for a fresh look so things don’t become stagnant. Plus, everyone will be more invested in the plan. Together, figure out what you want to accomplish. Things to consider: sales, expansion, profits, geographical footprint, fuel increases, wage increases, banking issues, additional equipment for remote workers and more.
COVID-19 seemingly brings nothing but unknowns, so don’t leave any thought or idea unspoken. Build a cash reserve (if you haven’t already) and don’t count on stimulus money or other bailouts. It’s always been a good idea to have a rainy-day fund, now even more than ever!
Plan for the Future
With all of this planning that will lead to preparedness and wise decisions, your business can now be seen as a powerhouse. And, as the economy recovers, your business will be in a great position; it will be set up to attract the right people to help you take things to the next level (think funders, investors, new partners, etc.). Don’t discount the power of planning, even during a pandemic!Whether you make it a lean, one-page business plan or a longer, more traditional business plan, don’t forget those often overlooked areas such as securing your assets, employee and customer safety, and theft (internal and external). Don’t just think it out, write your business plan down, and get started right away! For a free consultation to find out how we can help you secure your business, click here.