2024 Business Reset

Feb 21, 2024By Erica Miller
Erica Miller

2024 Business Reset
We are almost two-thirds into the first quarter, and it’s a good time to reflect on the plans we set in the final quarter of 2023 and see how they’re taking shape. If progress is lacking, it’s okay; you still have plenty of time to make all your business dreams come true. Recently, I had the privilege of speaking at a local chamber event, where I led attendees through a transformative exercise aimed at hitting the "RESET" button on their business. Here, I will highlight some of their insights in hopes of inspiring you! We talked about three key questions:
1.    What are your top achievements for 2023?
2.    Where do you want to be at the end of 2024?
3.    What resources do you need to reach your 2024 goals?
Let’s break down these questions to guide your RESET journey.
What are your top achievements for 2023? Focus on the Review & Evolve stage of your RESET
R - Review: Begin by reviewing the past year. What worked well? What didn't? Reflect on your achievements and setbacks to understand the bigger picture. Use these insights to guide your decisions moving forward. While doing this, remember to compartmentalize each area of your business to avoid getting overwhelmed. 

E - Evolve: Change is necessary and inevitable. Look at how your business, customers, and the market are evolving. Adapt your strategies, products, and/or services to stay relevant and competitive. Make sure your pricing represents your value in the marketplace. Look at your systems and processes to make sure they are efficient.
Attendees shared their wins, here are a few highlights: becoming consistent with daily habits, expanding their network, finding a new location, staying accountable, and learning a new skill. There is no right or wrong answer to this question.  Just be honest with yourself and remember to celebrate all wins, big or small. 
Where do you want to be at the end of 2024? Focus on the strategizing stage of your RESET

S - Strategize: With a clear understanding of the past and present, it's time to strategize for the future. Set SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) and create an action plan. Remember, a goal without a plan is just a wish!
Our attendees envisioned ambitious goals, which were a great foundation for setting smaller SMART goals. Some of their responses were to provide financial education in underserved communities, get connected to the community, help others reach their goals, publish multiple books, have a better work-life balance, and build a storage facility. 
What resources do you need to reach your 2024 goals? Focus on this to help with execution and time management. 

E - Execute: Put your plans into action. Execution is the most difficult part of any plan. You have to be honest with yourself and determine how much time it will take to execute your action plan. Also, if you have a team, make sure they understand their roles and the goals ahead. Accountability for yourself and your team will turn your strategies into successful outcomes.

T - Time Management: Finally, master the art of time management. Prioritize tasks, delegate when necessary, and use tools to stay organized. Delegate when necessary! In 2024, we will stop trying to do it ALL.  Efficient time management will boost productivity and allow you to enjoy a better work-life balance.
During the session, I emphasized the importance of being open and honest about the resources needed. I encouraged participants to listen actively, not only for their own benefit but also to identify opportunities where they could lend assistance or connect others with the resources they need. Recognizing the need for support is a significant challenge in entrepreneurship. It's essential to acknowledge what you need and where to seek it. Resources play a huge role in executing plans and maintaining effective time management. 
The attendees had many similarities in their responses, including referral partners, funding, accountability, and collaborative relationships. When looking for resources, be persistent and try various avenues of support. Many people are more than willing to offer guidance or point you in the right direction. 
Now you are fully equipped with the tools to RESET your business and make the rest of this year everything you wanted it to be and more!
If you are looking for support in Resetting your business, we should chat! Schedule a free discovery call today.