2020 was a rough one. That means 2021 might be more about survival. It might be about taking advantage of adjustments you made in 2020. It might mean a total pivot. No matter what happened in 2020, it’s time to set some goals for next year and update your business plan with ways to get there. Let’s start by taking a look at some trends that emerged in 2020. So, get out the old business plan and red marker, and let’s get ready to ascend (we cap it only when referring to the company) to new heights in 2021!
Trends To Consider For Your 2021 Business Plan
2020 was a storm: a storm made up of political contention, a peaking pandemic, and a nervous economy. Companies sent employees home to work and tried to figure out how to bridge the marketing gap in between a socially distanced market and their products. In doing so, we saw some key trends emerge in 2020 that are likely to stick in 2021.
As you look back and do a review of your business in 2020, you may see changes which you planned on being temporary but are now looking more permanent. These might include your employees working remotely, new ways to use office space, going digital with your products and marketing, and more. Keep those in mind as you review your 2020 Business Plan to make updates.
Review 2020 Business Results
As you review last year’s performance, you need to get real with yourself and your business. This year’s review will likely be the most important you’ve done, ever. As you do this, ask yourself, “Could this happen again? Could it get worse? Will these changes stay into and through 2021?”
Time to review 2020 results:
- Sales: Take a look at revenues. Break them down into markets, verticals, products, territories. What do you notice? What stands out that needs an adjustment in 2021?
- Marketing: Calculate your ROI for each marketing campaign: New sales divided by campaign expense. Can you move money from underperforming campaigns into those delivering higher ROI? Do some campaigns need to be retired?
- Team: There’s a good chance you saw some major changes with your team in 2020. Were they more productive working remotely? Did some take on new, additional duties? If you could redesign and rehire your entire team, what would it look like?
- Products: If you noticed a shift in your market due to the pandemic and the economy, how can you take advantage of it? Consider going digital with some products and services.
- Financials: This may be the biggest change for 2021. Look over the cost of goods and your key expenses. Just like many did during the Great Recession, you’ll want to find places to cut back. Negotiate terms with your suppliers, landlords, and other services. Work with banks to reduce interest rates. You’ll want to tighten up your finances in 2021.
The key to making adjustments for 2021 is to expect the best but be prepared for the worst. And the worst could be pretty significant in this economy. Be conservative in your projection and set your goals accordingly.
Set Your Business Goals for 2021
ASCEND Business Advisory is here to help you get all of this done. Set up a time to talk with us, and we’ll help you review 2020, update your business plan for 2021, and set some goals that focus on the new year. Regardless of the craziness of 2020, we are confident that you will turn 2021 into a success.
Contact us now to set up your complimentary consultation.