As we discussed in Part One, there are many unknown variables that will impact your business in the coming year. How do you prepare during such uncertain times? If you have been in business for a few years, you already know that the one thing you can rely on is the future is uncertain. Under normal conditions, you prepare for the coming business year by using historical data to estimate your projected growth for the next fiscal year. What has been your annual revenue increase year over year for the past five years? Has your growth been consistent or has it fluctuated? 2020 was anything but a normal business year. 2021 portends to be as unpredictable. How long will the pandemic continue and what steps will our new administration take to mitigate the impact to our daily lives and the way we do business? What steps are you taking to ensure your current business plan remains flexible so you can adapt to changing conditions? Have you engaged your most important partners in your preparation? Those partners are your employees, your banker, your accountant and your attorney. If not, I strongly encourage you to do so. There is a strong likelihood that you will need to consult with each of them frequently throughout the coming year as you make course corrections to address unexpected circumstances that are all but inevitable. My final message to you is this: If your business has suffered because of the pandemic and you are relying on relief payments from local, state or federal government to get you through these difficult times, don't! These relief payments are temporary at best and uncertain. Your plan must address the steps you will take to ensure your company will survive this temporary, albeit challenging economic period. So, what I am saying to you is that it is you who must make the difficult decisions, take the unpleasant steps necessary to be sure you are still here tomorrow. It's time to put on your big boy or big girl pants, roll up your sleeves and get it done. No one can do the work for you. Your business advisors are just that, advisors.
Thunderbird Management Consulting has the experience to assist you in your planning.