I know that there are a lot of unknowns still out there regarding 2021, but any business has to start looking at next year.
So how to cope with all those unknowns?
Brexit – will there be a deal or not? Well that is still very much up in the air, but if you currently trade with the EU then looking at what changes could come in is important. If you put an action plan to achieve the most changes possible and then you don’t have to deliver those changes then that is a far better place to be than if you do not plan any time in and then find out about a lot of alterations. The UK website has an excellent section on what should be considered, and finding the sections relevant to you as a person and a business are brought to the fore after answering some quick questions. https://www.gov.uk/transition
Covid-19 – will the social restrictions and lockdowns continue during 2021 or not? Well a lot that depends on when and if a vaccine becomes available. Again, plan for the worse-case scenario – that lockdowns and restrictions may last until next spring and then be lifted during the summer as this year before impacting again in autumn 2021. Are there ways that you can make your business more Covid-19 proof? Hairdressers are not allowed to open in some areas, but in some areas home visits are still possible to deliver a service. Restaurants turning to take away. Pubs concentrating on off-trade instead of on-trade. Moving sales on to e-commerce if a shop instead of the high street being make or break. In some areas of the country local independent shops are combining together to have an e-commerce offering reducing the on costs for them all. High street on the web if you like.
US Election – ok so this one should be clear in just over a week’s time. But if the polls have it wrong (as they did last time) and Biden does not have a clear majority, then Trump is already murmuring about legal challenges to postal and early voting. That could give uncertainty in the world’s largest economy which could have a global impact.
Take a deep breath and have a good look at exploiting your strengths and your opportunities and how you can mitigate your weaknesses and threats.
If you need any help in business planning then drop us a line through the contact us page for a no obligation first 30 minute free of charge chat.