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Why it is important to have a business-recovery plan for 2021

It’s not news to anyone that the effects of the on-going Coronavirus pandemic have been negative on almost all businesses around the world. For the businesses who have managed to make it through, unfortunately, the hard work is not over yet. We have been aspiring to 2021 in hope of better days, but, even with news of a potential vaccine on the cards, next year isn’t going to be all roses.

The impact COVID-19 has had is massive, and many businesses, even if they haven’t closed, have faced low profits, staff loss and a dramatic change in day-to-day business workings. Although we can look forward to 2021 for better days, no businesses should be facing the new year with nothing but hopes for the best and a desire for life to go back to normal.

In this article, we discuss why having a business-recovery plan for 2021 is essential for every organisation.

What is a business-recovery plan?

A business-recovery plan is both a future plan and preventive guide. When considering the effects of the Coronavirus pandemic, a business-recovery plan will include a timeline of business growth as well as procedures that are in place should something negative happen, for example, another lockdown.

The plan will offer not only a road map of the coming year for the business, with projections, targets and more, but it will offer a solution to potential issues and make sure that everyone knows what will happen if an issue should arise.

Why do I need a business-recovery plan?

Having a business-recovery plan in place after any incident, big or small, is always a wise decision. Taking time to plan for the future is essential in business, and a company who knows what it needs to do to get where it wants to is more likely to thrive than a company that doesn’t have a plan. Understanding what is good for your business and what is bad in light of recent events will help you know where you are going and how to perceive your progress.

Even for businesses who have thrived so far during the pandemic, creating a plan for 2021 can be a great way to capitalise on that increased interest and work out how to maintain momentum once the pandemic is over. Some sectors including home entertainment and delivery-based businesses have found that the increase in people staying at home has helped them and by implementing a business continuity plan for 2021 these businesses can look at ways to continue that positive change.

What should I include in my business-recovery plan?

What you choose to include in your business-recovery plan should be business specific to you, however, here are some things that should be a part of most plans:

  • A detailed timeline of events – This timeline should include as much information as possible, from large events to small, day-to-day matters. The more detailed the plan the easier it’ll be to stick to and the easier it’ll be to spot when you are straying too far from it.
  • Emergency plans for potential issues – From a third UK-wide lockdown to a delay in the vaccine, you should try and make a thorough plan for as many eventualities as possible.
  • How the pandemic has affected business so far – Sometimes, to know where you need to go you need to know where you have been and reviewing the overall effects of the pandemic so far can mean you understand exactly what position you’ll be entering 2021 in.
  • A strategy for reporting on effectiveness – Within the strategy should be a strategy for reporting upon the effectiveness of the plan. How will the business measure success in the coming year?

By taking the time out of your schedule to make this plan, you can have confidence that you are going into the new year as prepared as possible for every eventuality. 2020 has been a hard year, but there is hope in 2021 and beyond for all businesses and with a business-recovery plan in place you can seize the opportunities ahead as best as possible.

For more tips and advice, make sure to visit our blog.

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