With the pandemic and disruptions are business plans still relevant today?

By Timi Olubiyi

PLANNING is key to any form of business structure anywhere in the world, be it large enterprise, partnership, small or even start-ups. Benjamin Franklin once said: “If you fail to plan, you are planning to fail.” Therefore, business owners and managers should endeavour to continually plan throughout the business existence without hesitation.

It is more pertinent to note that the novel coronavirus, COVID-19,  pandemic has continued to cause unprecedented disruptions to businesses, economies and livelihood in different magnitude globally. Businesses, in particular, continue to grapple with strategies to stem the tide of the effect of the negative impact of the COVID-19 and the current business situations.

This is due to the fact that the pandemic has created a vicious circle of vulnerabilities across all industries and sectors of the economy, particularly in developed nations like Nigeria. Therefore, for business continuity, it is important to consider business planning which is about regularly setting goals, tracking progress toward those goals, making business reviews and making changes to businesses as the environment changes, customers’ preference changes, and/or   business resources change.