Why You Should Re-visit Your Business Plan

You understand why you need a Business Plan.

Not only did you have plans in your departments and organisation as a whole, they were used to track what the Senior Leadership Team wanted to achieve up until the end of Q1 2020…

…then the pandemic happened, and life as we knew it changed significantly.

Many businesses suffered, with some driven to the brink. For others the shutdown and restrictions on movement meant they could not keep up under the strain and unfortunately, they had to close their doors for good.

Still, other businesses found they have either had to pivot or quickly adapt their operating models and offerings to survive. Perhaps your organisation is in this category?

And as 2021 kicks off in earnest, it seems restrictions are set to continue in one form or another for the next few months at least.

With so much change that is fast-moving and new government policies announced at very short notice, it’s easy to wonder if it’s worth bothering to spend any time planning.

And while I sympathise with the sentiment, the truth is that planning ahead is now more crucial than ever. Here are 3 reasons why you should re-visit your Business Plan.

1. Re-visit Your Business Plan to Take Stock

The Number One reason why you should re-visit your Business Plan is to review how your organisation performed during the last year. (Note that this could also be the last quarter or half-year, but a year tends to be the most common time period captured in Business Plans).

The first step to hitting your targets in 2021 is having a clear understanding of:

  • Current status
  • What worked well in the last time period
  • What can be improved on (and how).

Don’t worry if your organisation abandoned its Business Plan amidst the melee of the pandemic. I can confirm yours wasn’t an isolated case! Countless others were thrown off-course by the sudden shock of dealing with and reacting to such unique circumstances, but the point of this review is to take stock and re-group.

2. Re-visit Your Business Plan to Focus on New Priorities

Considering the year we had in 2020, it’s a given that the state of play in your organisation has changed.

From the sudden move to 100% remote work for your teams to decisions about resourcing and headcount, it’s impossible to have reached year-end without being impacted significantly.

And with that impact, your priorities must have changed.

Re-visiting your Business Plan will give you the opportunity to identify new priorities and re-focus. Not just on priorities deemed important, but on those that are truly relevant for your people, processes, technology and customer base in the current climate.

3. Re-visit Your Business Plan to Allow for Contingencies

It has taken us 10 months to get our heads round what can only be described as once-in-a-lifetime events.

So by now you must have some level of experience, and a good grasp of the areas in your organisation where you need to build in more slack.

Re-visiting your Business Plan is crucial to update your contingency plans. And as you now know, this isn’t simply to cover the usual areas as you’ve done in previous years.

Examples of things to consider are:

  • If yet another lockdown is announced – or if the current one lasts longer than expected – what are the logistics for delivering your products and services to your customers? And do you have a backup?
  • Your remote teams find themselves unable to log on to the VPN on a Monday morning. In spite of rigorous efforts to resolve, the problem persists for more than a day! What contingency can be developed around such issues?
  • Are there alternative or additional income streams to research and develop, to ensure your bottom line is not negatively impacted in the event of another protracted lockdown?

How I Can Help

If you need help with Business Planning in your department or organisation, I provide a Business Planning Service.

It’s designed to support organisations that for some reason, are unable to commit the time or resources to do the planning they know they need.

Contact me about my Business Planning Service, and we can arrange to get started on yours as soon as possible.