Planning and strategising is key to a successful business. The more thorough and detailed your plan is, the chances of your business being in a better position is much higher.
With the Covid-19 pandemic upon us currently, the path your business takes might not be smooth sailing and steady, but you shouldn’t discredit the fact that an excellent business strategy can reap significant benefits. Now is the ideal time to prepare and plan your business strategy for 2021 – here are 3 vital tips you should follow.
1. Ensure all hands are on deck
Regardless of how big or small your business is, it’s crucial that you bring your essential personnel in when you’re preparing and planning your business strategy for 2021. While you are the leader in your business, different journey requires different pilots – meaning you can certainly bring in other resilient leaders with experience and skills in your team to make well-informed decisions from a position of knowledge. You will gain valuable insight and input from different people who will undoubtedly aid your business strategy.
2. Plan for the unexpected
2020 has taught us that many things could go wrong in a snap of a finger and usually, businesses that are prepared for such situations are the ones that are able to thrive regardless of what happens.
Although it’s basic knowledge for businesses to prepare for rainy days, 2020 served as a huge wake-up call that preparing emergency funds isn’t just an added aspect to feel secure, but should be an essential part of any business strategy. It’s a smart choice to set aside a small percentage of every profit made.
Additionally, work hand in hand with corporate accounting service providers like Ackenting Group to better plan your finances and find out the best way to maximise your business’ funds. Our audit firm offers customised solutions including corporate financing and tax accounting services to provide sound advice regarding your finances. You will be able to set money aside and mitigate any financial problems to maintain operational performance.
3. Use up-to-date forecasts for informed decisions
With potential future disruptions, shifting markets and other unpredictable variables, your operating budget will need to be revisited on a continuing basis. When you have outdated estimates, you might fail to properly exploit new opportunities or tackle new challenges. Make it a priority to measure your progress frequently and determine the time-frames for each objective. Ensure you’ve identified team members who can contribute to the budget and forecast process so you can set out the clearest possible version of your strategic goal. With accurate data, this will help you to finalise a course of action.
2020 was a challenging year for everyone across the industries, and unfortunately, 2021 might not necessarily look brighter. Either way, making sure that your business plans and strategies are prepared to weather the storm is a good head start. The best way to do so is to work closely with your team, and be adaptable and agile to respond to rapid shifts in the environment.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
