Road Map for 2024Oct 09, 2023
It is hard to believe that we are only 90 days from 2024. But as many business owners stay focused on the remaining weeks of 2023, my challenge to you as ACCELERATORS is to use these next 90 days to build a STRATEGY for 2024.
After all, if we are to build the best company we can, we must have our strategy dialed in well before the clock strikes midnight on December 31.
As part of this effort, I am very excited to bring you our new Free Mini-course - Building a roadmap to 2024. Over the next 12 weeks we will work with you to help you create a 3 year plan, a tax strategy, as well as a detailed budget for 2024.
But did you know that there is something we MUST do BEFORE we build our strategy for 2024? So many times business owners forget that the critical first step is understanding where we have been. Not just this week or this month, but what are the trends in my business over the last few years. And how have they changed my projections for the future?
Creating a 3-year look back for your business:
- Prepare a 3 year summary of your profit and loss statement showing comparisons between the years 2021, 2022 and 2023.
- Review margin changes, sales changes and operating expense changes. By looking at our business performance over a three year period, we will be able to see the key changes in margin, customer behavior, and operating expenses that need to be built into our future 2024. While we may have adapted to the higher cost of goods and labor that exists in 2023 as compared to 2021, we need to make sure our targets are taking into account these changes as well.
- Create a margin summary (SALES - COGS% - LABOR% - Operating %) - this is your new margin assumption for 1/1/2024.
This is very much the starting point for our roadmap to 2024. And just like any navigation, we know we may be re-routed due to unforeseen issues faced along the way. But while it may be true that our budget is not a perfect predictor of the future, it is critical that we understand our current margin, so that we can build a strategy for improvement in 2024.
I believe that growing your business can be done in any environment with the right strategy. And I KNOW you will find this course to be a valuable first-step to building the business of your dreams in 2024.
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