As we approach the final quarter of 2024, executives and board directors find themselves at a pivotal juncture. Q4 is not just the culmination of the year’s efforts but also a critical period that sets the stage for the year ahead.
So, as we crunch back up through the gears following the summer slowdown, now is the time for all top tier leaders to look forward, evaluate priorities and ensure all functions and teams are strategically aligned to ensure resilience and growth.
Here we look at what should be top of mind for CEOs as they steer their organisations through the final stretch of 2024.
Almost two thirds of CEOs singled out growth as their top business priority for 2024 in a Gartner survey, the highest level for a decade and up from a half the previous year. This indicated a renewed confidence in the economy after years of uncertainty, stagnation and hesitancy.
The green shoots have been slower to emerge than many had hoped, however there are now definite signs that the most challenging times are behind us, barring any further disruptions such as an escalation of conflict in the Middle East or Eastern Europe.
How can senior leadership then optimise the last months of the year to set their organisations up to seize opportunities as we navigate the interplay of different factors that paint numerous possible futures for the year to come. This includes continued shifts in the global economic environment, how businesses organise themselves across sectors and the continued evolution of digital technologies, their adoption by consumers and the impact on business operating models.
This is the perfect time to reassess your company’s strategic goals set at the beginning of the year. Are they still relevant in the current market environment? What has changed in your sector, organisation or the wider economy in that time? Have new opportunities emerged around disruptive technologies, sustainability, for example, or have new markets come to the fore?
Key Actions: Conduct a strategic review with your executive team, focusing on KPIs, market dynamics, and potential pivots. If necessary, recalibrate your strategies to ensure alignment with the latest market realities.
Q4 is traditionally a time for financial housekeeping. What are the potential economic challenges on the horizon and how can you best prepare? In what direction are market trends pushing you? Do you need to think about adjusting spending priorities to capitalise on any emerging opportunities and shore up any under-resourced, strategically important areas? Have inflationary pressures changed since your targets were set at the end of 2023? Do your end of year plans still reflect energy prices, transport, wages and any investment needed to bring your organisation up to date with evolving technologies?
Key Actions: Work closely with your CFO to monitor and optimise cash flow, reduce unnecessary expenses and ensure your company is in robust financial health. Review pricing models to ensure they reflect current market conditions and protect margins. Has Generative AI changed your sector and do you need to adjust spending priorities to stay ahead of the curve?
AI – and particularly Generative AI – transformation is displacing digital transformation as the keyword CEOs mention most as the major driving force behind business growth. AI is moving from the “peak of inflated expectations” in the hype cycle but it is essential that adoption is measured, carefully considered from the point of added value and ROI, and avoids buying into hype. Technology-based initiatives must also be continuously evaluated and updated to keep pace with technological advancements. Q4 is a critical time to assess the progress of your AI transformation efforts and identify areas that require further investment or adjustment. Whether it’s AI integration, cybersecurity, or cloud computing, ensuring that your tech infrastructure is robust, aligned with strategic objectives and future-proof is essential.
Key Actions: Audit your AI transformation progress and invest in key technologies that can drive efficiency and innovation. Look at what is happening in your sector – what is the competition doing? What technological advances are on the near and far horizon? Maintain a dynamic strategy to fully optimise all opportunities. Ensure your company’s cybersecurity measures are up to date to mitigate any potential risks.
With budgets being finalised for the next year, ensuring that your current customer base is satisfied and engaged can significantly impact your financial projections. Are you doing enough to ensure customer loyalty and meeting their evolving needs. In today’s competitive market, with access to high-quality instant customer service and highly personalised marketing and interactions powered by predictive analytics and data-driven insights, B2B and B2C customers and clients expect more than ever. What is the competition doing? Are you allowing your offering to slip behind? What can you do to accelerate your data collection, analysis and application to sales and customer experience?
Key Actions: Implement targeted campaigns to boost customer engagement leveraging data analytics to personalise outreach and offers. Consider customer feedback loops to continuously improve the customer experience.
While Q4 is about closing the year in a position of strength and growth, it’s also about setting healthy foundations for continuing growth next year. CEOs should lead the charge in developing strategic plans for 2025, considering emerging trends, potential disruptions and growth opportunities. This includes evaluating market expansion possibilities, identifying new revenue streams, and planning for talent acquisition or development to support future growth.
Key Actions: Begin the strategic planning process for 2025 involving key stakeholders across the organisation. Focus on building a roadmap that balances short-term objectives with long-term vision, ensuring your company is prepared for the challenges and opportunities of the coming year.
Environmental, Social, and Governance (ESG) factors are becoming increasingly important to every sector. In Q4, CEOs should assess the progress of their sustainability initiatives and ensure they align with both regulatory requirements and stakeholder expectations. This quarter is also an opportunity to set more ambitious ESG goals for the coming year. Failing to meet requirements can be costly, both financially and in terms of reputational damage.
Key Action: Review your company’s ESG performance and make necessary adjustments to meet or preferably exceed industry standards. Engage with stakeholders to communicate your sustainability efforts and future commitments and ensure they are onboard and, where necessary, compliant.
Supply chain disruptions have been a significant challenge for many companies in recent years. Q4 is a critical period for reviewing that your supply chain is resilient, giving you value for money and can withstand potential disruptions. This might involve diversifying suppliers, increasing inventory levels or investing in supply chain technologies to enhance visibility and responsiveness. Again, CEOs should be looking at potential AI solutions to maximise efficiency of supply chain and logistics.
Key Actions: Evaluate your supply chain risks and take proactive measures to mitigate them. Consider building stronger relationships with key suppliers and investing in technologies that provide greater supply chain transparency, reliability and efficiency.
By prioritising these key areas with their Executive Team and using Q4 to review and adjust strategies and objectives, CEOs can confidently steer their organisations to year end on a high, with strong foundations laid for further progress and growth in 2025. As the business landscape continues to evolve, staying agile and proactive will be key to navigating the complexities of the complex modern market.
Rialto has a team of experts in Generative AI and other emerging technologies who can develop an action plan specific to your business and strategic priorities. Get in touch for a free initial consultation.
As 10,500 super-humans at the peak of their powers give their absolute all in Paris for the honour of bringing…
For all the talk of mass adoption of Artificial Intelligence in business, the reality is more nuanced. Outside of the…
As we move towards Q4 and start thinking about end of year, is it just possible to detect an air…