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Updating Your Business Plan for the 2020s

  • August 5, 2020
  • George Molakal
Updating Your Business Plan for the 2020s

As we roar into the 2020s, it’s critical to develop a business plan for the decade. It should be tailor-made for your small business needs. But it should also be ready to face a variety of challenges posed by the decade’s changes.

Your business plan is the formula that guides the way your organization will develop. It outlines where you plan on growing revenue and how you expect to structure the company. The plan also shows how you’ll court valuable investors. It chalks out your contingency plans in the case of a downturn or rough market.

In this post, we’ll walk you through the basics of updating your business plan. It will reflect the business realities of 2020. It will also help instill the right attitude and principles. You’ll face your business challenges with the knowledge you need to succeed.

Digital Investment is critical

Investing in digital infrastructure for your company is a crucial way to stay ahead. So, it is vital for your plan to include digital resources in your daily operations. The exact way that you build out a digital profile is dependent on the industry in which you operate. But some general rules still apply.

Businesses should follow some rules regardless of business interests. Some of these rules of thumb to follow are:

  • Online sales are soaring

Having a dedicated online sales strategy is essential for any small business. You may also specialize in something like hardware or selling flowers. Then also, building a convenient online store is necessary for continued growth.

  • Online advertising is the way of the future

Millennials are gaining purchasing power, and Gen Z is becoming self-sufficient. So you’ll want to cater more to these growing audiences. Billboards and TV ads don’t convince them. You’ll need interesting online content and targeted social media ads. This will tap into this new generational market.

  • Digital brand management

Small businesses may not have thought of this before the social media explosion. But it’s something you should spend some time on in your business plan. What’s your style? Where do you post? Answers to these questions are vital for any digital strategy.

  • Digital analytics strategies

These are paving the way for companies who want to expand the business. They also assist in tapping into a new market to seize upon an opportunity for growth. Gaining insights into the next Big Thing is vital. It may be blood circulation supplements or a new type of hyper-comfy pillow. You’ll want to know ahead of time.

Hiring matters now more than ever

Ample resources and branding power are available to small businesses everywhere. So, ensuring your organization stands out from the crowd can be tricky. This is true even for those with plenty of cash to invest upfront. There’s one key aspect of your business that can help you stand out. Its more vital than any investment strategy, advertising campaign, or product launch:

People

Having the right team makes a difference. It separates a floundering business operation starved for creativity and valuable insights. The right members can see them through lines in new market trends. They can ideate innovative products and services. They can also create viral and high-quality content. These will boost your business to new heights.

Hiring the right people for your business is crucial. It is also vital to have a strategy to make them feel valued. This boosts employee retention. It is the smartest investment that any small business or startup can make. This is regardless of industry.

Having the right strategy is challenging to nail down at first, but a few insights can help:

  • Quality over quantity

 Be sure you’re focusing on growing your team with experienced, smart individuals. They will also help your company grow. Having a group of incompetent people never helped anyone hit their quarterly targets. So, remember that slow and steady wins the hiring race.

  • Benefits are key

Valuable employees can often take their skills and bring them elsewhere. To keep them around, having high-quality benefits. These can also include an all-inclusive healthcare plan and 401k-matching programs.

  • Flexibility first

 Not everyone can work a standard in-office 9 to 5. You’re limiting your talent pool by having strict requirements. Being flexible about hours and work schedule is a way to expand and find the perfect team.

  • Remote options

 You can allow team members to do remote work. You can also look for remote workers to expand your net across the country. This can be an attractive way for you to find valuable resources for your business. The best brand manager for your team may be living on the opposite coast. A Rockstar programmer who can help you expand may live in a small Nebraska town. Keep options open.

Going beyond commerce

2020 onwards have already seen the beginnings of severe social upheavals. People get frustrated. So, they often turn to their favorite businesses for guidance in turbulent times. Knowing how to make an impact for the greater good is a way for you to market to younger activist generations. This will also make your business stand for something real. Game-changing strategies that push businesses beyond commerce into philanthropy include:

  • A buy one/give one model

Many companies today have adopted a model that the shoe company Toms popularized. After consumers buy a product such as clothes, the company donates an item to a person in need.

  • Go green (for real)

You can divest companies that pollute. Instead, opt for renewable, clean energy in production. You can choose to move away from single-use plastics. This can help your company grow in a green way beyond surface-level branding. It’s a win-win for the environment and your company’s growth. This is because most consumers are very concerned with the environment.

  • Reinvest in communities

Small businesses are essential parts of communities. The best ones make an effort to be grateful for the communities that welcome them. They also help sponsor community events. It includes kids’ sports teams, park cleanups, and street fairs. These can help your neighbourhood thrive. Reinvesting can be a major element for business plan 2020 onwards.

Conclusion for Business Plan 2020 onwards

There’s no one-size-fits-all business model that you can rely on to see your profits soar. So, create the right combination of ingenuity and strategy. Adopt the business model that seeks to optimize your organization’s business plan in 2020. These steps will help you to stay a cut above the rest.

Author

Samantha Rupp holds a Bachelor of Science in Business Administration and is the managing editor for 365businesstips.com. She lives in San Diego, California, and enjoys spending time on the beach, reading up on current industry trends, and travelling.

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