2024 Planning: Shifting From "More With Less" to Reinvesting in Growth

Summary: It’s safe to say we all knew 2023 would be challenging, and so far it has certainly delivered. A lot of us were already making changes to growth forecasts (49% in our surveying) and expense forecasts (58% in our surveying) as early as March. And it hasn’t gotten any easier from there.

As leadership teams kick off their 2024 planning processes across Q3, they face a hard backdrop:

• Closing deals remains a challenge for most – they are taking longer and coming
  back smaller, even with strong pipelines.
• Executive turnover is high, and likely to remain so as H1 results come in lower than expected, forcing sellers to rebuild relationships.
• Market shifts driven by high costs of capital and demand swings are changing industry targets and ICP profiles faster than commercial teams can rebuild segmentation models or reallocate territories.
  

These challenges will encourage a continued focus on value creation through margin expansion over rapid growth. But the time for cost-cutting is past us. Now is the time for commercial productivity – getting the most out of our commercial teams to grow profitably. The insights that follow in these pages, based on our surveying, interviews, and work with hundreds of commercial leaders over the past 18 months, will make sure you are planning for true value creation in 2024.

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