{"id":7692,"date":"2021-08-22T18:56:51","date_gmt":"2021-08-22T22:56:51","guid":{"rendered":"https:\/\/www.sage.com\/en-ca\/blog\/?p=7692"},"modified":"2026-01-15T12:00:57","modified_gmt":"2026-01-15T17:00:57","slug":"small-business-plan-2021","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-ca\/blog\/small-business-plan-2021\/","title":{"rendered":"How your business can rock the second half of 2021"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-ca\/blog\/category\/strategy-legal-operations\/business-planning\/\" class=\"entry-header__link\">Business planning<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tHow your business can rock the second half of 2021\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \">Published <time class=\"entry-date published\" datetime=\"2021-08-22T18:56:51-04:00\">August 22, 2021<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"How your business can rock the second half of 2021\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-ca\/blog\/small-business-plan-2021\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n\t<\/header>\n\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-ca\/blog\/author\/owen\/\">\n\t\t\t\t<img decoding=\"async\" alt=\"\" src=\"https:\/\/www.sage.com\/fr-ca\/blog\/wp-content\/uploads\/sites\/16\/2019\/04\/Owen_sage-advice-002.jpg\" class=\"entry-author__image\" height=\"40\" width=\"40\" fetchpriority=\"high\" \/>\t\t\t\t<span class=\"entry-author__name\">Owen Sweeney<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Making predictions is hard, especially about the future of the economy\u2026 and especially in volatile times. A business plan to rock the rest of 2021 should incorporate what you think lies ahead,&nbsp; along with a \u201cplan B\u201d if things don\u2019t go the way you expect.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the outlook for the rest of 2021 appears bright thanks to significant progress in beating back the COVID-19 pandemic, there are no guarantees of enduring boom times.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A variety of events can throw the recovery off course, but the business lessons you learned in 2020 can steer you forward. Here\u2019s how.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-lessons-learned-in-2020\">Lessons learned in 2020<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">These lessons include how to communicate with and serve customers in different ways, new staffing models, and steps to cut operating costs dramatically.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These learnings are applicable even if the economy continues to build strength. Take a few minutes to reflect on what your \u201clessons learned\u201d are and their relevance going forward.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, say you mastered effective communications with customers even when your business was in the doldrums and while everyone stayed home. In a resurgent economy, supply chain bottlenecks and a tight labor market might challenge you to meet your customer\u2019s needs in the short term. So staying in contact with clients may be just as necessary to maintain those relationships as it was during the depths of the pandemic.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\" id=\"h-2021-business-plan-components\">2021 business plan components<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Reminder: Your business plan is your flight plan for your business. It should be looked at on a regular basis so you are always working for your strategic goals. Regardless, a refresh of your business plan for the remainder of 2021 (whether you have one currently or need to start fresh) is necessary. Here\u2019s what to look at:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-analyze-your-marketing-and-pricing-strategies\">Analyze your marketing and pricing strategies<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Seasonal marketing efforts.\u00a0<\/strong>If customers and prospects expect seasonal offerings (like a \u201csales event\u201d) from your business, take a proactive look at your marketing campaigns and make sure they are still appropriate or update as needed. As more consumers enter the economy, it\u2019s time to get their attention.<\/li>\n\n\n\n<li><strong>New product and service initiatives.<\/strong> If your customers are more inclined to open their wallets through next several months, are there any other products or services that would appeal to them now?<\/li>\n\n\n\n<li><strong>Pricing strategies.<\/strong> If you\u2019ve been holding the line on prices, your business plan can include testing the waters with a more aggressive pricing strategy.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-plan-for-updates-and-growth\">How to plan for updates and growth<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Growth.<\/strong> Unfortunately for some businesses, 2020\u2019s challenges dealt a crippling blow to their long-term survival prospects. But if you landed on your feet, you might spot a merger, acquisition, or new partnership opportunities with competitors. In general, larger companies can weather economic storms better than smaller ones, because they have more room to contract during dry spells.<\/li>\n\n\n\n<li><strong>Technology upgrades.<\/strong> It might be easy to defer IT updates when business is slow. But if you get too far behind, you\u2019re delaying the opportunity to operate more efficiently, securely, and gain new capabilities. With the latest in business automation tools, <a href=\"https:\/\/www.sage.com\/en-ca\/size\/small-business\/\">accounting<\/a>, HR, CRM and marketing systems, among others, you may set your business up for future success. (Note: A survey of more than 1,000 finance executives commissioned by Sage found that 77% are planning to beef up their investment in IT this year.) It\u2019s not an all-or-nothing proposition, however. A business plan can prescribe a phased approach to updating your IT functionality.<\/li>\n\n\n\n<li><strong>Staffing.<\/strong> Many employers in recent months are struggling to attract workers at the lower end of the wage scale. The causes are varied. Generous unemployment insurance benefits have played a role in some areas, but those are being phased out. Still, labor market dynamics are shifting, and you might need to increase your wages, or find other inducements, to staff up as business picks up.<\/li>\n\n\n\n<li><strong>Real estate.<\/strong> The pandemic might have prompted you to think about your real estate needs. For example, if employees worked productively from home and want to continue this, should you cut back on square footage and reconfigure the space you keep? This is a good time to analyze real estate needs and add it to your business plan.<\/li>\n\n\n\n<li><strong>Financial strength.<\/strong> A <a href=\"https:\/\/www.sage.com\/en-ca\/blog\/small-business-accounting-cash-flow-101\/\">cash flow forecast<\/a> isn\u2019t a business plan but may point to the need to incorporate a capital-augmenting component to your plan\u2014particularly if you have growth in mind. Borrowing costs won\u2019t remain low forever. You might explore your financing options to assess whether you should build some borrowing into your business plan.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-essential-ingredients-for-rocking-the-rest-of-the-year\">Essential ingredients for rocking the rest of the year<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If the pandemic taught business owners anything, it was the importance of creativity, flexibility, and perseverance. A good business plan should be created and maintained with those three qualities in mind.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Creativity requires not only imagination, but a willingness to try new business strategies with faith and optimism.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Flexibility and its cousin agility require the ability to make a course correction promptly when the evidence dictates its necessity. And persistence, the flip side of flexibility, means having enough faith in your business plan to not change course on a whim. Add it all up and you\u2019ll have a formula to make your business rock around the calendar.<\/p>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner on-scroll-highlight__target\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to the Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p class=\"cta-content__title\">Get a roundup of our best business advice in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-8949a954-88b2-43bb-8b8a-77c53eb34350\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-1073797282-1440x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-1073797282-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Making predictions is hard, especially about the future of the economy\u2026 and especially in volatile times. A business plan to rock the rest of 2021 should incorporate what you think lies ahead,&nbsp; along with a \u201cplan B\u201d if things don\u2019t go the way you expect. While the outlook for the rest of 2021 appears bright [&hellip;]<\/p>\n","protected":false},"author":737,"featured_media":98,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_is_cornerstone":"","_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_opengraph-title":"","_yoast_wpseo_opengraph-description":"","_yoast_wpseo_opengraph-image":"","_yoast_wpseo_opengraph-image-id":"","_yoast_wpseo_twitter-title":"","_yoast_wpseo_twitter-description":"","_yoast_wpseo_twitter-image":"","_yoast_wpseo_twitter-image-id":"","_yoast_wpseo_schema_page_type":"","_yoast_wpseo_schema_article_type":"","_sage_video":false,"_yoast_wpseo_focuskeywords":"","_yoast_wpseo_keywordsynonyms":"","_yoast_wpseo_primary_category":"12","post_featured_image_hide":false,"sage_hide_published_date":false,"sage_hide_read_time":false,"sage_hide_share_buttons":false,"_pwl_sage_podcast_buzzsprout_src":"","footnotes":""},"categories":[12],"tags":[],"business_type":[3],"lilypad":[],"context":[],"industry":[137],"persona":[],"imagine_tag":[],"coauthors":[310],"class_list":["post-7692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-planning","business_type-small-business","industry-ecommerce"],"sage_meta":{"region":"en-ca","author_name":"Owen Sweeney","featured_image":"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2019\/01\/GettyImages-175138802_super.jpg","imagine_tags":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice Canada English","distributor_original_site_url":"https:\/\/www.sage.com\/en-ca\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/posts\/7692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/users\/737"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/comments?post=7692"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/posts\/7692\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/media\/98"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/media?parent=7692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/categories?post=7692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/tags?post=7692"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/business_type?post=7692"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/lilypad?post=7692"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/context?post=7692"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/industry?post=7692"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/persona?post=7692"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/imagine_tag?post=7692"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/coauthors?post=7692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}