Looking Back & Planning Ahead
Have a great 2021 in the brave new post-Covid world
(This article is based on ideas in Uncle Ralph's DON'T DO IT THE HARD WAY & The Complete Do-It-Yourself Guide to Business Plans, 2020 Editions)
So 2021 has arrived, now what? It seems the same as 2020 so far, maybe worse in many ways – both the pandemic and the politics. The battles are not over and the "new normal" is not here yet. We're still waiting for some stability, less bad news and the final ground rules before completing our plans for the year ahead.
It will be important to get it right.
First, let's pay attention to the things that didn't work out so well in 2020: health care systems that were inadequate for effective response to a global pandemic, populist politics that manipulated the masses and diminished democracies, technology giants that dominated markets, media and influence. Those issues will not be resolved this year. Contribute to making changes if you can, but don't be distracted by the ongoing crises that you cannot influence or change.
Focus on personal responsibilities within your own circle: family, friends, neighbours and associates, employees, customers and business partners, probably in that order, to build a solid foundation for the changes that will be required.
It is important when doing risk analysis to distinguish between the external economic risks outside management control – economic cycles, inflation, interest rates, currency fluctuations, government regulations – and the business risks that can be managed – competitive threats, major customer or supplier dependency, loss of key employees, technological change and security issues, changes in market demand. Now is the time to be review and revise all of your legal contracts, financial arrangements and insurance policies to prepare for the new post-Covid19 world of 2021.
What did you learn over the past year about preparedness, contingency plans and resilience that you can apply to the next global economic crisis, whenever and whatever it might be. Look back and plan ahead.
Avoid the risks, stay safe and healthy, take care of yourself and others and have a very good year in the brave new world that's arriving in 2021.
Be better. Do better.
Del Chatterson, Your Uncle Ralph
Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.
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