Planning for Recovery in 2021

The year that’s passed was a tough one, to say the least. For many businesses, the impacts are lingering, and there is very real trauma within our business sectors, both at the business level and at individual levels.

No matter what your business is facing right now, planning for recovery can help you to take stock of where you’re going, bring everyone on board and reinvigorate staff to get you through to better times.

How to Get Into the Recovery Mindset
It’s not easy to look up and think about your future when you’re fighting to survive, but it can make a huge difference in where your business heads. Through this economic crisis, the entire market has shifted.

Take stock of how your competition has changed
During the last year, many businesses will have downsized, pivoted, closed or made other changes. Take some time to reassess the competitive landscape and see where opportunities may have opened.

Reflect on where you want to go
Sit down and reflect on whether your goals have changed, and whether you’ve communicated this to your team.

Analyse the situation of your customer base
Whether you’re B2B or B2C, much will have changed with your customers’ buying behaviour and overall needs. Analyse the market and make sure you still understand what they need and that your proposition still meets those needs.

Reflect on your internal processes
Businesses across the world went online in a whole new way in 2020. You need to look at what you’re doing and if you could be doing more or better in a digital environment.

Steps to Plan for Recovery
Once you have assessed the market situation, where you want to go and the best opportunities to get there based on your proposition and your customer situation, it’s time to get that documented and communicate it to your team.

Update your business plan
Include your market strategy, marketing strategy, and financial plans – planning for both the short term and long-term.

Look at your funding structure
Consider how you will fund your growth ambitions. Do you have a funding structure in place? Do you need support raising finance?

Selling in the new normal
Do your sales team and processes need reviewing in this new world / how effective are they at lead generation?

The MGroup will commence a series of monthly sales webinars starting on Friday 12th of March @ 10.00, with Dynamic Coach. The series will cover topics such as:
1. Sell more by making your customer journey easier
2. 5 steps in preparing for a negotiation
3. Sell more without adding customers
4. Understanding how a professional buyer works

To find out more about these webinars please e-mail: j.watts@themgroup.co.uk

The full article can be found on our website – www.themgroup.co.uk