As we embrace the New Year, setting and achieving 2024 goals becomes a pivotal narrative for companies, particularly in an economic landscape that, according to Goldman Sachs’ “2024 US Economic Outlook: Final Descent“, is expected to show steady yet moderate growth. The report states “the US economy defied recession fears in 2023 and made substantial progress toward a soft landing.” Other countries have had a similar experience. This backdrop of a predicted steady, but slower economy adds some complexity to goal setting and execution, making adaptability and strategic planning crucial.
Setting a Singular, Focused Goal
In the face of economic shifts, it’s vital to maintain a clear, singular goal. For example, a company might aim to:
Main Goal: Increase overall market share by 15% in 2024.
Aligning Departmental Sub-Goals
Each department should craft sub-goals in alignment with the primary objective, but with an eye on the economic context. For instance:
- Sales Department Sub-Goal: Increase sales conversions by 20%.
- Marketing Department Sub-Goal: Boost brand awareness by 25%.
- Product Development Sub-Goal: Launch one new innovative product.
- Customer Success Sub-Goal: Improve customer satisfaction scores by 25%.
Economic Consideration in Goal Setting
While setting 2024 goals, it’s important to acknowledge the economic forecast. Moderate GDP growth and a rise in disposable income suggest a need for strategic planning and targeted investments. These factors should influence the approach to achieving each sub-goal, ensuring that strategies are resilient and adaptable to economic fluctuations.
Defining Lead Activities
Identify up to five key lead activities per sub-goal, ensuring these activities are agile and adaptable to economic changes.
Example Lead Activities
In 2024, companies should focus on efficiency and effectiveness. In particular, Way We Do customers should consider steps within processes. Can any steps be removed, outsourced or improved upon to make them more efficient and effective?
Here are examples of lead activities that can be streamlined:
Sales:
- Focus on high-value client segments.
- Leverage digital sales channels by posting on LinkedIn or other social channels weekly.
- Foster relationships with key decision-makers in target industries through weekly or monthly calling and communication activities.
- Train the sales team monthly on the latest product or service features and their benefits.
Marketing:
- Increase digital marketing efforts and tailor campaigns to changing consumer behaviors.
- Publish valuable content daily or weekly (blogs, webinars, whitepapers) that addresses customer pain points. Use AI to generate high quality content fast.
- Collaborate with influencers or industry experts weekly or monthly to reach a wider audience.
- Launch targeted advertising campaigns on relevant platforms and review daily or weekly. Outsource to an agency who is an expert in pay-per-click advertising for example, so your team don’t have to waste time learning.
Product Development:
- Prioritize projects with the highest market demand potential.
- Conduct user experience research quarterly to identify pain points.
- Review and update the product roadmap annually with customer-driven features.
Customer Success:
- Implement efficient, technology-driven customer support systems.
- Provide weekly comprehensive training.
- Each month, publish self-service support materials.
- Check in with customers weekly or monthly to ensure they’re deriving value from the product.
Implementing Activated Checklists
Utilize ‘Activated Checklists‘ in Way We Do for managing these lead activities. This tool not only helps in systematically completing tasks but also serves as a record of completed actions. It’s an efficient way to ensure that all critical activities are addressed and documented.
Additionally, Way We Do’s Activated Checklists helps you to map out a process, so you can understand where steps of the process can be improved upon, removed or outsourced.
Weekly Dashboards for 2024 Goals Tracking
Establish a routine of preparing a weekly dashboard report. This should be communicated to the leadership team every Friday, summarizing the accomplishments of the week in relation to the sub-goals and the overarching company goal. This practice is crucial for keeping everyone updated on the progress and challenges.
Holding Accountability Meetings
In addition to the dashboard reports, organize weekly accountability meetings. These sessions are vital for discussing the progress, addressing any hurdles, and strategizing for upcoming tasks. They offer a platform for feedback and recalibration, ensuring that the team remains aligned and focused.
Thrive in a Steady Economy
Adapting goals to the economic climate is essential for success in 2024. By understanding the predicted economic trends, companies can set realistic goals and streamline their efforts to maximize efficiency and effectiveness. With careful planning and adaptability, businesses can not only survive but thrive in a steady, slower economy.
