At this time of the year, most businesses would have already completed their Strategic Plans for the year. No one would have imagined that we would have been at this point throwing our plans through the door and STARTING OVER. If you want to remain in business after COVID-19, it is important that you focus on some critical points which we will discuss in this article.
Understand the impact on your Employees (even if it’s only you)
Often times we neglect the most valuable asset of our businesses, which are the employees. YES! For some, the employees come last. Take some time to assess what you normally provide your employees with in terms of remuneration (salary & benefits) and evaluate the effect.
Determine the timeline you want to plan for and see how your employees will be impacted and inform them early. Most persons are already anxious because of the unknown, as such, if you are able to reduce the anxiety, this is another positive for your employees.
Understand the Impact on your Clients
I suggest that before doing this assessment you answer the question, “What one thing do I want my clients to say about me after COVID-19?”
Once the above question is answered, the decisions you make will allow you to always have your values in the forefront of your mind as you go through the assessment process.
Identify the product or service you offer. Know that your bi-products are also important. If you are the sole employee in your business, your clients might enjoy your counsel, trust, dependability, which they might be missing during this time. Confirm if your clients are impacted based on the sector they work in and for how long do you think they will be impacted.
If you provided lunch to schools and schools are closed what else can be done?
Can lunches be delivered to homes?
If not the cooked lunches, can it be seasoned meats?
Can you start a YouTube channel on preparing meals?
Can you send out recipes via WhatsApp?
Explore what you can still do to serve your clients even if it means free, seeing disposable income might be a challenge for persons now.
What will the financial impact be?
After you have done a detailed assessment of your value chain, this would have given you a clear understanding of how your business, including your employees, will factor in as you look back at your financial projections.
What financial projections did you make?
What income or expense line items were impacted?
What were the changes?
What do the new numbers look like?
Take a close look at those with major movements so that once the situation changes, then you can make adjustments where needed.
If you are a small business owner, you don’t have to make it overly complicated. Microsoft Excel has templates that can be used and allows for changes, gives you graphs and other features. USE THEM! Another thing you want to try is have different scenarios;
Ask yourself what will happen if any of the scenarios are realized as this will reduce the shock if it becomes a reality. PLAN! PLAN! PLAN!
Your projections will be fluid as no one can predict the next wave of events however, proper consideration should be given to your business as no one knows your business like you do.
Review your Strategy
Now is a time to look back at your full strategy but primarily your SWOT.
What are your strengths? Can they be enhanced?
What opportunities did you identify? Can you now take advantage of them?
Did any of them include going online or diversifying into other products or services?
Some other questions you need to ask yourself as you review your strategy;
How are you monitoring the results of the high impact areas you have identified?
Are you checking in on client impact?
Are you monitoring expenses closely?
Are any of the potential risk(s) to your business being realized?
We do Strategic Planning daily without even knowing it. Documenting your path helps you to keep focused. Now is not the time to be flustered. It’s time to be structured! If you have not done so START PLANNING NOW!
Need help in developing a Strategic Plan for your business? Contact us for this and any other Business Consultancy needs at 876-345-1397 or visit our website at www.strategywithmichelle.com