How To Shore Up Your 2021 Business Plan

A year ago, businesses around the world were looking forward to implementing their 2020 business plans — with no idea what lay on the horizon. In many ways, it seems like a year has passed in the blink of an eye as companies have scrambled to rebuild after facing the effects of the Covid-19 pandemic.

The pandemic and its resulting economic dislocation have affected everyone in different ways and to different degrees. We’ve seen that firsthand at Agency Management Institute, where our 250 agencies have all reacted and responded to the crisis in unique ways. But our agencies share one commonality: No one had anything close to a normal year. With agencies cutting an estimated 35,000 roles in 2020, companies are operating on a smaller — and often smarter — scale.

Regardless of whether your plans were altered directly or indirectly, chances are that it’s been challenging to create your 2021 business plan. You’ve likely either had other commitments and responsibilities pulling you in different directions, or you’ve faced too many unknowns to adequately plan for the year. The good news is that there’s still time to create your business plan for 2021 — but that time is right now. If your agency has not yet finalized yours, here’s how to do the best you can with the information you have at hand.

1. Start by gathering existing materials.

It may seem intimidating to build out your entire year’s plan in such a short period, but don’t let it deter you. By breaking down your plan into manageable parts, you can build a plan strong enough to withstand change but flexible enough to evolve as needed.

First, gather any planning documents you’ve already started creating for 2021. Ask managers on different teams to send you their top-line goals, key performance indicators, considerations and plans for the year. Then, schedule a two- to three-hour meeting with your leadership team to review the goals and prioritize. Send leaders the documents a week before the meeting, along with your take on how the agency has progressed on each top-line goal. Ask your team members to arrive prepared to talk about which items are still priorities, how to get off-track goals back on track, who should be responsible and which goal matters most to the organization.

2. Factor in taking care of your people.

Your people strategy should be a core component of your business plan every year, but it’s never been more crucial than now to prioritize your employees’ health — mental, physical and emotional.

With your leadership team, discuss what you’re currently doing to support employees, how it’s going and what you could do better. Are you supporting their work-life balance while they’re working remotely? Do you have an employee wellness program or access to an employee assistance program? What sorts of volunteer opportunities do you offer, and are they paid? The more you take care of your team, the more loyal and hardworking they are likely to be.

Read more: www.forbes.com