2024 Same Old Thing or is it Time for a New Focus

As we near the end of the year, many organizations and individuals are coasting to the finish line.? While some will finish strong and be prepared to get off to a fast start in 2024, many will coast to the finish and stumble out of the blocks in January.? Whether you are sprinting the finish line or just happy to see the year come to a close, you may need to rethink your strategy as you move into a new year with new expectations.?

For many of us, we spend a great deal of time and effort trying to understand the market, analyzing our competition, and trying to execute our plan to meet target expectations.? There are varying degrees of success with that approach, but there is no doubt a great deal of frustration as well.? Many will look back at 2023 and see disappointing results.? The results will be talked about positively toward investors, analysts, and various third parties, but an honest internal view will be laced with continued frustration and disappointment.? Yet for many, the strategy won’t change much.? 2024 will be a year of “trying harder” and hoping to get better results.

We have all heard that doing the same old thing and expecting different results is not wise.? I would also go as far to say that “trying harder” is not something that many need to be pursuing.? Many of you are working plenty hard and committing great effort to the process.? The problem may be multi-faceted for some, but there is a common element that many organizations could address that would have significant impact.

Let’s look at a very simple progression of modifying/building a strategy for the coming year:

Market View:? Every organization needs to know as much as possible about their customer and potential customer base.? Who are they, where are they, how large are they, and what do they value? (don’t miss that last point) Customers and potential customers don’t exist to buy our product or service.? Suppliers exist to meet their needs. ?Most all of us would agree with the need to understand the market view to build an effective strategy, but many invest little time in maintaining a thorough, documented understanding of the key components noted above.

Competitor View:? Here again, every organization needs to know who they are competing against in their respective market.? Who are they, where are they, what are their strengths, and what tendencies have they recently/historically shown in the market? ?A reasonable level of understanding can be very helpful here, but I don’t suggest getting too wrapped up in being an expert in what others are doing.? We see athletic teams spending hours watching film and trying to develop a game plan (strategy) to defeat their opponents.? ?In the process, many forget what they are good at and focus excessively on the opponent.? The same can be true in business as well.? Know your competitors, respect your competitors, but develop your own identity and execute your plan!

Internal View: Here’s the one with a huge opportunity for many of us.? Every organization needs to take an honest assessment of their operation in totality.? What are the capabilities, strengths, and competitive advantages that you can both build on and use in providing a differentiating offering to your market?? This assessment needs to be an honest view of reality, not a vision of what you want it to be.

With that vision in mind though, how does your current state of operation compare to that vision?? How does it compare to what it will take to drive success as you define it?? How does it compare to what the market values and will reward you for meeting those needs??

Those are hard questions but let me get to the real question here in this internal look.? Is your entire organization really aligned with your strategy?? Does your HR, finance, EHS, IT, etc. departments exist to execute this strategy, or do they have their own agendas?? For many, these departments have grown to operate somewhat independently of the organization and can be pursuing valid goals and objectives that quite frankly are not helping the organization execute the business strategy.?

A few simple questions to ask:?

Do I have business partners with HR, finance, IT, etc. skills or do I have professional HR, finance, IT, etc. people running those departments?

When I want to have a direct discussion regarding our organization’s success in achieving our goals and reaching the vision for the organization, do I actively seek input and engagement from our HR, finance, IT, etc. leaders or do I just ask them for specific information as needed?

If I were to attend one of your meetings, could I tell what role people played in the organization based on their participation in the meeting??

Organizations need business partners, not organization managers.? Yes, those specialized skills are essential, but they are essential to help drive business success not operate the world’s finest support organization!?

Summary:

2024 doesn’t have to be another year of frustration and “trying harder”.? Give some thought to that strategy for next year.?

Do you have a good understanding of the market and what is valued in that market?

Do you have a reasonable understanding of your competition?

Have you crafted a plan to accentuate your strengths and develop targeted strengths to meet what your market values (differentiate)?

Will you move toward real alignment and surround yourself with business partners to ensure the entire organization is focused on business success?