While the short-term impacts of COVID-19 on the business world are unquestionable, it is still unclear how the adjustments implemented in recent months will continue to affect businesses in the future. Despite the obstacles and uncertainty presented by the pandemic, smart business leaders are planning now for 2021, considering the lessons learned in 2020 and developing strategic business plans to position themselves for long-term success.
Here are a few ways business leaders can plan for the new year:
Begin the process now. The fourth quarter is right around the corner. It is imperative for business leaders to begin the 2021 planning process now. Ever-changing priorities and a widespread remote workforce may present unforeseen challenges, causing planning to take longer than usual. Collaborating with managers and employees while the current situation is fresh on everyone’s mind will help to provide a clearer perspective. It is never too soon to get started because it allows time for strategic thinking, careful processes and any necessary changes.
A resiliency plan should be ... part of the 2021 strategy.
Consider the present and future. Business owners should be pragmatic about the health and future outlook of the company. The economy is expected to grow at a modest rate in the coming year, so there are reasons to be optimistic. Nonetheless, conservative planning may be more realistic. Flexibility should be part of any plan, allowing the company to pivot should disruptions occur or challenges continue longer than expected.
Business plans for 2021 should detail the creative solutions implemented during the pandemic that addressed organizational weaknesses. Leaders should consider any employee and customer feedback and incorporate it where appropriate. For example, if policies or guidelines concerning remote work or workplace safety related to COVID-19 have not been updated, now is the time. It is critical to make these changes as soon as possible, as well as implement new protocols that will be essential in 2021.
Focus on business resiliency. One of the keys to business success in 2020 has been adaptability, and that is unlikely to change. A resiliency plan should be an integral part of the 2021 strategy. At its core, business resilience is about ensuring the long-term viability of a company by protecting its people and assets from threats. The pandemic has reinforced the fact that unpredictable events are inevitable, and companies must be agile and ready to respond and adapt.
In addition to minimizing the potential financial impact of unforeseen events, resiliency planning can maintain or boost an organization’s reputation, protect against safety and health concerns, expedite growth and reduce the risk of operational interruptions. Naturally, the specifics of an effective plan will look different for each company, but all should include specific solutions for known areas of risk or weakness, as well as crisis mitigation, emergency response and business continuity plans.
Prioritize a people strategy. The pandemic has changed many things, but one old adage still rings true: people are a company’s greatest asset. Planning for people should remain a top priority. A key element of this is an increased focus on corporate culture. With many employees struggling to juggle work-life balance, mental and physical well-being, and remote work challenges, staffers want to know they have support from their employer. Business leaders should consider implementing employee benefits that help workers feel valued, including wellness programs, flexible schedules, training and development initiatives, and expanded personal-time policies. People are critical to a company’s success and, when prioritized, become loyal advocates.
Looking ahead to 2021 may seem daunting; however, by thinking strategically about future business needs, incorporating resiliency plans and prioritizing people, organizations can position themselves for success.
Eric Cormier is a manager of human resource services in Rhode Island for Texas-based Insperity Inc., which provides human resources and administrative services.
