Time for a new plan

Everything has changed.

(This article is based on an extract from The Complete Do-It-Yourself Guide to Business Plans - 2020 Edition)

Rethink, Review and Rewrite

The Covid-19 pandemic has changed everything – in our lives and in our businesses. The only questions that remain are – What exactly has changed? By how much? For how long? What happens next?

We don’t yet have all the answers and the ones we do have keep changing. But there is no question that we have to change our plans and to stay resilient and creative to survive. It’s time for a new business plan, but the standard checklist has changed.

Can you answer these questions clearly and concisely?

Have your personal plans and objectives changed?
Has the purpose of your business changed?
Do you want to retain past customers or attract new ones?
Do you need to change your business model?
What is the revenue required to be profitable now?
Are your planned changes temporary or permanent?

Simple questions that need to be answered before you revise your business plan.

Remember the objective is to develop a road map for you and your management team to survive this period of crisis and eventually return to profitable growth.