Q4 is in full swing, which means it’s time to begin planning for the new year. A strategic business plan lays the foundation for a successful new year. Floro Business Strategies shares a few tips for creating a 2024 business plan:
Reflect on your vision to set short and long-term goals
As you prepare for the new year, it’s important to reflect on the organizational vision. What does the organization wish to achieve in a year’s time? What about in 5, 10, and 15 years? Approaching your 2024 planning with clarity will allow you to set short and long-term goals that align with your vision. When setting goals, consider these questions:
- How can we delegate tasks and projects most effectively to ensure organizational success?
- What are each team member’s individual goals and objectives? How do these goals align with the organizational vision?
- What shifts must occur to align individual goals with the organizational vision?
Perform a SWOT analysis
In business, having an awareness of organizational blind spots will allow you to approach planning and delegation more effectively. Therefore, it’s important to perform a SWOT analysis to identify internal and external issues.
The acronym “S.W.O.T.” stands for strengths, weaknesses, opportunities, and threats. In a SWOT analysis, you are evaluating internal strengths to leverage and weaknesses to resolve. You are also looking for external opportunities to seize and threats to avoid. This analysis will inform your decisions moving forward.
Identify necessary training initiatives
After you have identified organizational weaknesses through your SWOT analysis, you can identify initiatives for resolving these weaknesses. Often, this entails investing in additional training for employees.
When planning for 2024, identify what training initiatives are necessary for organizational success. Some examples include leadership training to cultivate more effective communication and agility in the face of crises, or technical training that allows team members to leverage new technology and software.
Plan for contingencies
A big mistake many teams make is failing to plan for the unexpected. While that may sound counterintuitive, the best way to minimize loss in the face of crises is to be proactive in your planning. Consider all outcomes and prepare back-up plans (think back to the “T” in “S.W.O.T.”)! The most successful teams are agile.
Plan for contingencies with risk mitigation. Identify the risk, analyze the risk, gauge the severity of the risk, and come up with a course of action for if/when you may encounter this challenge.