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Tom DeSimone, Director at Prairie Capital Advisors, Inc, joins to share the shifts his team witnessed during the pandemic, and how focusing on 2021 and not 2020 to ensure stability in your company.
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Key Take-Aways:
1. Having a plan in place will help you be prepared for whatever your company has to endure. Once the summertime came around, the chaos of the shutdown in March and April subsided, and most businesses, I say most because there are some industries that are in their own bucket, hospitality, and travel those type of businesses, but most businesses found a way to operate, the dust settled, and they had a game plan to execute once the market started to stabilize.
2. COVID pushed sustainability to the forefront. But what COVID did was it really pushed that topic to the to the forefront, and it's really doing three things. How do we manage our role? What type of benefits and value are we giving to our employees? And how do we maintain that we want our employees to have a 10% benefit every single year?
3. Things change very quickly, long-term planning helps to keep you ahead of what happens. I do think 2020 showed you how fast projections and plans can change. Which brings on a concept of long-term planning, I think about everything that we just talked about, say with transparency and value drivers. If you can get all those things working correctly, I think you can really have the backbone to a five-year plan, three-year plan.
