In every venture, it is important to have a business plan. This document is very vital in starting and maintaining a successful path for the business. Depending on various factors, a business plan has to change to adjust to the circumstances at hand. COVID-19 has proven to shake even the most solid business plans; therefore, it is vital to re-evaluate during these times of uncertainty.
McKinsey published a recent study in which he stated that the COVID-19 pandemic is the first event to cause such a great economic crisis since World War II. Nonetheless, he pointed out three solutions that proven to have successful responses to previous global calamities and can be considered while making changes to a business plan.
While creating a business plan, there are some important factors to consider. Apart from highlighting the critical elements of a business plan during its creation, it is important to account for the immediate issues affecting the world by providing solutions through your ideas on how to tackle them.
Firstly, have a detailed market analysis that includes figures and facts from other parties in the same industry and should comprise of ways to show adaptability during a pandemic. Secondly, the marketing plan should always be updated. Identify the challenges, define the options, and choose the best avenue for success. The plan should also state in detail the adjustments that will take place post-pandemic specifically to the business. Thirdly, the business plan should clearly state how the business will withstand the unpredictability of the pandemic by accounting for any immediate adjustments and impact on the workforce. The plan should also involve how to navigate through the new environment by embracing the opportunities that the new normal will have to offer. Lastly, one should have sustainable predictions for the business while factoring the current shape of the economy. Future financial models should be included that take into account events that have occurred in the past.
If one has an existing business plan, adjusting it requires similar action to creating from scratch. Some of the adjustments include clearly defining the challenges, long-term and short-term, and how they affect the production and the staff then make relevant changes to your plan. Moreover, be deliberate with decision making and adaptability to the pandemic. This means putting a halt to plans or production that have rendered senseless during this crisis. Lastly, be flexible by utilizing available resources, incorporate the new measures out in place by the World Health Organization, and trust your network. Think diversely and respond accordingly to the new needs of consumers.