Livia Jenvey | Jan 4, 2020
What will your business look like in 2021?
With the new year upon us, now is the perfect time to set how your company will operate this 2021.
One change that you can start today as a new year resolution for your business is to clarify your 2021 business operational goal. Doing this provides you the advantage of achieving a significant increase in your organizational bottom-line revenue no matter what the new year brings.
Business leaders who've done this in their companies have found this helped them be more equipped to handle economic impacts like last year's 2020 dramatic changes. Privately-held companies that had a clear goal on how their businesses operated before the effects of the world pandemic were able to gain in 2020. While those who didn't have this clearly defined were hit hard.
Now in 2021, with a new year full of possibilities, starting your year, it's a great time to determine how your company will move forward. Thus choosing the critical operational goal to focus on for the year is vital to your success this year. It will make the biggest difference in how your company can handle economic changes, plus the added benefit of helping you increase your bottom-line revenue, no matter what might transpire in 2021.
As a business leader, what goal do you have for how your business will operate in 2021? Take a moment to consider one of these three critical operational goals described below that you would like your company to center on this new year.
To keep operating at your current levels, maintaining and sustaining your business operations at their current state achieves this goal. When you stay at current operational levels, it is a great way to assess how your processes perform to see where you can gain more efficiency and reduce costs, to increase bottom-line revenue.
Do you want your business to sustain how it operates?
If this is the operational goal, begin now to set this as a vital priority for 2021.
Exiting a business is to transition from running the ship and allowing others to take over the reins. Business exits can be handing over the reins to a management team, family succession, or a third party buyout. To do this successfully requires a clear understanding and planning to achieve the desired end results. Unfortunately, I've seen too many business owners think they can do this easily and quickly without a plan and end up not getting close to the results they desire. Having the right exit strategy in place will help you increase your bottom-line revenue for achieving the desired exit results you want.
Do you seek a strategy to exit your business?
If yes, your operational goal for 2021 is to plan your company's successful exit strategy.
3. Scaling Up
Scaling up a company is to grow and expand operations to take on more. This includes enhancing your current operational model to allow the ability to increase profits. There will be some investment involved in scaling up, but if done right can provide large returns in your investment with high rewards to bottom-line revenue.
Do you want to scale up your business?
If this is your operational goal for 2021, they keep this as your focus for determining the right people, strategy, execution, and cash you will apply to implement this successfully.
Again, use the above critical operational goals to determine what you will focus on how your business operates in 2021. Knowing this tip will help you move your business forward successfully this new year. Because when you are clear on how your business will operate, this will allow you to understand what decisions to make to stay focused the entire year. Giving you the advantage to achieve increasing the bottom-line revenue for making 2021 a profitable year for you.
To learn more about Jenvey Consulting, and how we can help you get better results in operating your business this new year, schedule a strategy call with one of our team members today.
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