How to navigate business in 2024

The new year reinvigorates business leaders to review business goals and set their objectives for the year ahead, writes Scott Wiltshire, vice president and general manager, Oracle NetSuite ANZ.

The key to turning 2024 challenges into opportunities is preparation. Here are my top tips to help business leaders prepare for the new year and make the most of new opportunities as they emerge:

Assess cash flow and implement rolling forecasts

Astute business leaders will need to keep a close eye on cash flow to ensure that any inflows and outflows are aligned with what they are trying to achieve. Maintaining a rolling cash flow forecast can help with this task and provide more accurate projections for the future.

This can be achieved through a continuous projection of budget, revenue, and expenses, using recent business information and current market conditions. Forecasts based on current data ensure greater accuracy and can help business leaders identify and respond to emerging challenges and opportunities promptly.

‘Outsource’ manual or repetitive tasks with automation

As wages rise in line with inflation, many business owners will be looking for ways to maximise employee output. Tasks that are manual and repetitive and deliver minimal value to the business can often be automated, reducing the time and effort needed for employees to get these done.

Redirecting human effort towards more strategic and value-driven initiatives will pave the way for both increased innovation, productivity, and employee engagement in the business.

Review business performance regularly

Regularly reviewing business health alongside external economic insights can help leaders determine the impact that market factors such as inflation or supply and demand, will have on their business operation.

In this instance, operational metrics and KPIs give business leaders a comprehensive view of company performance. These insights help to inform decisions and provide clarity to capitalise on opportunities and minimise threats. For example, keeping an eye on sales performance and inventory turnover metrics — and considering them alongside economic indicators such as consumer spending — can help businesses determine which products in its portfolio are likely to increase or decrease in demand. With this information, they may choose to invest more into the production of high-demand products or retire products that are at risk of underperforming.

A robust business management system can provide leaders with operational metrics and data in real-time, so they can act quickly and maximise their chances of success.

Regardless of what happens in 2024, the strategic deployment of technology and processes can empower businesses to take advantage of emerging opportunities and overcome challenges. Using technology to monitor cash flow, automate manual tasks, and review business performance, will help business leaders proactively adapt their strategies to maintain resilience and achieve success throughout the year and beyond.

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