Planning is key to business success, so as we draw closer to 2024, we thought we would use day 6 of our 12 Days of Trade to look at some practical steps on how to prepare your business for the challenges and opportunities of 2024.
1. Reflect on 2023
Firstly, before looking forward you need to look back. What strategies worked well for you in 2023? What challenges did you face? Conducting a SWOT – Strengths, weaknesses, opportunities, and threats – analysis may help you answer these questions. By reviewing both your successes and setbacks you will gain valuable insights which will help you create an effective business plan for 2024.
Set clear goals and objectives for 2024
Setting goals for your business will provide you with a roadmap for the year. Whether these are to increase revenue, find new customers, or improve product quality, these goals and objectives will help to focus and inspire you and your team. They will also determine your business plan.
3. Create an annual business plan
An annual business plan is key in helping you achieve your goals. There are a few key things to consider when creating your plan.
- As mentioned above, it is important to review last year’s performance as this will form the basis of your new plan.
- Identify your Key Performance Indicators (KPIs). These will help you track your progress and help your business to stay on the right road.
- Developing a detailed budget will help you stay within your financial boundaries, whilst also allowing you to invest sensibly.
- If your budget allows create a marketing and sales plan to help promote your business and build your brand.
Your business plan does not have to be long and convoluted. Keeping it focused and concise will make it easier for both you and your team to follow. Also, once your plan is written, it is not set in stone - it can be amended and updated as business trends and market situations change.
4. Prioritise customer experience
Exceptional customer service will set you apart from your competitors. Use customer feedback, analyse the market, and research trends to help you both attract new customers and drive customer loyalty.
Now is the perfect time to start preparing your business for 2024 – if you haven’t started already! Planning will help you work towards your goals, whilst also allowing you to adapt to change and take advantage of new opportunities as they arise.
