In the current economic climate, the resilience of small businesses has been tested like never before
While this situation is largely unpredictable and unprecedented, developing an action plan for any type of hardship that your business could face in the future, could make the difference between making your business robust, or go bust.
1. Failing to plan means planning to fail
You’ve likely heard it before but in the current crisis, we’ve all had to face up to our shortcomings when planning for a bump in the road. For many small business owners, COVID-19 has taken a devastating blow at their 2020 plans and has forced the working world to take more seriously the necessity of preparing for economic changes.
2. One step at a time
When planning, it can seem overwhelming to try and predict the entire trajectory of your business, so breaking it down and focusing on the next two to three years can be a great way to set your goals in an achievable period of time.
3. Make it bitesize
To have any hope in achieving all of your midterm goals, you need to make them implementable by breaking them down further and further until you create tasks. Start by creating three 1-year plans, then twelve 1-month plans and so on, ensuring to address how each goal might be achieved.
4. Talk about it
Physically writing down your plan and communicating your goals to employees, fellow small business owners and your support networks not only enforces a certain level of accountability but also may help with drive, pride and ultimately success in achieving your goals.
5. Planning for the unpredictable
Whilst the current crisis has proved that you can’t plan for the unpredictable, you can make a plan right now to help you survive it.
Article written in collaboration with Christine Nicholson. You can find out more about Christine on her website: https://theprofitfixer.co.uk