The New “New Normal” – 5 Business Planning Strategies in the Aftermath of COVID-19

MT>Ventures, a division of McCarthy Tétrault, recently hosted its final virtual Leadership Round Table of 2020, focusing on the topic of business planning in 2021. Entrepreneurial leaders heard from Michelle Beyo, the CEO and Founder of Finavator INC. and a Money 2020 Rise Up Alumni. She spoke about her successes and challenges in the FinTech sector during a tumultuous year. Beyo also shared some advice for entrepreneurs  who are adapting to an increasingly “digital-first” model and navigating an economic environment rife with uncertainty. We’re sharing five of Beyo’s strategies below.

1. Keep it Simple

The exponential growth in consumer demand for tech-enabled services means that digital infrastructure has been tested and has evolved to keep pace. The pandemic forced many previously hesitant customers to embrace online grocery delivery, order more takeout on Uber Eats and book unconventional vacations through AirBnb. By focusing on the user experience and keeping service offerings simple, Beyo said businesses can respond effectively to this surge in digital demand. She noted that the most successful digital products she has seen have a clean and accessible interface and even have simple, clean names and branding.

2. Take Advantage of Digital Learning

The shift to virtual has made an array of incredible learning opportunities more accessible. Prestigious yet prohibitively expensive conferences or time spent flying to see a high profile speaker in another country are no longer the barriers they once were thanks to the ease and accessibility of platforms like Zoom. Despite the sometimes awkward adjustments needed when shifting to virtual interaction, the learning opportunities are clear: entrepreneurs can, should and must take advantage of expanding their skill sets and perspectives by accessing information that had previously been tougher to obtain.

3. Lean on your Network

Networking is no longer as simple as meeting someone for a coffee during your lunch break, but that does not mean that forming new relationships is impossible. In fact, the digital shift has opened up some new opportunities to connect virtually with people who may have been too busy before Zoom meetings became the go-to. You should seize this moment and reach out to people that inspire or motivate you. This exercise is critical in creating new relationships that can help expand your point of view and refine your strategic thinking.
Strategic partnerships can also be key in expanding the reach of your network and customer offering. Taking advantage of consultants and ‘connectors’ to forge valuable relationships is key for businesses looking to expand their market reach in the coming year.

4. Set Specific Goals

In uncertain times, businesses often have to pivot quickly, and change their strategy midway through execution. Entrepreneurs can navigate this by taking the time to create a specific plan. “The goal can’t just be an arbitrary line item,” said Beyo. While being flexible and adaptable is key, it is equally important to put effort into conceptualizing the initial strategy. Running your thoughts by mentors, co-founders, or other people invested in the success of your ideas is critical to forming an effective strategy. Equally important is being open to incorporating feedback and criticism. Beyo advised that the most effective plan is one that is reviewed often – both to check off accomplished goals and to course-correct when necessary. 

5. Stay Positive and Give Back

Above all, Beyo underscored the importance of staying positive in challenging circumstances – her advice is to “keep thinking from an innovation perspective instead of doom and gloom”. While it is all too easy to dwell on the negatives, a forward-looking mindset is critical, as is leaning on mentors and your network for support and comfort.
Giving back to your community can make you stronger during this challenging time while simultaneously helping develop business opportunities. Taking fifteen minutes in your day to mentor a junior or give your feedback on an aspiring founder’s nascent idea can truly make a difference in someone’s day, while empowering you to take on new opportunities.