Welcome to 2024. I trust that you had a relaxed Festive Season and that you are excited about the opportunities that the New Year offers.
The results of the previous year are now recorded and there is a ‘fresh sheet’ for the coming year. Having spent the Festive season relaxing it is now time to review the outcomes of the past year, adjust your plans, and refocus on achieving the goals that you have set for the business in 2024.
Staring down the barrel of the year ahead can be a daunting, lonely task for the business owner/CEO who knows that ‘doing the same thing over again and expecting different results’ makes no sense. The question is, how do you alter your thinking and develop an innovative approach to achieve the goals? The answer to the dilemma is “you are not alone”.
Over an extensive career leading businesses ranging from my own ‘start ups’, through to public companies and divisions of major multi-national companies in MD, CEO, and GM roles, I have experienced this dilemma. My experience is that you are not alone and that there are various means available to support you. Here are three suggestions for you to consider either separately or as a collective.
Learn from the masters. There has never been easier access to learning of the experiences of major business leaders and how they built their successful businesses, often overcoming significant barriers. Explore the internet to find leaders that have faced similar challenges and read the material available which can include blogs, articles, e-books, and books. Seek out podcasts and videos that cover the areas that you are dealing with. Do not limit yourself to businesspeople. Seek ideas and inspiration from pioneers that have achieved amazing results against seemingly impossible odds.
Talk with your people. If you have people working for/with you in the business, arrange meetings to review the progress to date and gain their input as to how you will collectively achieve the necessary goals. I have found that the people that are closest to the customers have great insight into how the business can better achieve its goals, if they are asked, which rarely happens. Even if you are a ‘sole trader’, speak with your suppliers, service providers (which can include significant others), and others that form part of your ‘value chain’. They can offer insights that may not be apparent to you because you are busy ‘working in the business not on it’.
Seek expert advice. A successful business requires multiple disciplines to succeed. These fall into a hierarchical ‘balanced scorecard’ structure that builds upward in the order of People, then Processes, then Customer-oriented activities, and finally Financial outcomes that are achieved from the output of the earlier functions. (Ref: Kaplan and Norton, HBR Press). External experts can accelerate your progress in each of these areas depending on what the challenges are. If its people, you may need a HR/Learning & development consultant. If its processes, you may need a process improvement specialist. If it is customer related, you may need marketing/sales advice. If it is financial, you may need financial advice. If it is the overall strategy and management/leadership, you may require a business consultant and/or CEO coach/mentor.
Being ‘Alone’ is your choice. Aside from the above, there are other avenues such as ‘birds of a feather’ groups, government bodies, etc. to refer to. You can either battle it out yourself or embrace the assistance of others from any or all of the above options. The important thing to remember is that unless you choose to be, you are not alone.
Philip Belcher MBA, FAICD, FIML is a specialist CEO Leadership, Strategy, and Execution Advisor and Principal of LSE Consulting Pty Ltd.
