Ensure that your business has great success in 2020. Here are a few tips on developing a new plan that will move your company out of the COVID-19 challenges and into a bright and prosperous future. Working together with Strategic Orientation get your company moving forward now.
If you fail to plan, you are planning to fail.
Well here we are at mid-year, and everything we thought was going to happen when we planned for 2020 has changed. The COVID-19 pandemic has thrown all of us a curve ball. The question becomes, “Now What?”. Every business has been impacted differently. Some have experienced a positive impact on earnings, others have been negative, and with some it’s been relatively neutral, but their world is different with disrupted delivery channels, new client expectations, work from home and access to talent resources.
Hopefully, your plan for 2020 included the update to your Strategic and Business Plans. If so, the ability to revisit these for appropriate course correction will provide for a more efficient and effective process. If not, no worries, you can still get your plan in place for the remainder of 2020 and 2021. Most Business plans are developed for a 12 month period. Given the magnitude of this disruption and the need for the successful implementation new strategies building an 18 month plan may be in order. This plan should be revisited near the end of the 4th quarter 2020 to affirm the 2021 plan.
Here are a few simple steps necessary to capitalize on your new environment and/or get back on track for a successful 2020.
- Review your existing or develop new Objectives for the next 18 months. Typically, this includes 3 – 5 major or critical things you want to accomplish. Objectives may, but do not require specific metrics. They can be as broad as, “Continue (or Re-establish) the growth of the company” or “Expand geographically through business acquisition.” Whatever your objectives are write them down.
2. Now, for each Objective determine the specific Goals that need to be achieved in order to satisfy this objective. Remember, these Goals need to be written as SMART (Specific, Measurable, Attainable, Realistic and Time Bound) goals. Each Objective may have 1 or more goals associated with it.
3. In order to plan for achieving each goal develop Strategies for them to be accomplished. Strategies should answer the question, “How are we going to accomplish this goal?” The achievement of any goal may require multiple strategies. That’s okay, just be sure someone is accountable for the deployment and success of each strategy.
4. Lastly, assign measurable and reportable Benchmarks for each goal and strategy. These are used to monitor progress towards achievement so that timely course correction can be implemented. They should be periodically reported to your management group by the person assigned accountability for achievement. Make sure the frequency of reporting is appropriate to your ability to effectively course correct.
Now you have a plan for success. Implement it aggressively and with enthusiasm.