Creating a roadmap to success in 2021

As the economy begins to recover this year, consider using the structure of a business plan to guide you. You might think of a business plan as something for startups, but it’s a powerful tool at any stage of development to shape goals and strategize how to attain them.

Some elements to consider for your 2021 roadmap are listed here. Choose the ones that support your objectives this year.

Identify goals and tasks

Goals are what you want to accomplish — for example, raise company visibility, increase your customer base, launch a new product, or improve company efficiency. Each goal has associated tasks required to reach it, so list those tasks to set a course and identify potential roadblocks.

For a company visibility goal, for example, you would need to define visibility objectives, identify visibility channels that align with your market, craft messaging to use in those channels, set a metric for success, put timing toward phases of the project, and other items. This process will motivate you to start, keep you on track, and reveal challenges ahead.

Clarify your market definition

To ensure you’re pursuing a clear target, detail the market(s) you’re most interested in reaching as part of your goal. This is an important step even if you’re focused on an existing base of buyers. Customer habits are continually evolving, and understanding changes in your target’s priorities is important to success.

Markets are defined in terms of demographics (age, gender, ethnicity, income, marital status, etc.) and psychographics, which are psychological attributes such as lifestyles, interests, opinions, and values. Write a short-but-detailed overview of your target buyer.

Know your unique selling proposition (USP)

Support your 2021 plans by revisiting or crystalizing what makes your product, service, or company uniquely valuable to the market. Market needs evolved in 2020, so you should articulate what currently differentiates you from your competition and how you can serve your audience’s evolving needs.

For example, a hair salon that has traditionally competed by having stylists specially trained in the latest coloring or highlighting techniques may discover that its customers want to learn how to do home coloring before they’re ready to return to the salon. Keep in mind that your USP is not your tagline; it’s an internal statement that communicates what is uniquely relevant about your company.

Set your marketing agenda

Set your high-level marketing goals, such as communicating your expertise or raising awareness of new offerings. Then, think about what message and marketing channels are the best way to reach your target.

The winning marketing approach will vary depending on what you sell, your marketing goals, and your target audience. For example, a software company wanting to raise its visibility with professionals could use an advice-rich email newsletter to a targeted audience; an online retailer could launch a social media campaign to start conversations with prospects; and a business looking to reach buyers in their immediate area might turn to local TV and radio ads.

Review sales plans

Examine the tactics that have worked well to date in your company, being sure to count slow-closing sales that may be the result of ongoing or long-ago efforts. In some cases, current techniques just need more aggressive sales goals.

If you want to expand your sales tactics, consider reviewing competitor approaches, keeping in mind that you won’t know the effectiveness of a sales effort from the outside. A common issue with sales is not tracking leads well, either because you lack a means of letting prospective buyers connect with you, or because you don’t have enough time to follow up. This is a good sales problem to have, since it means you have lots of prospects. You’ll just need to devise a system for making sure prospects don’t fall through the cracks.

Once you’ve assessed where you stand, create a plan for how you’ll implement sales to support this year’s objectives, applying the goal-and-task approach you use for overall company objectives.

Find the right financing

Once your goals, marketing, and sales plans are in place, determine what financial support will assist you in making your plans a reality. This template can help you predict where your business may stand in the coming months and highlight where financing might support your forward momentum. With this knowledge, you can line up the right financing for your company and its 2021 plans.

Hire the talent you need

Over the last year, your staffing needs may have changed as your business evolved. If you’ve downsized your team, think about whether you can bring those people back, or if it makes more sense to add new skill sets to your team. For example, if the majority of your business is shifting online, you may need to hire people to program or produce content for your website.

Consider potential purchases

Evaluate your equipment and technology to determine what purchases will support your plans. Outdated technology and other operational weaknesses can hinder your ability to reach your business goals. Evaluate whether it makes more sense to lease or own the items you plan to purchase based on your financial situation, tax considerations, and available financing options.

Planning out your 2021 path can transform your goals into reality. Citizens is here to help.