During a normal year, most businesses would be focusing on the final quarter of the year, reviewing business plans and updating budget needs for the upcoming year. Part of this yearly review might also include looking back over the past year and identifying patterns that created positive or negative results throughout the previous 12 months.
Due to the COVID-19 pandemic, 2020 has been anything but normal when it comes to our businesses. With some businesses being shut down temporarily, other businesses had to pivot and change their product offering to survive and some businesses just never reopened. 2020 has forced business owners to re-evaluate and rethink how they approach their company moving forward.
By taking a helicopter view of your business, from way above the day to day operations and without any emotional attachment, you can objectively look at the overall picture of your business, its strengths, its weaknesses and perhaps previously unseen opportunities for the future.
A company should do an annual review and business audit across all operational areas of the business to see where there are opportunities for growth and change, as well as identifying any gaps that may exist, and how to bridge those gaps for the upcoming year.
As we emerge from the COVID-19 slow-down, now is the time to take a good solid look at your business. A lot may have changed over this year for your business and you. As the owner, you should take an objective and hard look at all areas and create a new business plan based on what you have learned during this unprecedented time.
If your business took a hit this year, aim for bouncing back stronger than ever before.
Listed below are areas to seriously consider when reviewing your company’s performance this year, and where you would like to take your business moving forward.
Protecting your overall business is critical. Your company needs to be properly insured to protect all that you have built. Comprehensive business insurance should be established to focus on each aspect of your company, to move it forward, and make it successful.
BizCover has access to a network of insurance companies and can quickly provide you free, multiple quotes so you can compare policies without the need to ring around or visit multiple websites. Within minutes you will have options to choose from and can obtain coverage immediately.
Obtaining several quotes from different insurance companies will allow you to see not only the different coverage levels but also the cost of each policy. BizCover can make this process easier and faster. For more information regarding the benefits of comprehensive business coverage, please go to https://www.bizcover.co.nz/business-insurance/.
Fundamentals of Your Business
There are many fundamental areas that businesses should be focusing on in order to run a great company. Not all areas have to be perfect but reviewing these areas will help you identify the areas that are successfully running as well as those areas that need some work. Review these areas with your team and gather their information and feedback.
- Leadership and management
- People and culture
- Relationships and networking
- Product and service
- Operations and systems
- Vision and purpose
- Revenue and sales
- Financial intelligence
- Branding and marketing
- Technology and disruptions
- Capital raising and valuations
- Strategy and planning
- Reporting and metrics
- Governance and advisory
- External conditions and competition
Identify Key Changes
Once you have examined the areas of your business objectively, choose three or four areas to focus on and put into your business plan for the new financial year. This might include focusing on the financial health of the business, ways to improve your product, how to create a better culture, or it might be creating a new product or service in order to meet the changing demands of your customers. As business owners we cannot focus on all things at once, so highlight the areas you are going to focus on for the upcoming year and go for it.
Master the Basics
Spend the most of your energy and time on understanding your business’s needs for the upcoming year. Create or update your business plan, a budget (with P&L/cashflow), and specific milestones set throughout the year. With all this information stated clearly in your business plan, you can review as the year goes on to see if your updated strategy is effective.
Be Ready for Change
In the wake of COVID-19, things can change and fast. Look at the areas of your business that did go through change, identify those parts of your business that did not change, as well as those that became redundant.
Do not be afraid to challenge the way things have been done in the past and potentially build a new business model off the back of this crisis. Things will change. Change can be good.
Be A Positive Role Model
Your company will look to you to determine whether they should feel positive or negative about what is going on at the company. Ensure your mindset and attitude are exuding optimism and hope, not doom and gloom, because your outlook will set the tone throughout your company. Look for the opportunities and ways to encourage your team and customers.
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