Are You Prepared for 2024?

As we approach the end of the year, the Northern Hemisphere is bracing for snow, while those in the South are reaching for their sweaters to ward off the chill. Regardless of where you are, this time of year signals the importance of updating your strategic plans for the coming year.

For companies operating on a calendar year basis, the process is likely in full swing. Teams are diligently reviewing last year's progress, pinpointing areas for enhancement, and engaging in strategic sessions to plot their course for the year ahead. Some might already have a draft budget in the works, aiming to finalize it by mid-December.

Organizations with a fiscal year ending on March 31 might kickstart their planning in the new year. They use the insights gained from their reviews to fine-tune their strategic plans and involve team members to ensure readiness for the new fiscal year starting on April 1.

Meanwhile, businesses that have already completed their strategic planning process for the next calendar year are gearing up for implementation. In a future article, I'll share valuable tips on how to smoothly put your plans into action.

We understand that not all companies have a structured review and planning process in place, and many are looking for guidance on how to get started. Here are a few helpful tips, drawn from my book, "Determine Your Own Future Or, Someone Else Will: A Seven-Step Guide to Self-Determination Planning," which others have found valuable when reviewing and updating their strategic plans. I hope you find these insights useful.

Step 1: Reflect on Your Progress So Far

Taking time to assess the past year or planning cycle provides valuable insights into your achievements, challenges, and what you've learned. It's essential to understand the effectiveness of your previous plans before forging ahead.

To assist in this process, consider using Raven's Creating Results Scorecard™, which consists of ten self-assessment questions. You can complete this assessment individually or with your team to gain buy-in and enhance your planning and implementation process. The ratings you assign to these questions will help identify areas where your planning process excels and those that may need improvement. These insights can guide your priorities moving forward.

Step 2: Tailor Your Strategic Plan

With insights from your review, you can now customize your planning process to address your priorities. Gone are the days of starting from scratch each year. Instead, focus your planning efforts on areas that need the most attention, such as adapting to future trends.

In an ever-changing world, anticipating and adapting to shifts in your industry is crucial. As Bob Dylan wisely said, "The Times They Are A-Changin'." Scanning the environment for future trends empowers your organization to move proactively and confidently toward your desired future. Those who can foresee and adapt to changing landscapes are more likely to thrive.

Another area to consider is Performance Measurement, which is gaining significance, especially among non-profit organizations. Donors want to see the impact of their contributions, and establishing performance measures can help your team remain focused on vital activities while working towards their goals.

Performance measures complement your strategies by informing effective decision-making, helping your organization achieve its desired results. Core strategies provide consistency and alignment across departments, ensuring everyone is working towards the same goals.

If you're considering reviewing and updating your strategic plan for the coming year, I invite you to reach out to me for a consultation. You can contact me at 226-503-8583 or marcelene@ravenstrategic.com. I would be delighted to assist you and your team in planning your next steps.

Marcelene Anderson, CMC, is the author of "Determine Your Own Future Or, Someone Else Will: A Seven-Step Guide to Self-Determination Planning." The book is based on Raven's Creating Results System™—a systematic approach and best practices for developing robust strategic plans, implementing them successfully, and building high-performance organizations. With 40 years of experience working with Fortune 100 and Fortune 500 clients, such as RBC and KPMG, Marcelene is a seasoned strategic management expert. She holds a gold-level certificate in Systems Thinking and Strategic Management.