Planning is the art of establishing a story of an endeavor, ideally in writing.
Because a business is comprised of a series of activities that need to be planned, strategically coordinated, and managed, planning is essential to successfully support the goals and strategies of the business.
This planning should take place right at the onset of an idea or a concept, but it must not stop there. A business plan should be a strategic plan, but to qualify under this definition, a business plan must be dynamic, flexible, moldable. The reasoning behind this action is that market conditions, the business model, leaders’ mindset, products, and services are redefined, among many others. One should not rely on a plan with stale data that brings no value to the many facets of an ever-changing environment.
Establishing an initial plan, but taking the time to review it regularly, preferably monthly, makes a huge difference in the success of an organization. During the monthly meetings, a review of the SWOT – Strengths, Weaknesses, Opportunities, and Threats must be reviewed. What used to be a weakness during the inception of a business could become a strength six months later.
What about the target market? If the business is offering professional services focusing solely on an industry that might be thriving at the time of writing the beginning plan, but due to unforeseen circumstances that industry dries up, dwindles, or disappears, the business plan is deemed to be useless. A monthly review of the strategies, goals, target market, marketing approach, etc., of a plan, is the difference between the success and the failure of a company.
Following a strategic plan during these uncertain times after a lockdown and pandemic effects are critical for a business. There is a great need for reinventing, revamping and innovating during these times to stay afloat, and better yet, to grow and expand.
One example of all innovation is an upholstery business with a storefront where customers step in at any time might need to rethink the customer acquisition strategies by relying on the internet. In addition to the storefront, setting up an e-commerce store by selling curtains, throw pillows, masks, among other products is a great technique to acquire new customers. Also, developing YouTube videos to demonstrate the art of upholstering attracts the audience to the business website, and the e-store, and even to the storefront.
The present times are calling for restoration and new beginnings. There’s no need to go back to what we used to call “normal.” This is a great opportunity to think outside the box and challenge the status quo.