If business owners and CEOs learned anything in 2020, it’s that significant changes can happen without any warning signs. The COVID-19 pandemic has disrupted the way the modern enterprise functions. Being well-prepared for unpredictable challenges is crucial for enduring all the hardships brought on by sudden changes.
After 2020, almost no enterprise can certainly “plan” for the future, but they should be prepared for all the challenges that come their way. From setting new business goals to budgeting and expenses, here are three ways Enterprise Planning changed in 2021 and how you can future-proof your next business plan.
Planning Business Goals
Planning is too often done infrequently across enterprises. No matter the size of an enterprise, every organization should take the time to write their yearly, quarterly, and even monthly goals. Well-thought-out business plans are the roadmap for organizational success. Once incorporated into a structured performance management process, detailed business goals can help enterprises move in the right direction and get things done.
Enterprises can base their new goals on the company’s existing performance and business intelligence. There are numerous BI tools that can help a company analyze current performance and identify any shortfalls by incorporating insights from any and all previous business channels and delivering actionable, data-driven results that will ease the decision-making process for the future.
Once equipped with that data, an enterprise can better adjust and plan out its next goal.
Risk Management Strategy
Some enterprises don’t prepare for the worst-case scenario and unpredictable disasters. But, as 2020 has taught everybody, it’s good to prepare for the unexpected. Each enterprise should have a plan for when everything goes south.
Enterprises should also identify all the events that pose a threat to their business and implement processes that minimize the risk of those scenarios materializing. A risk management strategy should also include plans on developing a reserve of cash that could stave off any internal or external problems, should they appear.
Since uncertainty is anticipated to continue in 2021, it’s recommended for enterprises to come up with more than one back-up plan. Each plan can address different scenarios such as health concerns, continued lockdowns, or even tackling remote and on-demand environments.
Budgeting
Due to the COVID-19 pandemic, numerous enterprises are struggling with decreased revenues and fluctuating costs. The most efficient way to tackle these changes is by developing a budgeting process that supports the company’s vision.
It is recommended to start by looking at the company’s expense data and control any unnecessary spending. Traveling budgets should be altered significantly. Office expenses should be at an all-time low. However…
Even though it may seem wise to save up as much money as possible, enterprises should actually start investing in things that affect the customer experience and enable the current workforce to perform better and more efficiently, especially if working remotely – by “optimizing” their budgets.
For example, suppose employees are working with outdated equipment that is beginning to affect the customer experience. In that case, it is the perfect time to map out a plan to get the equipment replaced. Enterprises should also consider replacing outdated software or investing in BI tools, not only to improve customer experience, but also to help them better control and optimize their spending for both the current and future needs of the organization.
If your organization needs guidance in Planning and using the right Business Intelligence tools to do so, HICO-Group is here to help. From standardized data analysis to business planning, we are your go-to BI partner for overcoming even the most peculiar business challenges.
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