Revisit your plans to Re-energise Your Business
22nd June 2020
It’s always helpful to revisit your plans because, in reality, nothing ever really goes exactly the way we expect it to. And I don’t need to tell you that 2020 has been unusually extreme for this!
The question is – how are you going to fight back in 2020 and what does it mean for 2021 and how you look further ahead?
Dust off your documents and have a fresh look
We’re being called upon to look at everything with a fresh set of eyes and that is a good thing - whether it feels like it or not! This gives you the opportunity to breathe new life into things and try new ideas and approaches.
The first thing to look at are your customers…
- Has your ideal customer changed? You need to review this closely to ensure they’re still who you originally thought they were.
- Talk to your customers! We’ve all been going through this together, and your customers will have experienced their own challenges. How do the solutions you offer solve their problems now? Have their priorities changed, and with it their spending plans? Do you have new ideas for supporting them more?
- Refresh your sales pipeline. You need to be realistic, if the market has changed, so will the prospects who had been talking to you before lockdown. You may find that some who were likely to convert to customers have now had to change paths (this is particularly true for some technology businesses). While on the flip side, some who were unlikely may have been required to do a 180 and are now on your ‘hot list’.
Review your business plan
It’s always helpful to regularly review your business plan, but right now this is an absolute must!
You’ll need to consider...
- Are your goals for 2020 still valid and based on the current expectations of the market? For example, if you're in the business of providing booking software for hotels, will anyone be spending on this in the next 6-months? And do you need to update room and facilities availability to take account of restrictions?
- If your goals have changed (and even if not), the plans you have in place to meet them will need adjusting. Do you have the cash to invest in these new plans? Are the people you need to implement them in place? Maybe you use offshore talent – what position are they currently in with lockdown?
- If you’ve pivoted into a new market or a new way of working, how has this changed the game for you?What adjustments do you need to make to your business plan to ensure you’ll be competitive in this new market?
- If you have staff that have been furloughed, how do you plan to scale things back up again? You’ll also need to consider if they took holiday during this time, or do you now have a holiday backlog to account for?
- The reality is that COVID is not over, so you’ll need to have a plan in case your team is required to self-isolate or quarantine for a period of time. Are you ready for a second peak, if it should come?
With so much uncertainty over the last few months, it’s really helpful to involve your team as much as possible with your planning. This will help them reconnect with your business and feel motivated to implement your new ideas. After all, there’s the possibility they may be called upon to work in new ways, so getting them onboard from the get-go will help any adjustment period run more smoothly.
If you’re revisiting your plans and need expert advice, get in touch with us to discuss how we can help you plan ahead.
Here at Grant-Jones we have been busy during lockdown and have launched a new client portal for all our clients. Through the portal your accounting and tax documents can be securely uploaded, stored, and electronically signed. Plus, clients who purchase our business growth services also get a cloud-based KPI Dashboard to help them drive their businesses forward.