Drive Your Business Forward in 2024

Overview

When we think about starting the new year, what instantly comes to mind for me - and for many - are new year resolutions. It is amazing how enthusiasm levels peak in the lead-up to 1 January every year, only to find sticking to those great intentions is easier said than done. New year resolutions are often seen as a commitment to your personal goals, such as health or fitness. However, it’s also a time for business owners to focus their time and energy on what they want over the next 12 months so they can drive change and light the way forward for their business.


Over the many years I’ve been an accountant I’ve identified 4 key strategies to help business owners turn their attention to the future. Let’s take a look and see where your next opportunity for growth might be.

People

Each person has distinguishing characteristics and abilities which shape their behaviour. These unique traits offer various benefits, yet they also present some challenges. There is no cookie-cutter approach when it comes to managing people. It requires effort, patience, and dedication.


Added to this, the rise in flexible working arrangements, the rapid changes in technology, the desire for work-life balance, declining productivity levels, globalisation and a tightening labour market, many businesses are finding it challenging to make do with what they have.


There are several steps to help address ‘people’ challenges, including:


1. Enhance performance and productivity


  • Set clear expectations. When employees understand their roles, responsibilities, goals and deadlines, they can actively prioritise their work and align their efforts with the business vision.


  • Identify any stagnating people you want to keep on your team. Develop a plan to help boost their performance and in turn, contribute to the business.


  • Moving on poor performers who are reluctant to change or those whose values are not aligned with your culture.


  • Provide quality leadership and targeted personal and professional development so they feel empowered and competent in their position.

 

2. Improve team culture

 

  • Identify your core values and translate them into day-to-day operations. This simple yet effective strategy will help to foster unity, increase engagement and drive your business forward.


3. Strengthen leadership

 

  • Lead by example. This can include developing a clear vision and strategy and communicating it to your team.


  • Be open to change, uphold positive behaviour and practice self-care.

Revenue Growth

 According to  James Organ, Managing Director of Fifth Quadrant, sentiment among small and medium enterprises (SMEs) appears cautiously optimistic, despite challenging economic conditions. While there’s merit to his ideas on the surface, I think there’s more going on here. Here’s what you can do to safeguard your revenue stream:


1. Review and refine your sales and marketing strategy

 

To evolve and embrace opportunities that come your way, review and refine your strategy. This can involve:

 

  • Revisiting your pricing model.


  • Reviewing your target market(s) to ensure you are serving your ideal client/customer.


  • Adapting to the changing dynamics surrounding global trade, competition and regulation.


  • Assessing how reliant you are on key customers/product lines.


  • Refining your sales process to meet current trends and rapidly changing markets.


  • Reviewing and updating your marketing strategy to ensure it is aligned with client/customer demands and new pathways to market     

 

2. Demonstrate capability

 

  • Identifying your ideal client/customer, their attributes and needs to help shape your marketing strategy.


  • Demonstrating your capability by showcasing your products/services on your website, through social media channels and public events.


  • Showcasing your expertise, credibility and reliability to your clients/customers.


  • Asking for testimonials from respected sources and your biggest supporters is a great way to achieve this. Awards, certifications and case studies are another way to demonstrate your value.


3. Refine your product/service offering


  • Adapting your existing offering to meet changing client/customer needs.


  • Developing a new innovative product/service offering to cater for changing needs and emerging trends.


  • Assessing the level of demand for your products/services. If the products and services are not contributing to your business's bottom line, it may be a signal to stop offering them entirely or weaving them into your broader offering.

Capacity

We often overlook how critical it is to provide high-value, quality products and/or services. After all, profitability comes from happy customers and/or clients. This can only be achieved with strong capability. Improving capability can involve:


1. Reviewing your systems, processes and technology stack


  • Benchmarking your systems, processes and technology stack for your industry to enhance capability.


  • Simplifying complex systems and processes. Are there steps you can take to streamline your systems to help scale your business?


  • Documenting your systems, processes and the roles each team member performs. Ensure your team has access to written policies and procedures. These steps signal good practice.


2. Reviewing inefficiencies and waste reduction

 

  • Identifying any pain points and bottlenecks in your systems, technology stack and processes and ways to mitigate them.


  • The 80/20 rule (Pareto) is a great tool to adopt so 20% of the waste reduction and inefficiency strategies identified can deliver 80% of the benefit.


  • Encouraging continuous improvement so your team feels empowered to suggest and implement ways to reduce inefficiencies.


3. Efficient resource allocation


  • Having your team complete a weekly task audit to help identify what must, should or could be done.


  • Uncovering inefficiencies to eliminate them and identify opportunities to delegate various tasks to others.


  • Leveraging technology and determining whether your current technology stack is serving your business well. Implementing a more inter-connected platform that offers access to real-time data can deliver incredible efficiency to any business.


Implementation and Execution

Developing a strategy is one thing, execution is another. To implement and execute your strategy successfully, consider the following:


1. Increase the probability of change readiness and success

 

  • Involving your team and encourage them to be open and adaptable to change.


  • Providing clear and consistent communication to ease the transition process and allay any resistance to change.


  • Rewarding team members who embrace change and motivate others who may be resistant.


  • Continuously reviewing the change process and make adjustments as and when required.

 

2. Have a clear vision and strategy

 

  • Developing a 12-month strategic plan with an actionable one-page plan. The one page plan should capture the agreed actions and timeframes required to achieve the strategy.


  • Reviewing and update the one-page plan no less than quarterly to ensure your business remains agile.


  • Setting clear key performance indicators (KPIs) and key result indicators (KRIs) to drive direction, track performance and promote accountability.


  • Providing adequate problem-solving, strategic and agile skills so your team is equipped to drive change.

 

3. Accountability to drive change

 

  • Reviewing the one-page plan including the KPIs and KRIs at least quarterly to help keep momentum levels up.


  • Involving team members to encourage accountability and overcome barriers to change.


  • Ensuring strategic initiatives are made clear and engagement across the business remains high. Regular communication will support this.


Summary

Looking back on the above four areas of potential improvement, could you identify any gaps in your current operations? Analysing these aspects of your business operations will help identify your greatest opportunities for growth and profitability improvement.


And if you need a little help with that, I have the perfect tools for you to try out… best of all... they’re free!


Below you’ll find links to two diagnostic tools designed to help you make informed decisions about the future direction of your business. These will give you a top level assessment of the key steps you’ll need to take to build growth and profitability into your business operations in 2024. Access them here:



And if you require deeper support, remember, I’m always here to help. Feel free to book a confidential call with me to assess your specific circumstances. With more than 20 years of experience with businesses just like yours, I know exactly how to partner with you to build your business your way.

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