2020 has been quite a year so far and we're only halfway through! How is your business plan going? Guest blogger, Susan Kornegay, recommends assessing your plan and making adjustments as needed.

It’s hard to believe we’re at the halfway point of 2020. Sometimes I think the year is speeding by, and other times I think it will never end. Nonetheless, it’s a good time to review your business plan and assess the progress you have made so far – or at least up the point when COVID shut things down.

Here are some suggestions for how to turn your 2020 Business Plan into your 2020 Relaunch Action Plan. Why not include your entire team in the process, even if you’re still working remotely?

What? You never got around to writing your 2020 Business Plan? That’s okay.  You can create one for the remainder of the year.  Here’s a checklist to help you get started:

Pull every initiative or activity goal you included in your 2020 business plan, but haven’t yet completed, into a single list – your 2020 Relaunch Action plan. You may have completed or implemented some of them; others may need to be revised based on current conditions. Make certain each one is worded so it will be clear when you have completed or implemented it. We suggest using a spreadsheet for easy sorting.

Prioritize your action plan. Since it’s unlikely you can complete or implement everything immediately, you need to set priorities. Here’s an approach to simplify that task:

Put an A next to all of your top priorities. You know which ones will really help you move your business forward. Just make sure that your A-list represents no more than 20-25% of the total.

Put a C next to the items that would be good to do but are not essential to your having a successful year in 2020. Again, your C-list should be no more than 20-25% of the total.

Put a B next to everything else.

Now sort your list with A’s on top, then B’s, then C’s.

Next, you can name an “owner” for each item, particularly if you have a team or support staff. (If not, you will have to own all of them. Sorry ‘bout that!)

Then set a completion or implementation date for each action item, based on your priorities, who owns them and any dependencies that might exist. By dependencies, I mean that if you have included in your action plan that you will refine your messaging and revamp your website, refining your messaging should logically come before putting your new website together. Then you can sort your list by when each item should be completed or implemented.

Finally, put a plan in place to review your action plan monthly to make certain you stay on track to do what you said you wanted to do. You can review your quantitative goals quarterly to see how they are tracking, also.

Realistically, you may need to revise some of your initiatives or activities to be compliant with current conditions or social distancing requirements. Here’s where you can become creative. One of our clients plans an annual outing to attend their local minor league baseball game. Since he is unable do to that this year, we suggested trying to book someone from the team or a local sportscaster to be on a special webinar or Zoom call for a Q&A with clients.


About Susan Kornegay

Susan Kornegay Headshot 4 208x300

Susan Kornegay is a co-founder of  Pathfinder - a firm providing coaching and consulting services to financial advisors. With most of her 30-year career spent in the field as a Financial Advisor or Branch Manager, Susan Kornegay specializes in the client-facing side of the business, including business vision; core beliefs; client advice process & service standards; team development; business planning & implementation; business model transitions; and marketing communications & strategies.