Your Destiny is by Choice and not by Chance!
Hope is Not a Strategy!
Happy New Year and welcome to 2021. Hopefully, you have your goals and planning done for the New Year. Whether yes or no this article will help provide new insights into a great 2021.
However, having plenty of time during the holidays has given you lots of time to reflect on 2020 (as I have) and think about what is coming in 2021 and future years. As most of you have thought there have been so many changes in our lives and the way we live our lives. Many have switched over to shopping in different ways, entertainment, eating from restaurants and travel. So, let us look at some of the changes and how it has changed our lives (and will these be permanent?).
- Will you go grocery shopping again or continue ordering and have it delivered?
- Will you continue ordering everything on Amazon? Will this revolutionize the entire retail industry?
- Are you going to be happy shopping and purchasing clothes online or do you feel better about trying on the clothes and feeling the material?
- Are you going to be happy having people into your home to watch Netflix or your favorite streaming service and have dinner on a Saturday night?
- What about going to the Mall to shop and hangout and eat? Will there be any Malls?
- What about going to the movies or a ball game?
- What about shaking hands or hugging?
I can go on and on. These are only questions effecting our personal lives but think about how many industries are affected. Businesses that will be changed forever; employees that will be displaced and retraining programs needed; industry supply chains that will be required to be changed. Again, we can go on and on.
HERE IS THE WHOLE POINT OF THIS ARTICLE. As a business owner, I hope you have thought through what your plans are for starting your business back up when the NEW NORMAL returns. If you think it is going to be business as (the old) usual when we took a break – you are sadly mistaken. This could spell Disaster. DO YOU HAVE THE RIGHT BUSINESS MODEL TO MOVE FORWARD?
So, after having all the holiday thinking time and reflecting on all the 2020 happenings – HOW HAVE THESE CHANGES EFFECTED YOU AND YOUR BUSINESS? WILL YOU BEABLE TO OPERATE WITH THE SAME BUSINESS MODEL – OR DO YOU NEED TO CHANGE YOUR BUSINESS MODEL MOVING FORWARD?
Let us look at some questions you need to answer and look at the various components of your business:
- Are your systems, procedures and processes properly setup and do you have the security needed to protect your information and operations from hackers? So, you really need to have your TECHNOLOGY systems REVIEWED OR AUDITED by outsiders or your inhouse group.
- Are all your vendors still in business and are they still able to supply your production and operating needs as before the 2020 crisis? Therefore, you may need to address your Supply Chain needs to make sure you can operate efficiently.
- If you operate Globally, you need to address not only the Supply Chain but the Logistics of your business.
- Will your business be the same going forward as it was before the pandemic set in – you should be looking at the following components of your business:
- CUSTOMER BASE – how many are still in business and have their needs changed?
- MARKETING and marketing techniques – are you getting the return (ROI) on your dollars?
- EMPLOYEES – do you have the right people, with the right skills to move forward with?
- OPERATIONS – will your business be the same going forward? What changes are necessary to keep up the current times and moving forward?
- Are all the industries you were previously serving still the same?
- FINANCIAL – do you have the financial viability to move forward with any changes that need to be made and will you need Capital expenditures to continue business? Have you done your 2021 Forecasts including Cash Flow (CASH IS KING)?
- Is this a time to bring in a partner or merge with a partner to address all the company needs?
- What industries that you have been serving have changed or are no longer viable for you to continue serving?
- Risk MANAGEMENT ASSESSMENT and TECHNOLOGY needs and what will be needed to move forward and protect the business assets.
- PRODUCT LINES- Will your product line be viable moving forward?
- PRICING- As always you will need to look at your pricing models to make sure you are in line with the market.
- COMPETITION- Competition will have to be assessed to see who is still in business and if there has been a realignment.
Hopefully, we have been able to give you some insight into KEY CONSIDERATIONS to evaluate moving into 2021 and beyond. I would love to say I could give you all the answers but we all know this goes beyond an article. You will need to address this with your management staff and trusted advisors.
Your Charge for the future is to:
- CREATE CHANGE THROUGH ANALYSIS AND INNOVATION
- GROWTH THROUGH ANALYSIS AND ADAPTATION
- LEAD SMARTER AND WITHOUT FEAR
Now. It is time for action. Take the time to note the changes you plan to make in your personal life and then your business below:
- What is working well I should continue doing?
- What do I need to start doing?
- What do I need to stop doing so I can reallocate my time, money and other resources to my start and continue doing?
|Continue Doing||Start Doing||Stop Doing|
|Continue Doing||Start Doing||Stop Doing|
For further information and questions please contact Barry or Steve.
Barry Worth, Partner – Experience on Demand
Steve Finkelstein – Sr. Partner – Experience on Demand