The past 18 months have forced all of us to make tough decisions both personally and for our businesses. No matter your political views on how the pandemic has been handled or the use of masks or vaccines… it’s undeniable that this situation has changed our way of life and had an impact on business.
For some, it has created new opportunities and for others its been devastating. Those that adapted quickly and decisively seem to have fared better. Just a few months ago it appeared that we weathered the worst of it but the Delta variant is again forcing us to evaluate our short-term plans and the impact on the future.
I am writing today to encourage you to start (if you haven’t already you are not alone) a discussion within your company on what steps you will take next to prepare for the resurfacing challenges and opportunities ahead. Here are some questions to help…
- What measures will you take within your business to maintain continuity? If someone becomes sick or must quarantine, who picks up their work? Are there steps you can take to prevent a breakout within your workplace?
- How can your business prepare financially for potential slower revenue in the near future? Are there variable expenses that can be managed down right now? Are there projects or hiring plans you should consider delaying for a more stable economic environment? Do you have enough cash on hand to sustain months of slower than normal revenue?
- How will you communicate your plans to manage the Delta variant to employees and customers?
- How will you handle upcoming Covid-related absences? Do you have a clearly defined sick leave policy?
- If your costs have increased in the pandemic, do you have a plan to offset that through different purchasing options or raising prices?
Are there now new opportunities that you should explore to grow your business due to the pandemic? Reduced competition? Competitors for sale at a discount? New products/services to offer?
Sandy and I get very busy every week and we know how hard it is to slow down to do strategic planning. Stepping away from the day-to-day grind to evaluate the business and the future is not always easy for business owners. It’s absolutely ok and necessary for all of us to take enough time to get out of the business to think about the business. The best plans don’t always work out but having a plan is much better than operating without strategy or intent. If our team can assist you with any strategic planning please know we are always here to support you.