When companies were drafting their 2020 business plans last year, almost every one of them did not think that something as severe as this pandemic would happen. In fact, no one could have predicted that a pandemic was to hit the entire world this year.
COVID-19 hit us all unexpectedly. The world became aware of this disease when it first broke out in China a little over a year ago. But most of the world’s leaders underestimated its destructive power. We did nothing about it until it was already too late.
Now, business leaders have grown wiser. As they make their 2021 business plans, they are now taking into consideration the events that took place this year. Whatever industry they’re in, regardless of products and services they offer — auto repair, HVAC cleaning services, garden bollard lights manufacturing, woodwork, everything — they are embracing the new normal and building their plans for 2021 around it.
Simple Tips in Developing a Sound Business Plan for 2021 in Light of 2020’s Events
Get to it planning as early as you can.
Ideally, companies should start creating the following year’s business plans when the fourth quarter rolls in. If you still haven’t started on yours this late in the year, you better get to it as soon as possible.
A lot of us have come to realize the importance of a business plan with what happened this year. The sooner that you can get to planning, the more time you will have to dedicate to making the most out of 2021.
Accept what was and what is.
At this point, what’s done is done. There’s no sense in blaming yourself or other people for not having the appropriate contingency plans in place to keep your business thriving in the midst of the pandemic.
Remember that not one person was prepared for something like this. We all had to adapt. Just take it as it is, learn from it, and do your best to not be caught in the same situation again. Keep adapting and make contingency plans for your contingency plans. Remain flexible and be quick to act. Don’t allow the circumstances to paralyze you, especially if you’re leading the organization. Your people are counting on you.
Set conservative and modest projections but remain optimistic as you plan.
When the pandemic came to our shores, businesses and industries started closing left and right, most businesses had to redraft their business plans and alter their goals. If the goal initially was to have a bigger bottom line compared to the previous year, it has been changed to survival.
Business analysts and experts said at the onset of the health crisis that a business is deemed successful this year if it is still left standing at the end of the year.
As economies have reopened, a lot of establishments have somehow started rebuilding, albeit a bit slowly. Nevertheless, the goal for the following year should be all about recovering and regaining lost momentum. Make forecasts and projections that are optimistic but at the same time, realistic.
The future is still uncertain as we still don’t know what 2021 will bring our way. We can only do our best to prepare for it by learning from our mistakes and being quick to adapt to the things going on around us. If this year, the goal is to survive, next year, the goal is to get our footing back and be well on the road to recovery.