Strategy and Planning in 2024
Marco Petersen
★ Impact Player building value for business owners | Business Owner with The Alternative Board | Trusted Strategic Advisor | Entrepreneur ★
Time sure flies. It was less than four years ago when 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 covid?days of 2020 and 2021. 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 benefit to planning, even if you don’t actually 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 organisation. Your company vision should act as the guide for 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 to 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.
I hope these three tips prove useful.?
Business Diagnostics Tool
Strategic planning necessitates a foundation of knowledge, particularly planning from a well-informed standpoint. Hastily devising a plan for the year 2024 becomes ineffective if one lacks a comprehensive understanding of the current state of various organisational functions.
In pursuit of this understanding, The Alternative Board offers a Business Diagnostics (Health Check) survey. This tool empowers companies to assess the performance of different facets of their business comprehensively. Furthermore, it enables organizations to prioritize these areas, ensuring that planning focuses on addressing the most critical aspects that may be lagging.
While Business Owners, CEOs, and MDs can individually undertake the survey, its true value is enhanced when the management team collaboratively participates. This collective approach facilitates a broader perspective, allowing for the aggregation and analysis of diverse insights.
For a glimpse into the Business Diagnostics survey, a sample survey is available for completion. The results will be promptly delivered to your email.
If you received value out of this short survey and want a more comprehensive analysis,?then reach out to me to arrange the full Business Diagnostics.
Taste of TAB - January 2024 In Person Events
What transformations are on the horizon for you and your business in 2024? Will it be another year of routine activities, a wait for better times, or the continued grind that has become the usual? Perhaps it's time to explore a fresh perspective.
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In January 2024, I will be hosting two additional sample board events, following on from the 6 hosted in 2023. These gatherings will bring together a select group of business owners for a focused roundtable discussion on the challenges, opportunities, and issues we collectively encounter as business owners. It's also an opportunity to gain insights into The Alternative Board? (TAB).
TAB stands out as a serious, private membership organization, distinct from LEADS, BNI, or typical networking groups. Our approach involves placing owners of non-competing businesses on facilitated boards comprising 5 to 8 individuals. These boards convene monthly for four hours, dedicated to helping each other address the crucial task that many business owners must undertake: working on their business, not just in it.
TAB membership encompasses private executive coaching, access to strategic management software, and an array of other tools and services. During the roundtable, you'll get a first-hand experience of how TAB operates, connect with other high-calibre business owners, and enjoy some refreshments.
If your commitment to your business is unwavering and you're eager to delve deeper into what The Alternative Board offers, attending one of these events is imperative. Click on your preferred date below to secure your seat.
Hurry, as seats are limited.
Last?month's most popular LinkedIn post:
The 10 Biggest Business Trends for 2024 Everyone Must Be Ready for Now
New technologies and innovation are propelling today’s businesses into tomorrow’s success stories.?
Welcome to our exciting monthly quiz! Challenge your knowledge, test your wits, and discover new facts. Join the fun every month!
This month's brain teaser:
Amelie and Theo were in a 100 metre race. When Amelie crossed the finish line, Theo was only at the 90 metre mark. Amelie suggested they run another race. This time, Amelie would start 10 metres behind the starting line. All other things being equal – in the second race, will Theo win, lose, or will it be a tie?
The answer will be published in the next edition of the newsletter.
If you want to stand out then comment, email or inbox me the answer.
All the best with your 2024 personal and business goals!
“Helping business owners build better businesses in ways that change their lives”
Warm regards,