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๐—ข๐—ฝ๐˜๐—ถ๐—บ๐—ถ๐˜‡๐—ฒ ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿญ


๐—ง๐—ฎ๐—ธ๐—ถ๐—ป๐—ด ๐—ฆ๐˜๐—ผ๐—ฐ๐—ธ


While 2020 continues to challenge expectations, we need to plan for next year. Before looking ahead, however, let's assess this year:


๐‘€๐‘’๐‘Ž๐‘ ๐‘ข๐‘Ÿ๐‘’ ๐‘‚๐‘๐‘—๐‘’๐‘๐‘ก๐‘–๐‘ฃ๐‘’๐‘™๐‘ฆ โ€“ Itโ€™s tempting to focus on everything bad OR good this year. You need to recognize both. As you build a list, be firm yet forgiving in order to learn (not penalize). Seek input from your team, clients, and advisors.


๐‘…๐‘’๐‘ค๐‘Ž๐‘Ÿ๐‘‘ ๐ธ๐‘“๐‘“๐‘œ๐‘Ÿ๐‘ก โ€“ This year, many people on your team suffered in unrecognizable ways yet stuck with the business. Recognize their valuable perseverance and reward your team appropriately, from candid gratitude to small gifts.


๐‘…๐‘’๐‘–๐‘›๐‘“๐‘œ๐‘Ÿ๐‘๐‘’ ๐‘…๐‘’๐‘ ๐‘–๐‘™๐‘–๐‘’๐‘›๐‘๐‘ฆ โ€“ If your team found ways to care for yourself, consider formalizing them as benefits. Continue checking on everyone and addressing any issues. Discovering issues early makes them more manageable.


๐น๐‘–๐‘›๐‘‘ ๐ต๐‘Ž๐‘™๐‘Ž๐‘›๐‘๐‘’ โ€“ Iโ€™m a huge fan of measuring progress and driving results. Simultaneously, I realize the strain of this year. Push for ambitious projects without overtaxing resources. Track metrics while also tracking motivation.


A solid foundation leads to growth.


๐— ๐—ผ๐˜ƒ๐—ถ๐—ป๐—ด ๐—™๐—ผ๐—ฟ๐˜„๐—ฎ๐—ฟ๐—ฑ


Here are some considerations when planning and revisiting plans for next year:


๐น๐‘™๐‘’๐‘ฅ๐‘–๐‘๐‘–๐‘™๐‘–๐‘ก๐‘ฆ โ€“ Overestimate expenses, underestimate revenues, and plan three scenarios: expected, high, and low. For the worst case, forcing hard decisions ๐—ป๐—ผ๐˜„ is slightly easier with some distance and perspective.


๐ถ๐‘Ž๐‘‘๐‘’๐‘›๐‘๐‘’ โ€“ Review the budget more often than before, which gives you time to adapt and more options available.


๐ธ๐‘ฅ๐‘๐‘’๐‘Ÿ๐‘–๐‘š๐‘’๐‘›๐‘ก๐‘Ž๐‘ก๐‘–๐‘œ๐‘› โ€“ Plan to test multiple new ideas in case of unexpected disruption.


๐‘‡๐‘Ÿ๐‘Ž๐‘๐‘˜๐‘–๐‘›๐‘” โ€“ Measure client engagement and designate someone to follow and share market trends regularly.


๐ต๐‘ข๐‘‘๐‘”๐‘’๐‘ก๐‘–๐‘›๐‘” โ€“ Keep expenses scalable, increasing only with revenues (e.g. tiered software and fractional resources).


๐‘„๐‘ข๐‘’๐‘ ๐‘ก๐‘–๐‘œ๐‘›๐‘–๐‘›๐‘” โ€“ Ask openly, โ€œWhat if our plans donโ€™t work, what next?โ€ to prompt ideas before the stress of disaster.


๐‘‡๐‘Ÿ๐‘Ž๐‘›๐‘ ๐‘๐‘Ž๐‘Ÿ๐‘’๐‘›๐‘๐‘ฆ โ€“ Share plans and obstacles thus encouraging the team to take more responsibility solving problems.


๐‘ƒ๐‘’๐‘œ๐‘๐‘™๐‘’ ๐‘†๐‘ก๐‘Ÿ๐‘Ž๐‘ก๐‘’๐‘”๐‘ฆ โ€“ Connect bonuses to success and consider new benefits for resilience (such as wellness programs).


Hereโ€™s to a better year because weโ€™re better prepared.



Photo by Omer Salom who can be found on osalom.myportfolio.com


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