The 2020 holidays are behind us. Business leaders are refocusing on next steps. As you think about 2021 circumstances, goals, and planning assumptions, the following topics might shed light on your new reality.
- What has been the impact of the economy on your customer base and therefore your business?
- What product/service development happened last year that truly positioned your business to move forward? Remember, just because it happened does not mean it positions you where you need to go.
- What changes are necessary for revenue growth opportunities given the current environment? Will these changes be temporary or long term?
- What are your prevailing personnel expectations, and do they align with the company’s growth? Is there a path to better alignment if needed?
- What evidence do you have that the factors above will ultimately lead to flat, increasing, or decreasing revenue/profit? Is that okay?
- What changes do you expect the new federal administration to impose that will impact your business? Are you waiting to see what they do or don’t do? Are you scenario planning to get ahead of the game? What’s your businesses sensitivity to these changes?
- What does sustainability look like for your company? Remember to consider finance, culture, and products/services.
- What does 2021 success look like for your company? Again, consider finances, culture, and products/services
- What does the “fall off the cliff” scenario look like? How close are you? What do you need to do to step away from that cliff and in what time frame?
Like most companies, you probably developed your 2021 plan during the fourth quarter of 2020. How, if at all, does the new federal administration impact that thinking? Why?
This article is intended to provoke a deeper discussion and understanding of options and opportunities to help businesses thrive in 2021 and beyond.