With everything that has been going on, business owners may be feeling that creating a forecast for their business is not possible in such turbulent times. However, we recommend that having this dynamic process as a part of your business plan is an essential part for you to remain successful and profitable.
The forecast that many business owners would have had prior to the pandemic would have been completely different to that of one that they would receive now. It would give you the opportunity to look deep into your business and brainstorm possible plans of action that can be taken throughout your business journey. A forecast can be considered to be a map that you can use to follow to your goals, but it must be flexible in these times, and that is why it can be a difficult but important process to take, particularly when we are in a situation as we are now.You need to be able to be flexible, as a business owner, and be able to forecast the areas in your business that need to be flexible, and what mustn't change.Here are our tips for creating a forecast during the pandemic, and beyond:
When you look to the past, you can see areas of improvement and know in some ways, what to expect moving forwards if your business continues to follow the same strategies and paths. However, in this new normal, you need to have areas for flexibility and transformation at the drop of the hat. Where can you potentially change up your business to be more current and available to more clients, without being stuck in a face to face environment that may not come back properly for many months (or perhaps years).Some of the best business transformations have happened during the pandemic - for example, pubs that would have only relied on patrons within their business premises have begun to offer take-away and delivery services, cocktail making classes online, or even offering apps to help clients order in advance so they can have minimal contact face to face.Take this inspiration and look at your historical business data, and where you could potentially add more benefits to clients with just some process or in-house changes.
The excellent thing about the day and age we live in now is that there is a technology out there for everything! With a minimal amount invested, you can have a regular automated system that will deliver reports to you regularly. With this technology, you can quickly and effectively know what is going on within your business at the drop of a hat, and forecast the future with the system AI. Now this is why we love technology!
You wouldn't expect your clients, if, say, you are a legal advisor, to advise themselves of their legal rights, so why should you expect yourself to know the ins and outs of forecasting and accounting data if it is not your specialism. It also is a waste of your precious time, if you are spending hours trying to figure out elements of the business that you are not an expert in, rather than making money with your time on the business, whilst the expert you hire can help you effectively. Technology can be a good guiding light to help you build your business, but using someone that is an expert to help you take on board the sudden and unexpected changes you have experienced in your business will need the human and professional touch to really transform your business and push it forwards.
The final tip, and one we are always suggesting to our clients, is to not be afraid of delegation. Yes, your business is your baby and something you have worked hard to develop, but delegation is an important part of your business success process. Build relationships with professionals who can assist you in the areas of your business that help create a successful journey for you going forwards. You can transform your business, your life, and your wellbeing with the understanding that sometimes stepping back and asking for assistance is the most important way to jump forwards.Forecasting may not be top of your agenda at the moment as a business, but if you want to help develop a long-term strategy that will help your business grow in the months and years to come, even with the pandemic and future issues that can arise, then these reports can be an excellent way to help create a strategy that your business can follow, to ultimately, bring you freedom and more profits.For a more detailed approach to help you make your business more profitable, and gain more freedom for yourself, get your copy of my book today.
