4 Ways to Revamp Your Business Plan in 2021
Last year was a whirlwind, to say the least, but we finally made it to 2021! Simply changing the date on our calendars doesn’t erase the past, but it can inspire us to pave the way for a better, brighter future. The New Year is a chance to welcome new sources of hope, opportunity, and growth into our personal and professional lives.
Over the past several months, businesses have had to adapt, rebuild, and lean on their communities for support. And if we’ve learned anything from 2020, it’s that supportive communities are the lifeblood of local businesses. But how do we, as business owners, stay engaged with our local community? How do we remain visible and viable in such uncertain times?
One of the major ways we can accomplish these goals is by revitalizing our business’s strategies and honing in on our objectives. In other words, it’s time to revamp our business plan!
Here are four ways to revamp your business plan in preparation for a new and exciting year:
Analyze your business
Before enforcing your plan company-wide, we recommend conducting a SWOT analysis of your business. This analysis can help you identify your business’s strengths, weaknesses, opportunities, and threats in the coming year. Once you complete the SWOT analysis, you will be better prepared to devise a well-balanced strategy and set realistic, actionable goals.
Imagine new ways of working
Coronavirus has changed how we as a society interact and communicate with one another, and in turn, it has changed how we work. Now that much of the world works online or from home, many business owners are rethinking productivity and communication strategies. Working at the office may be perfect for some people, but that isn’t a viable option for everyone. As a business owner, it’s important to support your staff by creating a safe and comfortable environment in which they can excel in their roles.
Ask yourself and your staff, “What’s the best way you and your teamwork?” Find what works for you and your team and try to find a solution together.
Evaluate your finances
We understand that reviewing your finances isn’t enjoyable, but it’s an absolute must if you wish to remain viable. The pandemic has caused a lot of businesses to shut down or rely on grants for assistance to keep their doors open. Whether you’ve seen an influx of business or you’ve experienced a lull, perhaps you could consider applying for state and federal business grants to help. For example, the U.S. Small Business Administration offers a variety of Coronavirus Relief options.
Consider introducing new products or services
What services do you currently offer, and in what areas could you expand? Diversifying your products and services can help you reach new audiences and gain more customers. Your customers will also stay engaged and excited about your business, which they will likely share with their own circle of friends. If you offer something new, it shows your client base that your business is constantly evolving and open to new opportunities.
How LI Center Can Support You
If you want to learn more about setting realistic business goals and how to achieve them, we’d be thrilled to have you as a part of our organization. The Long Island Center for Business and Professional Women provides members with skills for leadership, knowledge for improving business through networking, and personal and professional motivation opportunities. To learn more about how to get involved, please visit our membership page. We wish you and your loved ones a happy and healthy New Year!