Business plan for 2021: Learning from 2020

Happy New Year(?)

If you are an events business and have survived 2020, firstly well done.  We weren’t expecting that! No doubt you have pivoted multiple times, tried alternative revenue streams, invested, streamlined and adapted until you are blue in the face amidst a sea of cancellations and postponements. A what point did you throw your business plan for 2020 in the bin? If nothing else, 2020 has certainly been a learning curve. What learning have you taken from it and how will these shape your business plan for 2021?  

Setting goals for 2021.

Have you set goals?  Do you have a vision of where you want your business to be in 3, 6, 12 months time? My goals are not as ambitious this year.  Life has always been unpredictable yet Covid has taken this to a new level.  I thrive on making plans and setting directions. I can still do this but like all of us I have had to adjust to the fact that survival is based on our ability to flex and adapt.  Acknowledging that sometimes the best laid plans can come to nought and somethings are outside of our control.  Being too fixed on an end result opens the door for disappointment.  Building resilience and being prepared for set backs can help us recover more quickly.         

Learning from 2020.

2021 is going to be bumpy but this time we are prepared.  Learning from 2020 and setting the ground work now will help you to ride out another unpredictable year. 

In order to create a business plan for 2021, you first need to audit where your business is now: 

• What went well last year?  What didn’t go so well? 
• What external factors are affecting your business now? 
• What internal factors are affecting your business now? 
• What opportunities are available? 
• What resources do you have available? 
• What is the state of the market now?  How is the market likely to change over the next 12 months? 
• Are there any known events that are likely to affect your business? 
• Will you need to make any investment this year? 
• What actions do you need to take to achieve your goals?

Write your business plan for 2021.

By thinking about these questions and answering them, this will help you to construct a business plan for 2021; a workable strategy that will support your business to achieve its goals and see you through another turbulent year.

Document your plans, display them, review them regularly and adjust if necessary. Don’t flog a dead horse. If it’s not working then go back to these questions and ask them again. The most successful entrepreneurs have all suffered setbacks and failures so there is no shame in admitting defeat and going back to the drawing board.       

Good luck and god speed!