Strategy and Planning Tips for Small Businesses
With 2020 being turned on it’s head, many businesses have had to re-adjust their business strategy to determine how changes to how we live might impact on how we consume goods, services and experiences.
As charted in the “COVID-19 Small Business Roadmap to Recovery” by Deloitte, small businesses should take steps to re-focus post pandemic. This includes the following stages:
Changes to your business
Connecting with customers
The 8 Tips for Success cited by Small Biz Daily include the following steps:
Setting aside time for strategic planning by eliminating distractions
Involving your team in decision making
Clearly understanding your company’s mission, vision and values
Analysing your current situation through a SWOT Analysis
Setting both long- and short-term goals
Creating a plan to achieve your goals
Focusing on execution
Keeping your plan flexible
There are a range of support programs aimed at businesses to enable them to re-align their strategy. The Victoria Chamber of Commerce and Industry, in partnership with the Australian Government, offers a Business Mentoring program to support small businesses navigate the challenges posed by COVID-19 to their businesses.
This program enables eligible businesses to receive up to four x 2-hour mentoring sessions with a Business professional. Guidance is focused on the following areas:
This includes cost reduction, debt and cashflow management
How has COVID changed the market? How does this impact your business?
How can re-thinking your digital strategy help you reach new customers and markets?
Diversifying your market and supply chain
Through diversification, risk is minimised. How can this be tackled from a business perspective?
Up-skilling and Re-skilling
How can you best support your existing workforce to learn new skills?
Likewise, if you are considering starting a new business (and for some markets, this may be an ideal time), you should consider investigating the Business Victoria toolkit available.
Please do not hesitate to contact the Flexi Personnel HR Consulting team regarding HR Tools and Audits that might benefit your business.