Goals & Objectives for 2024

January 23, 2024
 

Our topic for January 2024 was setting the goals and objectives for your company/department.  We discussed thought-provoking questions, such as, “How do you ensure that the goals and objectives set for your business in 2024 are strategically aligned with your long-term vision and mission?” and “Do you involve your employees in the goal-setting process, and what strategies do you employ to ensure their understanding and commitment to the company’s objectives for 2024?”

Each Round Table discussion varies.  Below are some of the suggestions and points to ponder that came out of these discussions.

Join a Round Table in 2024!  See our website for a list of our current Round Tables https://thebusinessrt.org/round-tables/.

Learning from 2023
One Rapids business leader suggested looking back to 2023 and asking the following questions:

  1. What were your goals in 2023, and did you achieve them? If not, why not?
  2. In 2024, what changes do we need to make to ensure we set better goals?
  3. What are the lessons of the past year to be more strategic in the coming year?

Ensure your business goals are aligned with your long-term mission and vision.

  1. Develop a “strategy map,” a visualization tool that helps organizations see their main goals and understand how their various goals connect and relate.
  2. Conduct weekly and/or quarterly meetings to review mission, vision, and goals.
  3. Scenario planning: hold a planning session that encompasses, “what if’s” with a strategy on how to adjust goals.

Creating passion and unity behind the strategic goals. 

  1. Communicate clearly and continually.
  2. Leadership must live out the passion first.
  3. Focus on building healthy relationships within the organization.
  4. Provide opportunities for all employees to have input into the goals and assessment of their achievement. Ask employees what they want to achieve in 2024.  How do they want to grow?
  5. Help employees identify the personal impact of achieving and failing to achieve the goals.
  6. Tie the reward system to achievement.

Diversify your business.

  1. Do you need to diversify? In what other industries have you had success?  Look for other clients and/or industries that you have had success with and capitalize on that.
  2. Develop a contingency plan for another COVID lockdown or a black swan event.

Motivation

One business leader uses short-term goals with small cash bonuses.   “If you can arrange 10 radio interviews for this client in the next two weeks, you will get an extra $200 in your paycheck.”  It is a big motivator for his employees.

Upcoming Events

Please mark your calendar for our Kalamazoo Leadership Breakfast Social with Scott McFarland, CEO of Honor Credit Union on Friday, February 16 at 8:00 am at the Kalamazoo Country Club.

Please join us for our 11th Annual Leadership Summit on Friday, March 15 from 8:00 am – 12:00 pm at the Bloomfield Open Hunt Club.