By Tony Monisse
Strategic Plan Mastery: 6 Questions to Consider for an Agile Strategy in 2024
Business owners and managers need to stay ahead of possible disruptions for 2024. We can expect the continuing stream of new technologies and changing customer and employee expectations to continue this year. The pace of change is not slowing down, so it remains important for business owners to have an agile strategic plan to be able to respond and ensure continued business success.
Disruptions to consider when reflecting on how to win in 2024
- Accelerated Digital Transformation
Continuous technological innovations (AI, IoT, virtual and augmented reality, cloud computing, blockchain etc.). Make sure you have the right technology embedded in your business.
- Inflation and supply chain security
Many industries are dealing with by supply chain issues, volatile market pricing, stock shortages and ongoing inflation.
Consumers prefer businesses that conduct good environmental and social practices throughout. Therefore, companies must ensure ESG processes are moved to the centre of their strategy.
- Immersive customer experience
Customers crave experience above all else. Streamline processes and remove hassle for the consumer. Businesses also need to consider employee experience as competition for skilled workers grows.
- The talent challenge
There have been huge movements of talented people as workers reassess the impact of work and work-life balance. Employers must provide attractive careers, flexibility, and an enticing work environment and culture.
Six aspects of agile strategy
These are the aspects of an agile strategy that business owners and managers ought to consider and explore where there may be gaps in their business and strategic plan.
- Fit for the market: How will your strategy adapt to emerging trends and disruptions in the market?
- Aligned theme and vision: Do you have a well-documented vision and a one or two-word theme for 2024? Are they aligned and how can you improve the detail?
- What-if and pre-work: How can you embrace more what-if planning and pre-work to allow for the incubation of clever ideas in your planning process?
- Cascaded to teams: How can you improve how you cascade the strategies from the overall plan down to divisions or individuals, so all are aligned?
- Execution cadences: How can you improve the execution cadence you and your team are embracing to drive forward your strategies?
- Change-ready: How will you boost your probability of change success in 2024?
Look at our Change Success Diagnostic, to check how change-ready your business is and where you can improve.
This comprehensive approach to agile strategy encourages businesses to stay ahead of the curve, embracing change and innovation. By addressing these questions, business owners and managers can navigate potential disruptions and ensure sustained success in the rapidly evolving business landscape.
If you have any questions about this article or would like to speak to one of our advisors, please do not hesitate to contact us or call our office on (08) 6212 7200.