Strategy and Planning in 2024

Less than four years ago the pandemic ravaged people and businesses around the world.

Beyond what feels like a shocking time warp, it is amazing to consider just how far industry has come since the closing days of 2019. So many facets of running and growing a business have evolved in this modern age of artificial intelligence, eCommerce and so many other technological advancements. But even in this whirlwind of innovation, the basic foundations of business ownership remain unchanged.

No amount of new technology is going to alter the fact that, to achieve success, business owners must roll up their sleeves, put on their thinking caps, and map their journeys forward. This means building strategies and creating smart, executable plans that are fundamental to every facet of even the most complex business.

If you don’t currently have a strategic plan for 2024, let’s be honest, you are a little late to the game. The good news is that there is still a tremendous amount of planning benefit, even if you don’t start implementing any of it until Q2. Nine months of execution is far better than 12 months of swinging blindly.

So, invest the time and energy now in strategy and planning for 2024. Here are three tips to help you get started:

Always Start with Vision

When strategic planning, all roads should lead back to the vision of your organization. Your company vision should guide every decision you make and goal you set throughout your business. A strategic plan that is rooted in vision ensures that each initiative contributes to the realization of the broader vision. A well-defined vision also helps to attract and retain top talent and improve overall company culture.

Another key component of vision is the ability it offers a business to adapt. Whether you suspect good times or challenges in 2024, there will almost certainly be an obstacle for every business to overcome. By having a clear vision, you make your business more resilient to change due to a strong foundation and guiding principles for making decisions.?

Need to learn more about creating a compelling vision for your business? Click here to read “Unlocking Success: The Power of a Clear Vision in Business” at The Alternative Board (TAB).

Prioritization Is Key

Understanding what you need to do to improve your business and knowing what you need to do FIRST are two entirely different things. During the planning process, it is critical to spend time and effort identifying the actions that need to take place and the ideal sequencing of those events.

Prioritization helps to better manage time, materials, budget, and manpower. It also helps to build and implement an executable map by streamlining processes, adding clarity, defining expectations, and managing time on both micro and macro levels.

So, as you build your strategy and map out your plans for 2024, make sure that you don’t fall into the “everything all at once” trap. By prioritizing your initiatives and goals, and even mapping them out on the calendar, you are far more likely to achieve the success you seek.

Be as Transparent as Possible

Your ability as a business owner to openly and clearly communicate with your leadership team is essential, and perhaps never more so than throughout the planning process. Transparency fosters the free flow of information and insight that are essential to building a thoughtful and successful strategy. Think of all the wasted time if your team is collaborating and planning with only a partial sense of reality. Now consider how much better that strategy and plan would be if you provide them with the insight and tools they needed to make it sing. ?

Throughout the planning process, commit to being as transparent as possible with your team. This openness will almost certainly result in a better, more comprehensive plan – and a lot more trust built along the way.