As we embark upon 2025, most of us hope for love, peace and prosperity. We return to work full of renewed business ambitions and drive to succeed. But what do we mean by succeed? Personally, it may be a career step, a business transformation, better results or a juicy dividend. Sometimes it is the sum of marginal gains that makes the whole even more profitable. Other times it is the need to bite the bullet and overcome a series of small hurdles or one or two giant obstacles. Maybe, just maybe, this will be the best year ever. Although the Chancellor has her hand in the corporate coffers, the cookie jar remains off limits. Corporate cut and thrust goes on as we strive to grow. So, let’s talk more about renewed business ambitions with new year strategy sessions.
Business ambitions
Every business needs to grow. If it fails to grow, costs will eventually overtake profits and the game comes to an end. When you don’t grow, someone else in your industry might be. If your entire industry is in decline, you still need to maximise your share of what is left while looking at new avenues. Typically, most executives come back refreshed after the holidays. For employees who have worked over this time, it can be quite exasperating as management returns full of new initiatives. Sigh.
As always in life, there is a catch. Ambition, energy and determination are not enough. Sure, you can push that boulder up a hill with all of your might but chances are that it will roll back down. No, it needs new approaches, new ideas, new technologies, new processes and maybe new people. Some people would disagree with this, especially if you have any role related to sales. Effort and determination go a long way when you have a great product or service to sell. But, even here, competitors enter with new brands, new offerings, new ways to market, new approaches and new business models. Eventually, if you don’t keep pace, the sales people leave to somewhere and/or something that is easier to sell and earn more.
Strategy sessions
Honestly, we have lost count of the number of senior leaders who talk about strategy sessions but never actually do them. Sure, for the most part the business keeps running into the new year. After all, people still have jobs to do, customers still want or need your products or services and it will continue as such for a while. However, every business tends to start to come off the rails sooner or later. Not every business can sustain EPS growth year in, year out. This is especially true if you get out-innovated, out-priced and out-manoeuvred.
Strategy sessions, hot houses, planning workshops or whatever you like to call them are a great way to reset. Not only can you deploy some of that renewed business ambition and energy but you can capitalise on the zeitgeist and fresh perspective of a new year. Perhaps, if you take the time, your leadership team can come up with new ideas and innovations or knock down barriers that have held you back. Many will question the benefit of getting everyone together rather than working on the day-to-day. Here are some reasons that directors and senior leaders may not want to dedicate the time to discuss strategies and plans:
- Fear of being exposed for a lack of knowledge;
- Avoidance of accountability that may threaten position;
- Belief that it is a waste of your very valuable time;
- Suspicion about having to do more with less.
New year, new you, new approach
It is tempting to slip back into the old routine after the holidays. Sure, the owner or CEO will be hyped up after their time off but you may try to wait until they calm down and the storm passes. The owner or CEO knows that this is the time to strike when they are at the zenith of their energy, passion and creativity. Ultimately, the two may not go hand-in-hand. It is not unusual for the top dog to go off and pull together a plan all on their lonesome. Once they have it polished and convince themselves that they can answer 99% of possible questions they tell everyone what is going to happen.
Spot the obvious issue here? Sure, if you are reading this and it resonates with you, chances are that you have strategised for yourself. Your ideas, your agenda, your plan for the year ahead. Unfortunately, you have let all of your team off the hook. You have also failed to hear their ideas, their plans and their perspective, limiting the brainpower at your disposal. Here, it may be useful to leverage a third-party consultancy to facilitate communication.
Similarly, if you asked for ideas, initiatives and change projects from your direct reports and felt underwhelmed, this is a problem. It may be cultural, it may be your own approach, it may be the lack of ambition around you. Perhaps, your team were actually waiting for you to tell them what to do. Alternatively, were they expecting you to rip apart their plans and so either played it safe or toned down their suggestions? Here, a third-party would be particularly beneficial to work with individual directors and their departments.
Getting on with strategies to deliver your renewed business ambitions
Here at Think Beyond, we help with strategic business planning as well as leadership team workshops. We have no agenda, no barriers to restrict what we can or cannot say and no risk to our careers. Let us help you tease out, flesh out and nurture the fragile embers of innovation that turn into new competitive competencies. Let us support you and your team in achieving ambitious strategies that the whole leadership team developed and can get behind.
If you would like to get a rip-roaring start to 2025, why not email our friendly team or contact us via our website.
Alternatively, you can follow us on LinkedIn and message us directly. We will find a way to realise your renewed business ambitions.
Finally, why not recap on some of the challenges ahead for businesses and the Chancellor’s tax raid from October 2024.