Strategy and Planning in 2024

Wow, time flies! Can you believe it's been less than four years since the pandemic wreaked havoc on people and businesses worldwide? Looking back, it's pretty amazing to see how much industry has evolved since the end of 2019. With all the advancements in artificial intelligence, eCommerce, and other technologies, running and growing a business has never been more exciting. But don't worry, even with all this innovation, the basic principles of business ownership still hold true.

No matter how advanced technology gets, the truth remains that business owners need to work hard, think creatively, and plan carefully to achieve success. This involves developing effective strategies and practical, actionable plans that can be applied to every aspect of even the most intricate business.

"If you haven't created a strategic plan for 2024 yet, it's important to acknowledge that you are slightly behind schedule. However, it's never too late to start planning as it can still be beneficial. Even if you don't start executing the plan until Q2, nine months of deliberate execution is always better than a year of guessing blindly."

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

Always Start with Vision

In strategic planning, it is important to keep in mind the vision of your organisation. Your company's vision should be the guiding principle for every decision you make and goal you set in your business. A strategic plan that is based on this vision ensures that every initiative contributes to achieving the broader vision. A well-defined vision also helps to attract and retain top talent, and improves the overall company culture.

Having a clear vision is like having a secret weapon for your business. It helps you adapt to any situation that comes your way, whether it's good or bad times in 2024. Because let's face it, every business is bound to face challenges. But with a strong vision, you'll have a solid foundation and guiding principles that will help you make the right decisions and stay strong through any changes.

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).

Prioritisation Is Key

Knowing what needs to be done to improve your business and understanding which actions need to be prioritised are two different things. During the planning phase, it is essential to invest time and effort in identifying the necessary steps that need to be taken, as well as the ideal sequence of those steps.

Prioritisation is critical to effectively manage time, materials, budget, and manpower. It involves creating an executable map by simplifying processes, enhancing clarity, establishing expectations, and managing time at both micro and macro levels.

As you're planning your strategy and goals for 2024, it's important not to fall into the trap of trying to do everything at once, mate. Instead, prioritise your initiatives and goals, and map them on a calendar to stay organised and achieve success. By taking a step-by-step approach, you'll be on track to reaching your desired outcomes.

Transparency is key

As a business owner, you know how important it is to communicate openly and honestly with your leadership team, especially during the planning process. Being transparent fosters the flow of information and insights that are crucial for building a successful strategy.

Think about it: if your team is collaborating and planning without a clear understanding of the reality of the situation, they could be wasting a lot of time. But, by being transparent and giving them the tools they need, you can help them create a strategy that sings!

By being transparent with your team you establish trust which leads to a more comprehensive plan.

And as we draw near to the end of the year, I am wishing you a safe and joyful holiday season creating loving memories with family and friends.

Take care,

Willem van der Merwe