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Many business leaders have realized that now is the time to seize the opportunity to develop a business plan for 2021. Covid-19 has not only exposed the strengths and weaknesses of many companies, but it has also opened new avenues for conducting business.

2021 could mean a blank slate for employers, as people can position themselves for future success.

Start processes early

Many business leaders have realized that now is the time to seize the opportunity to develop a business plan for 2021. Covid-19 has not only exposed the strengths and weaknesses of many companies, but it has also opened new avenues for conducting business.

2021 could mean a blank slate for employers, as people can position themselves for future success.

Start processes early

Beginning the process early not only enables managers and employees to start thinking about the long term sooner, but it also helps to shift the focus from short-term survival to a much more positive, strategic approach for the future.

It has never been more apparent how critical business plans are to an organization’s operations until recently. The more time your company has to prepare, the better positioned it will be in compared to competitors.

Embrace reality

Based on unprecedented times and the uncertain economy, it is difficult to predict what the future holds, so organizations should embrace reality and develop a plan based on existing conditions. Business leaders should conduct a thorough analysis of the company to help devise a long-term plan for 2021.

process early not only enables managers and employees to start thinking about the long term sooner, but it also helps to shift the focus from short-term survival to a much more positive, strategic approach for the future.

It has never been more apparent how critical business plans are to an organization’s operations until recently. The more time your company has to prepare, the better positioned it will be in compared to competitors.

 Set conservative projections

Currently, many economic forecasts indicate a modest growth rate in 2021. That said, businesses should set optimistic projections. With many current unknowns, businesses should be prepared with a more conservative, plan.

Being cautious when setting business objectives is wise, while also including stretch goals to motivate and encourage employees. For example, companies that identified new opportunities because of changing business operations should be able to capitalize and expand upon those areas, leading to increased productivity and profitability.

Incorporate adaptability

Every crisis provides leaders with a chance to examine how it was handled and what to incorporate in the future. Agile leadership has been the key to survival and recovery for many organizations during the pandemic.

Companies that could quickly pivot their operations experienced a lesser impact than others. Therefore, it is imperative for companies to factor adaptability into their 2021 plans. Flexible goals, processes and strategies can help stabilize a business if the economic crisis worsens before it improves.

Take care of your people

An element of every business plan should be a people strategy. Now more than ever, employers should priorities taking care of their people — from physical and mental health to quality of life and work-life balance.

In addition, maintaining a strong corporate culture is always paramount, but it is especially crucial with many employees working in a remote environment.

When companies take care of their people, it leads to more loyal employees and discretionary efforts.

Plan for unusual scenarios

While most business plans include typical financially related “what if” scenarios, leaders should consider expanding it to include unusual ones. Based on the world events of late, scenario planning that addresses specific situations that may arise in the next 12 to 18 months might include: widespread resurgence of COVID-19; additional tools and equipment for remote workers; employees affected by childcare issues and school closures; decrease in product demand; the point at which a reduction in force is necessary; and numerous employees contracting the coronavirus. A long-term strategy that includes various scenarios will help businesses better navigate the hurdles if or when they occur.

The pandemic has afforded many companies with a great ability to rise to the occasion, examine their operations and learn many lessons along the way. Organizations that seize the opportunity now to get a head start on their 2021 business plan based on their experiences will be better positioned for success and have time to make any tweaks necessary in such a dynamic environment.

As companies reset for 2021 with guarded optimism, employers and employees should feel a renewed sense of positivity.

Authored by: BforB | Networking Clubs

Business for Breakfast (BforB) is internationally recognised for creating successful networking meetings, events and training for referral marketing. Our global offices are in Australia, Germany, Czech Republic, Spain, Slovakia, Ghana and headquartered in UK.

We create an environment where you can build quality relationships within your group, backed up by an ongoing member support programme. BforB is committed to helping small to medium scale businesses expand. In our professional network, members meet regularly in business networks to develop relationships, support each other and to share and record referral business.

We are here to help you get new business from quality business introductions and referrals made through our meetings.

Kindly join our next meeting using this link: https://rb.gy/qrf4pl

Contact us: 059 4 016 432 | This email address is being protected from spambots. You need JavaScript enabled to view it. | Facebook & LinkedIn: @bforbghana | www.bforb.co.uk

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