Why December is the Best Time of Year to Strategize

As we close out 2024 and head into 2025, you must take a look back at your business. While things tend to slow down at the end of the year, now is the perfect time to reflect on your business and the steps you will take in the future. Here are four reasons why December is the best time of year to strategize. 

Reflect on Wins and Losses

December is the best month to look at 2024 as a whole and focus on some big wins and some losses for your business. When you reflect on your wins, you can gain more confidence in leading your business. When you reflect on losses you can think about lessons learned and how to make intentional decisions moving forward for a better strategy.  

Create a New Budget Plan

The last few days of December can be a great time to assess last year’s budget and create a new one. This can help you look at how much money was used and what resources you used them on. When you’re planning for a new budget, make sure to include a method for tracking spending. This can be done on a spreadsheet or within a financial account. Ensure that you are aligning your budget with long-term plans and high-level financial targets. These targets will include KPIs like revenue, gross margins, operating expenses, and other factors. 

Research Market Trends for the New Year 

Experts often predict market trends for the new year towards the end of the previous year, but especially in 2024. Knowing these trends before the new year hits will help you determine what strategies you need to implement. Some examples of 2025 trends for businesses will include the continued growth of AI, and machine learning, the rise of video content in marketing, and the focus on authenticity with brands. 

Visualize a Fresh Start

Whether you’ve had a great year or a slower year, December can be the time to regroup and focus on what’s most important, the success of your business. Write down mistakes you’ve made, things you’ve learned, and things you want to improve on for the new year. However, don’t dwell on these things, as you will be able to start fresh in the new year! 

Join the Enterprise Center on December 10, 2024, at 8:30 am for our workshop, “Strategic Planning for Your Business.” Hosted by Michael L. Thompson, this workshop will give you planning disciplines for the new year and how you can continually monitor if your business is meeting objectives.   

Categorised in: Business Strategy