Where to Start with Your 2021 Business Planning

​The first quarter of 2020 brought a devastating blow on everyone due to the COVID-19 pandemic, mostly on businesses. However, we saw an influx of businesses reopening in the last quarter of 2020. Many owners may ask themselves how they would handle their business in 2021.

To survive, they need a fool-proof business plan. Here are some of the points where they can begin drafting their 2021 business plan:

1. Prioritize What You Can Do
The laws and regulations placed on businesses last year because of the pandemic will be evident in 2021. With this in mind, owners should prioritize what they can do and find ways on things they cannot do. You should create a list of the things you can do and use them for your marketing strategy.

For example, restaurants cannot serve customers indoors. Thus, they offered food pick up or delivery instead. Some owners have fully migrated their businesses online to reach their customers. 

2. Focus on People
Businesses should become people-centered in 2021. There are two types of people involved in any industry: the employees and the customers. Business owners should communicate with their staff and find ways to keep them engaged. You need to take care of your employees as they take care of the customers.

Likewise, with the customers, business owners should take the time to hear their comments and suggestions. With those suggestions, you can create new services or introduce new products tailored to their needs.

3. Business Insurance Planning
There should be a portion in your planning that includes reviewing your business insurance or a lack thereof. There are several reasons behind the evaluation of your business insurance. Here are some of them:

• Creation of new liabilities due to laws and regulations
• Too much coverage or too little
• The still present COVID-19 pandemic

Moreover, there are vital questions that you need to answer when reviewing your insurance:

• Have your sales dropped or increased?
• Have you bought new equipment, leased a new space, or a new vehicle for your business?
• Are you catering to new industries?
• Are you selling your products internationally?

Conclusion
2021 brings hope to everyone, especially businesses who felt the force of the pandemic. Building a business from the ground up takes a toll on you, both physically and financially. You need to protect your assets and yourself from any harm. Obtaining business insurance is the best way to safeguard your progress.

At Insurance Agency Network, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (425) 681-0996. You can also request a free quote by CLICKING HERE.