Overcoming uncertainty in your 2021 business strategy

Strategic planning outlines your business’ future goals and how you intend to achieve them over the year. After navigating the impacts of COVID-19 in 2020, we are all reminded that we cannot predict the future. This highlights the importance of meaningful strategic planning that prepares your business for many possible scenarios, even in the face of uncertainty. 

Rather than focus on what you cannot do, focus on what you can do

Last year, businesses had to change the way they operate or halt their operations completely to adhere to COVID-19 regulations that kept our community safe. Whilst many businesses experienced financial hardship, some were able to keep their heads above water by focusing on what they could still do. This may have included shifting their business online, offering delivery or takeaway, or holding appointments over video conference. If WA were to experience a second wave of COVID-19 in 2021, planning to implement these strategies may shield your business from the worst of the financial impacts. 

Keep providing value to your customers

If your business is disrupted by COVID-19 restrictions in 2021, it is important to keep searching for ways to provide value to your customers and stand out from competitors. Consider offering them financial resources that can allow them to keep coming through your doors, such as lay buy services or payment plans through Afterpay. In addition, your business could start a blog that provides your customers with valuable information from your field. This can be a great way to establish your business as experts in your field whilst providing value to your customers.

Going digital

For many businesses, COVID-19 just accelerated their existing strategy to fully digitise their business. The COVID-19 pandemic has highlighted how useful digitisation is for business survival, and it may again become essential in the event of a second wave in WA. Your business may need to look at the logistics of remote working, offering services over video conference, setting up an online store, or even just digitising some of your manual processes. The need to digitise your business is likely to increase with time, therefore it is wise to include this in your 2021 business strategy. 

Develop a multi-plan approach

As helpful as it would be to our strategic plan, we cannot predict what the rest of the year will hold. It is important that your strategic plan accounts for the various scenarios that may occur over the year. This includes everything from a complete removal of restrictions to a total lockdown. You will want to ensure that your business has a plan if it needs to severely restrict trade or close all together. By doing this, you can work to minimise the potential impacts that COVID-19 may have in 2021.

Want to dive deeper into Strategic Planning for 2021? 

You are invited to Business the Ready Over Brekkie workshop on Wednesday February 24th, 2021. This free two-hour workshop will guide you through the process of completing a Business Model Canvas. This visual chart will help you set your plans, goals and ensure you are prepared for 2021. 

Reserve your spot now!

*This event will be held in person and online. However, if lockdown is extended, or restrictions are introduced, it will be delivered online only.