It is always smart for businesses to have a strategic plan. Strategic plans work together with business plans to lay out the goals of the company, how many staff members will need to be involved, who the clients are, what are the financial needs in order to accomplish the goals, and more. During this time of uncertainty for businesses, especially small businesses, it is even more important to reassess your strategic plan and perhaps come up with a new one. Below are several ways that re-evaluating your strategic plan can help the health and growth of your business.
1. Re-evaluate Your Goals Based on a New Budget
Many businesses have suffered some economic loss during the Covid-19 pandemic, between losing customers, not being able to offer their full range of services, or having to shut down altogether until it is safe to open up again. Due to a loss of funds, businesses will have smaller budgets to work with for the near future and may have to re-evaluate their long and short term goals to fit with their new financial situation. This kind of re-evaluation may feel like a set-back for your company, but it’s actually a smart way to keep your company moving forward sustainably for the long term.
2. Re-assess the Needs of Your Clients
The needs of your clients may have shifted or even grown during the pandemic. This gives you an opportunity to reach your clients in new ways. The more you cater your services towards what your clients actually need, the more you show your clients that you are listening to them and understand them, and the more they will trust you as a service provider. Especially if your funds are limited, it makes sense to take note of what your clients are truly looking for and hone in on those areas of your business.
3. Think About Your Staff
You may need to consolidate which employees do which tasks within your business. It can be difficult to reduce your staff, especially when times are hard, yet your business may not be able to support as many employees as it did before the lockdown began. Not every company was able to receive the Paycheck Protection Program. If you find you are able to keep on all your employees, you may be in a situation where you cannot hire anyone new or offer any raises for the near future. Even if your workload grows or changes, you need to make sure the amount of people whose salaries you are responsible for don’t exceed the amount you can afford to pay. At the same time, you want to make sure you have enough staff on hand with a range of skills to accomplish all that needs to be done.
4. Strengthen Your Team
The directors and managers in your company are a crucial support system that puts your strategic planning into action and makes sure the company is moving towards its specific goals. When you include these people in discussions about your strategic plan, you solidify your team and motivate them with clear actionable objectives. A strong team that works well together will be the driving force that pushes your business ahead toward success.
At DeSantis, Kiefer, Shall, & Sarcone, we are not only here to help you manage your finances but we are also here to help you develop your strategic plan for your company. No matter how your circumstances have changed (or perhaps not changed), our experts will work with you to come up with a plan that makes the most sense for your company’s health and growth.