Business Planning During the Covid-19 Pandemic

The team at Profit Growth Builders helps business owners thrive during the pandemic.  Please click here for a free report with specific action steps.

While there is a great deal up in the air due to Covid-19, the pandemic shouldn't stop you from creating a solid plan of action for your business. Don't make the mistake of just waiting to see what happens. Sadly, many businesses that took such an approach are now hanging on by a thread or already closed down. While it is hard to plan well for a business during such a pandemic, it is crucial for survival.

Typically, the strategies have been discussed and put in motion for a business regarding the upcoming year by this point in time. Such planning takes into consideration budgets, forecasted sales, and many other variables. Marketing concepts are also discussed to help promote the business and reach the established goals in the upcoming year. 

If your business has put off such planning due to the Covid-19 pandemic, it is time to make it a priority. There may be many reasons why you felt you should wait? Perhaps you thought it wouldn't drag out this long. You may have been hoping things would get back to normal and customers could come in as they did before. Maybe believed the vaccine would be available by now and all of this behind us. 

Are you waiting for your local government to give the green light to open everything back up? That is a common scenario, but regardless of your reasons for it, don't put off the business planning any further. While you don't know the outcome of Covid-19 on your business there are steps you can take to help it grow and make money despite the pandemic. 

Business Planning is Important

In reality, you may be waiting a considerable amount of time for it all to get back to normal. Information on the vaccine shares it is coming in the near future, but that doesn't mean everything will change overnight. There are still going to be unknown factors but there are ways you can plan for your success even though Covid-19 is a concern for all. 

Of course, such planning isn't going to be easy. There are important decisions to make as you head into 2021. It isn't going to be your normal plan of action as it would be in a typical year. This is the second wave of Covid-19 cases it seems to be persisting more than the first outbreak did. Don't be afraid to create business plans and strategies now for the New Year. You may have to modify them later on, but at least you will have a strong foundation in place to work from. 

Focus on doing all you can to stay afloat during the Covid-19 pandemic. This may be the ideal time to market some new products or services your business has been tossing around. You may decide to introduce and implement them on a smaller scale, but doing so can help you generate income. It can help you grab the attention of your niche market. 

On the other hand, your business may need to make plans and decisions on a smaller scale than you have in previous years. You may have reduced staff and reduced hours. Your forecast for sales may be less than before. Keeping the business open and moving forward but on a smaller scale may be necessary for the time being. Some ideas and concepts may have to be delayed and that can be disappointing. It doesn't mean they won't happen for the business, but they may not be part of the big picture for the first part of 2021.

Plan what you Can

No one knows what the next few months will bring with the Covid-19 pandemic. Plan what you can and hope for the best. You can't hold off in fear of the unknown. Make a plan and stick to it as much as possible. Review it often and make changes to it as needed based on new details that come to light about Covid-19. 

Planning is going to help you and your teamwork on options and keeping the business making money. Take a close look at government restrictions in place, your cash flow at this time, employee needs, and even the buying patterns of your niche market. Compare this to the same information before March of 2020. This allows you to make necessary adjustments and important business decisions from such data.

With these changing times, the wants and needs of your niche market may have moved in a new direction. What can you offer through products or services to continue to meet them? What can you offer to entice new customers to purchase products or services from your business rather than a competitor? Planning allows you to have goals and a strategy to reach them. It gives you the opportunity to remain calm and focused rather than being in panic mode out of fear.

Look at the Variables

Some of your plans will be based on anticipated scenarios. What variables are in motion due to the Covid-19 pandemic you can use to your benefit? This type of plan is going to be loosely written, and it can be modified at any time. Your plan doesn't have to be set in stone, but you do need to have one to work from for the business. What will happen if government restrictions get tighter? How will your business survive if the number of Covid-19 cases increases rather than decreases? How can employees continue to do their job effectively? 

Plan Even in Uncertain Times

No one has all the answers about this Covid-19 pandemic. Planning even in uncertain times gives a business and team members some sense of normalcy. Create your core plan and work from there. If certain things happen, you may need to move into a Plan B you created. If other things happen with that you may have to move into a Plan C you created. 

There will be changes coming in 2021 due to the outcome of the Presidential election. There will be changes in 2021 due to the Covid-19 pandemic. Your planning now can help ensure your business remains strong and it can survive. Your plan should account for changes in the economy and how your niche audience will spend their funds for the upcoming year. 

Your business may be one that has peaks and dips in sales due to various cycles. It may be harder to create your business plan for the upcoming year than it has ever been, but that doesn't mean you should ignore it. Focus on what you can do and how you will accomplish it. A flexible plan, with changes taken into consideration as needed, will get you through it. Analyze the data you collect and use it to make changes when needed.

Keep Employees Updated

Your employees will appreciate all you do to ensure they still have a job. They want to see the business do well. They have to do what they can to stay healthy and protect their family during the Covid-19 pandemic. Some may be working from home or have reduced hours because of it. Others may feel restricted or uneasy if they have to work from home. Find a way to stay connected with them and get them what they need to do their job successfully. 

You may find the overhead cost of some business operations is less due to Covid-19. For example, instead of paying for employees to travel to meetings they can do them remotely from home. This saves you various travel expenses including flights, rental cars, meals, and hotels. Such funds can be allocated for other business needs right now. 

Be creative and see what you can implement for your specific business. Ask your employees to contribute ideas too. They may have some information to help you promote the best possible business practices even with the Covid-19 concerns in place. Strive to be known online because that is where consumers are at now. Do what you can to get your products or services to sell through online platforms. 

Make sure employees stay motivated and they are appreciative. They may be worried about their families but they can't drop the ball on business tasks and responsibilities. They can't take customers for granted as that can harm the future of the business. Going the extra mile to do an excellent job on all levels can help the business get through these hard times. It can make a difference for them to have income coming in ongoing or not. 

Embrace Change

While change isn't always easy to accept, the fear of the unknown can hold you back. Your business planning should include ways to do something new and to do it better than before. Your employees should be on board and dedicated to providing excellent customer service. The future of every business has been changed due to the Covid-19 pandemic. 

Some won't survive it and others will come out better than before. That future depends on the effort and planning done now! Create a business plan you can work with in 2021 no matter what is taking place right now or what happens with Covid-19 concerns.