Get Your Business Plan in Shape for the New Year Blog Post

What's your favorite part of New Year’s Eve?

Maybe it’s the parties where everyone somehow is too tired to stay up to midnight (we’re all working adults) or the last few moments to enjoy holiday decorations before it’s embarrassing that you haven’t taken them down.

Whatever it is, it’s a safe bet that New Year’s resolutions aren’t your favorite part of this holiday. And by far the most common resolution is to get in shape.

Getting into shape can mean different things to different people, but it almost always requires some kind of change from how things have been.

And while change is hard, it’s also where growth happens.

Now, if we start thinking about your business in 2024, how can we set a resolution to get your company into shape to start the new year? Start with these six tips.

1. Revisit your 2023 business plan

Ask yourself:

• What goals did we reach?
• What do our finances tell us about our business?
• Where are we overspending? Underspending?
• Did our marketing reach our target audience?

If you’re going to make changes moving forward, you need to look at where you’ve been. Just like getting into shape requires asking, “Should I eat Lucky Charms for breakfast, lunch, and dinner?”, it’s important to look at the last year to see what’s working and what needs to change.

(And obviously, Lucky Charms should be reserved for breakfast and that late-night dinner right before bed.)

2. Be honest with yourself

It’s important to be realistic when goal setting. If your getting-in-shape goal is to run an ultra-marathon, learn how to dunk, or squat 700 pounds, that’s probably not realistic (for most people at least). However, there are much more reasonable goals along those same lines, like running a 5K, joining a rec-league basketball team, or committing to going to the gym consistently.

When it comes to your business, it’s just as important to be honest about setting realistic goals. If your company generated $1 million in revenue in 2023, don’t set a goal for $20 million in 2024. Don’t set yourself up for failure.

It’s also important to be honest about what needs to change. If cutting the aforementioned Lucky Charms will make a major difference in getting in shape, then (sadly) you should do it. If cutting your Friday catered lunch for the team will make a difference in improving your finances, it may need to go as well.

3. Start planning with gratitude

Your team makes your goals happen.

Examining business plans, crunching numbers, and analyzing your industry markets are invaluable. But all the plans in the world will fall apart if your team isn’t on board, doesn’t feel seen, or feels unappreciated.

Getting into shape means acknowledging all parts of yourself. If your 2024 goal is to run a marathon, but you keep wearing shoes that give you blisters, then you’re ignoring an important part of yourself. If your team doesn’t have the proper equipment, is overworked, or asked to do tasks not in line with their abilities, you’re ignoring a critical part of your business and your big goals to get in shape won’t even get off the couch.

4. Conduct your own SWOT analysis

You might have heard SWOT analysis thrown around as a business buzzword, but it’s a great tool to examine where you can make the most impactful change. In case you’re not familiar, SWOT stands for:

• Strengths
• Weaknesses
• Opportunities
• Threats

If you’re trying to get into shape, but you know you love eating Lucky Charms right before bed, that’s a weakness where you can search for a solution. (Yogurt and granola, perhaps?) For your business, ask colleagues you trust, “What do we do well? What are our weaknesses? Are there clear opportunities we’re missing? Are there competitors we need to see as threats?” Use this insight as a filter for making your 2024 plans.

5. Implement SMART goal setting

Those who fail to plan plan to fail...

It’s a cliché for a reason. Without a plan, goals are just wishes. If your goal is to lose 30 pounds in 2024, then you need a plan based on your everyday life and what’s available to you. For your business, you need a plan to reach your goals as well.

The SMART goal setting tool is a great way create an actionable plan to reach your goals. It stands for:

• Specific
• Measurable
• Achievable
• Relevant
• Time-based

The best goal-reaching plans for your business are measurable with clear benchmarks and key performance indicators to show your progress.

6. Celebrate your wins

This is a simple one, but easily overlooked.

When you run ten miles for the first time, lose the first five of 25 pounds, or make it to the gym every day for a month, it’s important to celebrate in a way that’s unique to you.

When your team reaches an important milestone, take a moment to celebrate. Whether that’s a financial bonus, catered lunch, a team outing, or whatever works for your team, celebrating your wins on the way to your goal builds unity and motivation to keep working together.

Get Your Business in Shape in 2024 with Summit Strategy

So, as you watch the clock tick down to midnight this New Year’s Eve, remember that you don’t have to take on business planning alone. Our expert team of experienced consultants are ready to put their knowledge and insight to work for you.

Let’s see what summits we can reach together in 2024. Schedule a free exploratory call with Summit Strategy today.