2021 has been no walk in the park for small business owners, to put it very, very, very lightly.
Throughout the year, you may have had to undergo a significant transformation to stay afloat. Whether it was taking a leap, pivoting or adapting to this new world and its evolving shopping trends, you had to change. With this change, it’s likely your business purpose followed suit with its very own transformation.
Perhaps it was when you dusted off your piano, or maybe it was when you finally got around to assembling the trampoline for your kid. Whatever it was, there was a shift.
To make your new ‘more’ possible by creating version two of your business, it’s time to roll up your sleeves and pave the new way. So let’s hit refresh on your business plan.
How to greet change with open arms.
Having a dynamic business and remaining on standby to respond to changing circumstances is a natural part of the small business world. With that being said, conceptualising and communicating your new purpose and objectives can be a challenge.
Putting pen to paper on what this new shift looks like and how it will impact your business is the first step of the process. If that sounds great and all, but you have no clue where to begin, here are a few questions to kick start your business plan.
Has the purpose of your business changed?
You went into business for a reason – whether it was more time, more control, more money, more impact, or more of anything under the sun – revisit it. Has your original reason stood the test of time, or has the pandemic shaken it up?
Whether you are moving into a different market or offering a new service or product, if your business is now marching to the beat of a different drum, you need to acknowledge the change. Take a good hard look at your current circumstances and ask yourself, do you have the resources and a plan to support this new direction?
What is your new business purpose?
They’re aspirational, audacious, borderline arrogant, and the driving force behind every single business decision – we’re talking about none other than your business’s vision. What is the vision behind your new direction? Consider what it is that YOU want to achieve and how you will communicate and champion it. As soon as you have shaped your new and improved vision and mission statements, get your team on board and set them free into the world of clients, customers, stakeholders.
Who is your new target audience?
Shaking up your business purpose could very well shake up your target customer or client. So if all your sales and marketing endeavours are chasing the usual suspects, go back to the drawing board and get crafting a new customer persona.
Once you have your new target audience down pat, it’s time to look at how this will shift your sales and marketing strategy. Ensure you give yourself or your team ample time to research and ponder who you are now selling to, what challenges they face, how your product or service solves them and where you can find them.
Do you need to revise your operations?
You no doubt have existing resources, systems and processes in place – do they suit your business revamp or are they also in need of a revamp? For example, if a small fashion boutique honed in on selling their goods online instead of in-store, they would need to scale up their logistics department to support the additional freight and shipping.
Is your team on board with the new vision?
A new purpose may require new talent. This step should not be taken lightly. You will need to reassess your human resourcing requirements and consider who you will need by your side in this new chapter – that’s not to say your current team isn’t up for the job.
If a position requires no further education or specialist training, a lot of soft skills are transferable. Let’s say a small PR agency stepped away from events management to niche down in digital PR strategy; their existing events management team may be a suitable fit for project management roles.
Do you have the financial backing required?
Before you get all dressed and have nowhere to go, check you have enough working capital behind you. If this new flavour of business requires changes to your typical expenditures, like new equipment and premises, it should be a part of the puzzle.
Additional expenses require additional finance to fund. So who you gonna call? Your bank manager, business adviser, a funding provider of choice – or Orbit. There’s currently government-backed recovery funding available for businesses in this position, and we can help you check your eligibility.
Get planning for your purpose.
Whatever your new more looks like, we want to help make it possible by empowering your Sydney small business with good numbers and smart, specific advice. If your business purpose is currently a WIP, book a chat or get in touch with our team, and we’ll help you navigate this new chapter.