Making Plans For Uncertain Times
One question I get a lot, and one that’s certainly become much more pertinent in the last few years, is “Why bother making plans when things are so uncertain?” Even without the wildcard of a global pandemic, the retail landscape is constantly changing and does so at a dramatic pace – it’s no surprise then that business owners are frustrated and fatigued by making plans that might be redundant by the end of the month, if not week!
I’ve worked many years in the retail industry, through periods of major instability, and this is the oft-quoted motto that has always got me through those times of uncertainty: Plans are useless, planning is priceless. It’s always better to plan and adjust as conditions change.
In episode 76 of The Resilient Retail Game Plan, I go over the three types of plan you can create to best prepare you and your business for a whole variety of outcomes. We’ll look at establishing a ‘base’ plan to safeguard your finances, we’ll discuss making a realistic forecast and the importance of being cautious with your expectations and we’ll summarise by designating a stretch goal to keep your ambitions in sight and in check.
Join hundreds of other product businesses for this free, fun, five-day challenge from 24th – 28th January, held in a private FB group.