This is no joking matter.
“Business as usual” ended in March, 2020.
The COVID-19 pandemic has been a once in a lifetime challenge for every small business in America. Some have starved, while others have thrived.
It is estimated that 30% of all small businesses have been rendered inoperable by the pandemic, meaning they have either closed or are not financially viable. What about your small business? Did you sit down and revise your business strategies at the outset of the pandemic, to reduce your downsides and leverage opportunities? And, more importantly, do you now have a plan for taking advantage improving conditions during the 2021 economic rebound?
Surveys and market data have traditionally cited lack of market demand as the largest cause (42% of respondents) and the pandemic was a gut punch. In addition, most owners have identified the availability of qualified labor (52%) as their biggest growth challenge. Both of these factors contribute to the overarching cause of small business failures … lack of cash flow.
They say “Failing to plan is planning to fail.” It’s a cliche, but in a post-COVID world it rings true. You need a plan, and you need it now!
Six Questions To Ask Yourself When Planning For 2021
Here are some questions that to get you started thinking in new ways, so your small business will rebound and grow to new heights:
- Which of your revenues have been most vunerable? What can you do about them?
- What market opportunities are you ignoring? Will you ever address them? Why not now?
- What is your contingency plan to rebuild/recover your capacity to serve more customers if demand snaps back in a few months and you need far more resources?
- What existing financial resources can you tap, if needed? What additional resources should you be pursuing immediately, in case they are needed?
- Have your HR recruiting and retention strategies worked in the past, or do they need improvement? If needed, what could you try differently to improve them?
- Who can you lean on for independent, supportive, and wise advice?
Check out my Get Ready for the 2021 Small Business Rebound videos for some ideas to get you started, so your business can come back strong in 2021.