As a small business owner, your life revolves around building your brand and growing your business. Over time, you managed your business without needing to reassess how you or your business is operating or make any material changes to how you conduct business. As a result, it is unlikely that you had an opportunity to revisit your business plan while your business has been in operation. With the business disruption caused by the Coronavirus, you have the opportunity to revamp your business plan, which will position you to make sure that your business survives, and may even give you a competitive advantage.

• Conduct a SWOT Analysis
• Set Revenue Baselines
• Determine Your Fixed Expenses
• Determine the Cost of Doing Business
• Secure Your Supply Chain
• Prepare Projections
• Do Not Prepare a Business Plan By Yourself

Collaborate with others and get feedback as to how you can optimize your business. Involve your employees in the process of preparing a business plan and invite them to provide you with feedback on how to improve your business- including and especially- your suppliers and vendors. Advisors can also help you prepare/assess revisions and decisions that may have a material impact on your business. You should prepare a business plan early, and revise it often to make sure that you are prepared for any unexpected circumstances. This is one of the few chances that you, as a small business owner, will have to revisit how you operate your business. Don’t waste it. Revisit your business plan today.

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