Who’s heard of the six P’s?

Many of you will be familiar with the phrase “P*ss poor preparation = p*ss poor performance” or words to that affect. And there’s no truer saying.

The better we plan, and the faster we adapt when we need to, the more successful our efforts are likely to be.

Who can honestly say they planned for what happened 2020? It caught us all off guard. Yet most businesses reacted to the situation. Some diversified and others adapted.

With winter now biting and the situation exploding again, it’s time to think about what we can do this time around to make a better plan and ensure we’re all as prepared as possible for what comes next.

Every business is different and, when uncertainty hits, there’s no ‘one-size-fits-all’ solution. However, these five tips could help you ensure your business is in the best possible position, lay down the foundations for success in 2021, and to deal with whatever challenge comes your way.

1. Communicate

One of the biggest reason’s businesses fail is because they don’t communicate. And, while your first thought will be to communicate with your customers, don’t forget the rest of your stakeholders; employees, partners and even investors.

Put processes and systems in place that allow you to get the right messages to the right people at the right time.

2. Adapt and overcome

In the last twelve months most businesses will have felt the effects of the pandemic. Some are thriving whilst other are barely surviving. It’s more than likely we’ll continue to face challenges for the next twelve months. Don’t let it derail you or steal your hope. The businesses who get through this and come out the other side stronger than ever are the ones who use it as an opportunity to adapt do things differently.

3. Build relationships

All relationship needs nurturing, and right now people are crying out for something positive in their lives. You can be the business that helps them, guides them and even entertains them. Now is the time to delight your audience.

Now is a great time to check in on your customers and is a way of showing them you care. 

It’s not just customers either. Nurture relationships with your employees, fellow businesses and even touch base with your competitors. We’re all in the same boat right now.

4. Work smarter

A year ago, if you’d said large percentage of people would’ve spent most of 2020 working from home, no one would have taken you on. It’s certainly not without its challenges but, with all this tech as our fingertips, we can all be much more efficient.

It’s not just Zoom and Teams, there’s such a variety of tech out there. Whether it’s for budgeting, forecasting and accounts or hands-on operational tools that help you manage your teams and workforce. Embrace it, it’s the future whether you like it or not.

5. Expect the unexpected

While preparation plays its part, much of it is mindset and being prepared to deal with what comes your way. But this only gets you so far. Knowledge, preparation and knowing how to respond completes the picture. 

As the old saying goes, knowledge is power, and, in this case, the more you know about your business, the better you’ll be able to respond if and when the time comes.

 When all the above is said and done, there’s no secret formula, at the end of the day it’s about strengthening relationships with your customers, increasing sales and driving growth. At Walling Accounts we can help you with all aspects of financial planning and get you on track to meet your business goals for 2021.

Get in touch for a no obligation chat, call Ian on 01772 925 230.  

Alternatively, fill in the form on our Contact Us page, and we’ll get back to you.