By now most business owners have spent some time planning for 2021 and perhaps beyond. And whilst none of us really knows what 2021 has in store, I think we can agree that the impact of COVID-19 will still be felt for a considerable part of this year. The good news is that well-managed businesses adapt and remain successful.
Let’s start by looking at the business with a critical eye and evaluating its performance honestly and objectively.
Here are three ways to help your business prepare for success in 2021:
- Conduct a SWOT analysis – Strengths, Weaknesses, Opportunities and Threats
Sometimes is may feel like all we have are threats coming our way, but take a step back and assess the strengths that positioned your business in the market. Opportunities are often borne from crises.
- Include various COVID-19 scenarios in your 2021 plan
Sure, we may not have a definitive course here, but we could do some scenario planning. This would include action steps in line with the different lock-down levels, or making provision for service delivery in the absence of key team members, or contingency plans in the event of delivery interruptions. We may not be able to plan for all scenarios but having a plan is better than none, and it also allows you to think on your feet in the event you need to tweak the contingency plan.
- Set realistic goals and track the metrics
Setting plans without measuring criteria will leave everyone involved frustrated and will not move the needle. Be realistic in your goals, taking into account current team and finance limitations. Better to celebrate achieving smaller goals than for an entire team to be left deflated for failing to reach one huge goal. This does not mean we don’t set big goals; it simply means we need to be able to measure and celebrate progress on the way.