As 2021 continues its stuttering start, business owners around the world are wondering what to do. Much was promised about this year – it was supposed to be a year of recovery. Everyone alluded to things returning to normal, but progress is slow. Truthfully, nobody can say for certain what will happen in the world over the next twelve months. Vaccinations are being rolled out for this deadly virus, so the hope is that more countries can start opening up and business will begin to blossom.
Nevertheless, this puts business owners in a very difficult situation. How are you supposed to prepare for the year ahead? There’s still so much uncertainty, though here are a few suggestions to think about:
Use downtime productively
The chances are your business will experience considerable downtime for the first quarter or so of the year. Some of you may still work from home, while others can’t do anything until your premises are cleared to open. So, the smart approach is to spend this downtime as productively as possible. Even if this means looking into dumpster rentals and clearing out your office building. You can have a huge overhaul of your premises to give you a fresh start when things start getting better. If you’re unable to carry out your normal business tasks, think of anything you can do instead.
Create a rough plan of action
Of course, you should create some sort of plan for the upcoming year. It’s hard to know what to do, but you should begin by setting a few realistic targets. At the very least, you want a plan of action for when you’re allowed to go back to work. This means you can hit the ground running, instead of waiting around trying to get things sorted. If you plan now, you’ll be ready when the green light shows.
Develop contingencies
Speaking of your plan, you need to develop some contingencies for worst-case scenarios. Many business experts have come out and said that so many companies suffered in 2020 because they had no contingency plan. A contingency is in place for disasters that nobody can predict – they act as a safety net to protect your business. After the last twelve months, it only makes sense to devote a lot of time to planning your contingencies. Think about what your business can do if the pandemic rages on and you can’t open up shop again. Consider what actions you’d take if you do open for business, only to be closed again. When you have plans to pick from in these worst-case scenarios, it should make it easier to keep your business afloat. You hope for the best but prepare for the worst.
Realistically, there’s not a lot businesses can do to prepare for 2021. So much is still up in the air, but these three points should be considered. For now, it’s all about making the most out of your free time, developing action plans, and thinking about any potential contingencies.
