Scaling Businesses

It’s time to review the business plan

by Daniel Medlen

Jun 2, 2020

Have you outlined your policies and procedures you need to follow over the coming months? Items such as business processes, assets, human resources, partnerships, and more should be carefully reviewed.

Team Aspreys have put together some key points for you to consider as you review your business plan:

Put People First

It’s clear the virus is set to stay for quite some time. So the health and well-being of your employees should be your top concern.  It’s important to create a strategy that allows your employees to continue to function without endangering them. You need to ensure that you have the tools, technology, capacity, and security measures in place to support your workforce. It may also be necessary to offer greater flexibility to normal working expectations.

Review Your Business Model

A business plan review is absolutely critical. Be specific about who will be involved and what will be required of them. Getting everyone on board can help with creating a stronger plan and a consistent message. It may also be necessary to identify backup personnel.

Important To Communicate

When faced with unexpected times, people want clear, straightforward steps that they can follow. It’s best to leave as little to interpretation as possible. Considering diverse perspectives will help make the plan as detailed and clear as needs demand. Create a communications plan that includes providing employees and customers with regular situation updates as well as actions taken.

Focus On Key Business Functions

Next you’ll want to assess your business processes. Determine which areas are vulnerable and map dependencies. Estimate the potential losses if those processes go down – from hours to weeks or more. In addition, to stabilise moving forward, it’s vital that you set time aside to ask the following key strategic questions:

  • Where is the business now?
  • Where is it going?
  • How is it going to get there?

Often businesses are able to work out where they want to go but don’t draw up a roadmap of how to get there. If this happens, a business will lack the direction needed to turn even carefully laid plans into reality. At the end of the review process, prepare plans to put the new ideas into place and set a timetable. Today’s business environment is challenging and it is likely that you will need regular reviews, updates and revisions to your business plan to be successful in the future. So please feel free to talk to us and together let’s navigate this unprecedented time in our history.