The health of your business is a primary concern to all stakeholders. At the end of March 2021, a check on business performance against projected targets should not be surprising for many companies. Based on the disruptive nature of the coronavirus pandemic and how it affected companies in 2020, preparing for any possibility is expected from shrewd business decisionmakers. There will be changes in operating costs and adjustments in overhead and staff expenses already anticipated and budgeted accordingly, however, predicting revenue this uncertain global climate should be approached with caution and prudence.
Consumer behavior is not as difficult to predict in 2021 as 2020 proved to be disastrously off target for most businesses. Based on the resilience and adaptive survival instincts of shoppers, rebounding and shifting to work with changes meant moving to virtual platforms to facilitate living, business and trade continuity. As people hold onto their cash, trying to liquidate or offload investments to become more solvent to support market instability, smart buying is now ‘a thing’. Online research to find the best deals and offers, is helping with decisions on what to buy and from whom. If this is not the first quarter review but the second or third for some companies based on their financial year, there may be a bit of anxiety based on how the pandemic is being controlled and the vaccine roll out. It is important to understand the stakeholders perspective relating to health care issues, and its impact on revenue streams for 2021. It would be foolhardy to make present or future decisions based on historical data, when everything surrounding markets and industries have changed.
Consider forecasting based on ‘entry into a new market, with an existing brand. This will help to frame expectations and adapt strategy for more realistic projections. As we look towards the next quarter, what are the changes being anticipated, and are you ready to make decisions based on future developments?
Let’s set realistic expectations/goals, to avoid being blindsided!
If you’d like to discuss the above as it relates to your business or enterprise send me an email and will be happy to schedule a meeting!
“Give Hope to all you meet and watch the world grow!“
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Great blog! I am loving it!! Will be back later to read some more. I am taking your feeds also.