In the words of Mike Tyson, “everyone has a plan until you get punched in the face”. For many of us that invested time in planning for 2020 and the financial year or beyond, those plans may not be as relevant as they were six months ago. It might be that the goalposts have been brought closer through reduced activity and revenue, extended through unanticipated demand and growth, or now lie in a totally different place.
If you’re in this boat (which is likely most of us), you’ve got three key choices: (1) continue on with the existing plan, (2) review your goals and priorities, or (3) re-plan your business and value proposition to account for the changes. Each of these options will depend on your current state versus your original plan, your risk appetite, the extent of change, as well as your confidence and outlook. However, you will benefit from taking the time to reassess your plan.
Everything in life and work is so much easier if you know where you’re going, and you’re working towards an achievable target. As humans, we are motivated by outcomes and reaching goals, not from being far away from the desired result or conversely, having nothing tangible on which to focus. This trait is why we tend to break big tasks or goals down into smaller chunks and set more frequent but smaller goals. Adventurers climbing Mt Everest don’t think about spending two months climbing almost 9000km. Instead, their journey is broken down into phases and targets for each day. This approach helps climbers keep up the motivation to reach their goal.
Taking the time to review your business plan alongside current and predicted performance will firstly help you understand your current position. It will also keep you focused on achieving the best possible outcomes. If your results are much better than planned, a reassessment will mean making sure that your stock and processes can cope with increased demand, ensuring that your customers have a smooth experience. If you’re not doing as well as you had hoped, it might be time to revise your targets down. Doing so can decrease the negativity experienced when comparing the actuals against higher targets and refocus your attention on your expenses.
Legion Consulting has developed a 9-item questionnaire to help you determine whether you should take another look at your goals and plans for the year. Whether you’re concerned about having to shut your doors, or are now positioned to take full advantage of opportunities that have arisen, it’s essential to know how to prepare yourself for the best possible outcome.
So what:
- Current events have and will continue to impact each business differently
- It’s important to continually monitor performance and re-evaluate goals if required
- You can take the questionnaire here
- If you need a guide to help you identify new goals, and develop a practical plan to achieve them, get in touch with Legion Consulting.
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