June 7th, 2020

It's time to update your business action plan

Now is the perfect time to think like a start-up entrepreneur! In fact, it’s imperative that you do so.

During good times, it’s easy to become comfortable and assume the business base you have will always be there. Many companies are now learning the painful lesson that it’s just not so.

As the economy reawakens, will you have an action plan in place that positions your company to fill the gap left by others who didn’t survive the economic chaos? And what are you doing now to be in a position of strength to quickly meet consumer demand and build loyalty?

It's rare for leadership to have the time in a thriving economy to revisit the basic, proven laws of business planning and marketing. Many of the questions need to be asked and answered again that likely were important considerations when your company first started. Some examples of those are:

  • Who are your ideal customers, and how do you reach them?
  • Do your customers still want your existing products, services, and delivery channels that were in place before the pandemic, or have your customers’ needs changed?
  • What are your competitive advantages and your targeted messaging to the marketplace?
  • Who are your competitors, and what can you observe about their strategy and tactics?
  • What are your short-term and long-term revenue goals for surviving the current transitional upheaval that will ultimately lead to growth?
  • What is your marketing media mix and ROI expectations?

While going through this process of reimagining the future of your business, remember to tap into the tremendous power of asking “what if .....?” Virtually every innovation in products, manufacturing, science, and technology started with asking and answering that question in a variety of ways.

There are lots of excellent resources available online to help you formulate an updated vision for your business. Among those is the Small Business Administration (www.sba.gov) that offers business planning and marketing insights as well as links to other useful online sources.

Use this time of dramatic downturn in daily activity to regroup and rethink how to position and structure your business based on its strengths so you can build for success, both for the short-term and then beyond.