It's not too late to plan your 2024 strategy, if you act now!

As a general rule, the optimal time to commence your draft strategy for 2024 was back in October…but there is still time, if you commit to making your business strategy a focus over the next few weeks. 

With Christmas just around the corner, an increased level of social events and the holiday season upon us you need to be ready to start 2024 off in a strategic way. 

Now is the time to undertake a few activities that will assist you plan out the next 12 months, this is not a business plan but a SOAP, Strategy On A Page. It is not lengthy, it is not tiresome, but, it is a crucial part of having a strategic growth plan to guide you business. 

SOAP or Canvas: A SOAP is different to your Business Model Canvas (BMC) (here is one I use https://strategyzer.com/canvas/business-model-canvas) where a canvas is aimed at designing and developing your business model, a SOAP helps you focus on your strategy and direction, for best results use both. I am also assuming you have already identified your purpose and value proposition, if not contact us for some help with that. 

Keep your SOAP simple, concise, and relevant to your specific business, what are your goals, sales targets, key milestones, growth objectives and how will you execute on these? Put them into a template, there are plenty available, or create your own.

Below I share a few tips to get you started. 

Establish your timeline: What key timing and milestones do you foresee occurring in the year ahead, what do you want to accomplish and what are critical dates for your business? 

Plan out your potential new hires (are these linked to your growth or sales?), what sales campaigns do you want to run, and plan out any key events, conferences and lock away a corporate calendar - Don’t have one? ask me how…

Engage with your key people: Great people are essential in supporting founders and business owners to grow and manage their businesses. Surround yourself with them and bring them into your key strategic thinking and planning, give them the permission to contribute to the SOAP and they will be more vested to implement it. 

I find short, sharp strategic workshops sessions (off-site) will deliver the best outcomes in the most efficient manner.

Clear objectives and focus, focus, focus: Break down your objectives and think realistically about what you want to accomplish in the next 12 -18 months, think about SMART goals, look at sales, profit, geographic expansion, raising capital, new products, or offerings and how innovation and external advisors can support your plans. 

Focus is such an important part of a great SOAP, where is your focus, why? Is what you are doing directly supporting your strategic plan, the future of your business, or is it distracting?

The best success I have is when I have razor-sharp clarity and focus on what will assist me accomplish my goals, if it doesn’t, drop it (or them). 

What resources do you need and are missing: Once you have drafted your SOAP, reflect on the actual resources (People, Capital, Technology) that will be required to deliver on the strategy and implement the actions required to accomplish the objectives. Find some external support; approved advisors and an advisory board can be a great way to bring in professional expertise when required and on a fee basis, rather than increasing fixed overhead. Their support may be just what you are looking for.

Actions count, words don’t: I like to break down the SOAP (12 -18mths). You can use a 3x3x3 by Ash Maurya Author of Running Lean, Scaling Lean, and Creator of Lean Canvas - Helping Entrepreneurs Find Their Business Model @LEANSTACK. https://blog.leanstack.com/a-3x3x3-perspective-for-getting-your-vision-strategy-and-product-aligned-46aaa3b48922

Or track of your progress and measure key indicators, break your plan into goals and milestones to determine where you should be annually, quarterly, monthly, weekly, and segment that by each department.

Remember, if issues arise, act quickly and refine, review or pivot to ensure you keep heading in the right direction. 

The SOAP is a flexible document that you can review and adjust as required, it’s a future-forward strategy, do consider incorporating lessons learned from prior years, but don’t dwell on past performance, be focussed and positive about what the year ahead looks like and work smarter to achieve your vision.