The Covid-19 pandemic has affected different businesses in different ways. No matter the circumstances in 2020, all businesses must start planning now for 2021. International award-winning business coach, Darryn Le Grange, Owner of ActionCOACH Ignite, shares five key steps you can take to prepare yourself and your business for next year.
- Plan your budget
Flexible sales goals and realistic expense plans should be included in your 2021 budget. Create a rolling 12-month budget that you can review and update each month based on your actual experience. Operating without a budget puts you at a distinct disadvantage to competitors who know their costs, monitor their results, and make business changes quickly if things do not go to plan.
- Compile your marketing plan in advance
In planning ahead you are forced to identify what exactly it is you want to accomplish and how you intend to do it. Identify the strategies you believe are most suitable to your business, prepare a roll out plan with relevant implementation dates and remember to measure the results of each campaign.
- Set 90 day goals
Annual business goals can make both you and your employees feel confused and/or overwhelmed. By focusing your vision to 90 days, you can break down goals and turn them into doable plans of action. By planning your business goals in 90-day chunks, you create an environment of accountability while still leaving room to adapt to market trends and change course as needed. Start off by choosing three core goals that you want your business to focus on for the first quarter of the new year, then involve your team and break each goal down into actionable steps.
- Establish clear objectives
Starting the New Year without clear objectives, specific directions and/or a prepared plan of action is like starting out on a road trip with no idea where you’re going or how to get there. You will waste fuel, time, money and energy. Likewise, your business will suffer if you try to implement a plan without clarity and forethought. Remember, your business objectives should be clear, measurable and realistic.
- What are you going to do differently in 2021?
When people hear New Year’s resolutions, they often think of “exercising more”, “spending more time with the family”, or “traveling more”. Besides these personal resolutions, you can also create impactful resolutions for your business. A resolution, after all, is a decision to do something differently to bring about positive change. Now is a good time to reflect on your business and plan how you want to grow your business in the New Year. Make time to revisit your business plan and evaluate which strategies have and haven’t worked. It may be necessary to rework or adjust certain plans, structures and tactics in order to effectively realign your business plan.
“I encourage business owners to support fellow, local businesses. In supporting one another we can inspire future entrepreneurs, increase job opportunities and help to improve our local economy,” concludes Darryn.