F E AT U R E
for Preparing Your Business for 2021
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By: Jeff Newkirk, Founder & CEO, Understandable Solutions
Have a plan. You should have a plan for your business that includes monthly, quarterly, and annual goals. You should also include strategies for achieving your goals. Goals and strategies should align with your mission, vision, and core values for the business.
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Conduct a financial review and develop your budget for 2021. Have a meeting with your accountant for tax planning. Take a closer look at your big expense items, such as labor, rent or loan payments. Your landlord and banker may be willing to discuss refinancing or new lease rates. Try to negotiate more favorable terms for 2021.
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Dissect your gross revenues. Review the products/services that sold the most and the least. Also review pricing. Determine if any updates in prices are in order. Update your marketing plan, including your social media presence, website, and funnel campaigns.
Conduct an inventory, this includes all supplies used in manufacturing, as well as those needed to provide any services. Review your suppliers/vendors. Negotiate pricing.
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Review your staffing needs, including any increases or decrease for 2021. Make sure all employees have received evaluations and updated job descriptions.
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Review your risk management plan, including liability insurance, as well as errors and omissions insurance (if applicable). Evaluate your community outreach. Do what you can to positively impact your community.
Evaluate your information technology needs, including any upgrades in software and hardware. Also, eliminate any subscriptions for applications not used during the year. Make sure all critical information is secure and backed up.