Financing and budgeting are also essential elements of planning. Businesses must plan for the future to ensure sufficient capital is available for operations, asset acquisitions, debt servicing, and possible expansion. Near-term and future cash needs must be anticipated; investigate various governmental assistance programs that are available and apply as soon as possible. Without proper financial planning, your operations could come to a standstill.
The best products or services cannot be sold or provided without quality employees, so if your employees were laid off, you need to consider if those same employees will be available when operations resume at full strength. If you will be hiring new employees, there needs to be proper training in place to facilitate returning to full operation as soon as possible.
Planning is the blueprint to building a solid business. It is a road map to guide your company to success. Rarely does a business beat its competition by making spur-of-the-moment decisions. Good planning and good execution are interrelated functions that create positive outcomes. Richard L. Weinberger, PhD, CPA has over 30 years experience as a management and financial consultant dealing exclusively with small businesses. Dr. Weinberger, an international speaker, currently serves in the capacity as the Chief Executive Officer of the . In addition to his business experience, Dr. Weinberger has been a full-time and adjunct professor. He holds a PhD degree in organization and management, an MBA in management, a BBA in marketing, and a BBA degree cum laude in accounting.
Very informative article. In addition to the points mentioned, businesses must also capitalize on opportunities and retrain the staff on additional skills. This will help them not just survive but thrive during pandemic.
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