Business Planning

Business Planning for 2021- Know What Works and What Doesn’t

You need to know all the figures that’ll contribute to your business planning for next year. All that research is important to help you out with the latest trends that are some way or the other making you lag behind in the competition.  According to research, 50% of business owners don’t have any plan when they’re starting out their business. Amongst these, 72% don’t have a successful business plan.  

A minority has a business plan in place. Let’s say this minority is around 33% only. Business experts still believe that Gallup has been a bit too generous with the numbers. You must know realistic numbers for a realistic business planning. The number of business owners who have a plan in place are represent only 5% 

You’re here because you’re already looking for a business plan that actually worked in 2020. Right after the hassle of 2020 end of the year, you’ll definitely want to get into business planning for 2021. Here are some questions you need to ask yourself before moving forward: 

Do you Have All your Swords to Win the Battle? 

When you’re working on your plan for 2020, make sure you have the right people to work for you. These include marketing heads, managers, accountants, and other workers who’ll be responsible for your success.  

Once you’ve onboarded them, make sure you’re providing them the right working environment and resources to get things done on time. You can get the help of an advisor or a reliable firm to help you out with selecting the right clan.  

Do you Have Targets in Mind?  

What comes to your mind when you look at last year’s KPIs? Did you achieve all of them? 

If not, what are you doing to work on your shortcomings? If yes, then what will you do to maintain your standards. These targets can be anything, from the expansion of your location/service, increase in your market share in a particular area, or improvement in the list of your services.  

Multiple factors can prove out to be a roadblock. These might include tariffs, fuel increases, potential wage increases, non-payment/banking issues, and even more.  

Have you Sorted Out your Plan Yet? 

2020 was certainly uncertain for many businesses.  The COVID situation is certainly going to prolong, and you’ve already got the solution for the disaster. Make sure you’ve got some cash to troubleshoot. Whether internal or external, there’s nothing that money can’t sort out.  Do you already have a rainy-day fund in place? If not, right now is the right time to start off. Get on with savings to help you out in the long run. Of course, the government is already doing a lot to support businesses, but who knows if they’ll suffice your needs? 

Have you Places your strategy and resources in Place? 

Make sure you’ve got a plan of action and the right resources to make sure your plan comes into a reality. You must have the capital to move forward and a strategy that hits the ground after the hassle this end-of-year.  

We’re done identifying the basics. Do you want to get into more details? How about you get on a call with an accountant. Yes, we said it. Our accountants help you sort out your yearly strategy. Get on a call with us, and figure out what strategies worked out best for you last year. This will help you determine the way forward right from the top. Call us! 

 

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