Is it just us or is time going even faster at the moment? Even though we are still in lockdown and restricted in what we can do, the world seems to be spinning very quickly.

Perhaps we should take the time to press the imaginary pause button and reflect on what we’re doing, before the treadmill of normal life starts to pick up pace and we lose the opportunity to decide whether we even want to be on it.

So here are some simple but important questions that you might want to consider right now…

  • Are you on the right path? Is this the right time to start that new venture you have been thinking about? Or has the pandemic made you decide you want a 9-5 job and not the pressures of running your own business?  Maybe it is time to write that book you know is in you, or start that Open University degree?  Whatever it is, the pandemic has probably taught us all that life is precious and time is short.  How do you want to spend yours?
  • What are all those things that you have missed in lockdown?  Seeing your family, meeting friends, theatre, pub, live music, travel…. Whatever they are, start to plan how you will fit these into your busy schedules when lockdown ends and the treadmill picks up speed.  Get holiday dates in your diary now.  Look online at what concerts, shows or events are still planned for later in this year or next, and book tickets, clear diaries and create something to look forward to.  Talk to friends and family and plan get togethers and nights out.  Everyone will want to celebrate the end of lockdown and people’s diaries will fill up, so sort it now before being busy stops you having fun!

If you are running a business, there are also some important things to consider before the country opens for business and you go back to ‘heads down full steam ahead’.  We are happy to explore any of these with you in more detail, but key areas to consider must include…

  • Your people.  
    • Who has been an absolute star?  Make sure they know they are appreciated and their efforts recognised.  That may be pay rises or promotions, but don’t underestimate the power of a simple “Thank you”.
    • Who has been a problem?  Assess whether they are someone you want on the team as you strive to push your business through the recovery period, or to seize any great opportunities you anticipate.  If not, deal with it now.
    • Have you got the resources you need to grow? Whilst there is an expectation of higher unemployment, that is likely to be predominantly unskilled service industry people.  All the current indicators are that recruiting great people will remain a big challenge.  Look now, recruit soon.
  •  Your customers.
    • Who are the ‘A’ grade customers?  Do they know how much you value their custom?  If not, make sure you tell them.  A small gift (a box of cakes) may be worthwhile, but again, don’t underestimate the power of a simple “Thank you”.
    • Who have been the problem customers?  Unreasonably demanding, slow paying, price sensitive, and probably low value accounts?  Consider asking them to leave (honestly it could be the best decision you will ever make!) or jack their prices up and see if they stay or go.
    • Where will growth come from?  Are you targeting existing or previous customers?  Do you need a more dynamic marketing campaign?  Have you got the frontline people you need to win the sales you want?
  • Finance.
    • Have you got a clear financial picture of the business and your next 12 to 24 months?  Do a cash flow and plan ahead for cash flow peaks?  Make sure these show various levels of turnover so that you can see whether expected growth may create cash flow pressures.  
    • Have you planned for upcoming changes such as CBILS or BBL loan repayments starting, deferred bills being caught up, or major investments that are needed in the business?
    • Is your bank supportive or do you have suitable funding resources through invoice discounting for example?  

The key point is a plan.

A business plan doesn’t need to be long or complex, it can just highlight the key thoughts and actions under these headings: What do you want to achieve? How will you get there? And what do you need to do? It helps you to think through all the parts of your organisation and to ensure they are all working together to the same goal. 

We have put together a business plan template to help get you started. To get your free copy contact marketing@markholt.co.uk today.

So take time to take a breath.  Pause for a moment and reassess your personal and business priorities before the treadmill picks up speed and some of those choices are lost.

THINK PLAN ACT