Calibrating Business Plans in the Post-Pandemic Age
BY: Tara L. Grays
There's been no lack of challenges for businesses these past 18 months – labor shortages, supply-chain issues, the sudden prioritization of tech upgrades, remote-work arrangements...it's been eventful, to say the least. As you review the necessary changes you've had to make to keep your operation profitable or simply viable, what do your business plans look like as the pandemic gets farther from sight in the rear-view mirror?
Here are a few important questions to consider, as you determine what your path forward may look like:
1. How have these changes impacted my business and business decisions?
- Did you add a new line of business?
- Did you add or realize significantly increased online sales? Did you spend money on a fresh new website, versus rehabbing your brick-and-mortar location?
- Are your hours of operation the same as they were?
- Did you put expansion plans on hold? Is now the time to move forward?
2. What changes are permanent and will affect decisions going forward?
- Were some changes made for the better?
- Did you find a more lucrative business stream?
- Can you get by with fewer employees? Typically, a company’s largest expense is its labor force, and with no to the labor shortage in sight, figuring out how to streamline processes and utilize services that could mean needing one fewer person is a big deal.
- Were these changes more cost effective in the long run?
3. Is my existing business plan still in line with where my business is headed?
- What products and services can you utilize to help streamline your process? (See above.)
- Do you need to rethink the utilization of your workspace?
- Have you looked at your company from your customer’s perspective, and was that a good experience? If not, how can you change that?
- How have your biggest challenges changed? Did you experience supply-chain issues? Did you need to obtain line of credit at a low interest rate to stock up on needed inventory or supplies?
These are all very important questions that a lot of business owners should be asking themselves, and the answers can be overwhelming.
Sitting down and having an in-depth conversation with your trusted advisor and relationship manager is important. They need to know of any significant changes made to your company, so that they can continue to help your business based on your vision and goals. Also, lean on them! That's what they're there for.
We are part of your network and may know someone that would be a great fit for your company, we may be able to provide a product or service that eliminates the need for that person, or we could potentially connect you with programs or resources in our own network.
Now is the time to take a hard look at your business and make some impactful decisions, and having your relationship manager in your corner while you do so is extremely helpful. To discuss further, please send me a message or give me a call at (608) 826-3526 today!