Without doubt this year has been tough for many businesses. As 2020 draws to a close, many business owners are already seeing some light at the end of the tunnel, while some are hoping that the next year will be better. With only seven weeks to go for the new year, it is about time to level up your planning and make up for the pandemic shortfall. You are probably thinking about amending your business strategy due to the disruption caused by COVID-19. Setting the right goals and objectives for 2021 is KEY to have your business perform!
We all had to pivot our business models to stay relevant in disruptive times. From introducing new products and services to changing our marketing strategy, we had to do things differently to survive. Now is the time to shine as we lead into the Christmas trade period and 2021. One of the key objectives should be to create more income streams. With that in mind, here are some important things you must pay attention to as you plan your business in 2021:
- Business Strategy – You need to go into 2021 with a good strategy to secure the future of your business. Some key elements you might want to focus on are your people & structure. Do you have the right team in place to execute your plan? What do you need to do to empower them, and what training is needed to help? Do you need to expand on your products and services? What about putting a better marketing plan in place, and a good sales structure behind that to ensure you maximise on every opportunity! Some of the things that many businesses tend to overlook are the importance of having the right systems and processes in place. A good business strategy is about meeting and exceeding customer expectations. This plan will minimise any risk in your business whilst help in creating sustainability which ties to your financial goals. All the above is linked to your overall business goals and objectives.
- Business Compliance – With the pandemic this year, there has been a lot of confusion around JobKeeper, correct pay rates, rostering, annualised salaries, redundancies to standing downs. On top of this, businesses are expected to follow a COVIDSafe Plan to make sure staff are safe for when they return to their workplace. For 2021 this will be the year of ‘compliance’ where many companies will mostly be audited by the ATO, Fair Work and WorkSafe to ensure compliance during this pandemic. And recently WorkSafe Australia has doubled its workplace inspectors to start auditing businesses around the COVID Safe Plan rules. As a company it’s your responsibility that you have done your due diligence. If unsure, I recommend that you seek the right advice as it’s important that you have implemented what is required. At KBA, we believe that this is not just about getting your compliance right to seek the approval of the governing bodies, but this is also about employee engagement and best practice. The last thing you would want is to damage the reputation of your brand.
- Business Confidence – Having the right things in place brings more business confidence. This is all about your leadership and making sure that your plan for 2021 is rock solid, and that your team is 100% behind your vision of where you need to take your business in 2021. Employee engagement gets everything moving. Your staff should be engaged, empowered and have that clarity about what’s happening, and you need their ‘buy-in’ with where you want to take your company in 2021.
2020 has been a very challenging year and you need to have the right mindset to stay positive. In many ways getting your business model right is about going back to the core basics of how you founded your business. As owners of a business, one of the obstacles we are challenged with, is time. You need to set those goals and objectives; spend the time working on your business, that game plan for 2021 that will help you and your company grow!
KBA useful Information to help you:
- COVID-19 FREE Updates:
- KBA Blogs and Webinars on how to grow and protect your business
- FREE HR Documents and checklist
- FREE Sales Checklists
At KBA we are a team that are very passionate about taking businesses from good to great. If you need help to grow your company or to look at ways to better manage your staff and to be sure your company is following Best Practice with compliance methods, then please contacts us today as we are here to help!
If you would like help or want to know more about our services, please contact us at Key Business Advisors on 1300 4 ADVICE