What business practices to adopt and drop in the second half of 2024 

With 2024 rapidly approaching the halfway point, business planning for the second half of the year should be well underway.

But what activity should be a priority and what should be dropped? The Business Advisory team make some suggestions. 

The economic and political environment remains uncertain, with a general election imminent and a change of government looking ever more likely. Whilst business leaders will be well-used to navigating uncertainty, they cannot wait for the promise of political stability. Difficult decisions need to be made every day. 

Kreston Reeves brings together the combined experience of advising many hundreds of businesses across the UK and suggests activities to adopt and drop over the latter half of the year. 

What business practices to adopt

Operational excellence. Achieve high efficiency and effectiveness across organisational processes, emphasising continuous improvement and streamlined operations.  

Learn from the right peers. Actively seek insights and knowledge from experienced and relevant mentors or peers to accelerate personal and professional growth.  

Leverage AI and technology. Harness the power of artificial intelligence and emerging technologies that enhance operational efficiency, drive innovation in products and services, and help you gain a competitive edge. 

Contrarian thought. Challenge conventional wisdom and embrace dissenting perspectives to encourage innovative thinking and avoid groupthink.  

Time management. Set fixed time limits on tasks or projects in your calendar to enhance productivity and prioritise focus on essential activities, driving you to under promise and over deliver. 

Be the coach. Lead by example and foster a coaching mentality to empower team members through guidance, support, and personal development.  

Profitable growth. Embrace marketing and sales strategies that focus on profitable revenue growth and steer clear of growth opportunities that don’t positively impact the bottom line. 

Customer centricity. Place the customer at the core of business decisions and actions. Ensure products and services meet or exceed customer expectations.  

‘Stop-doing’ list. Identify the 20% of activities and tasks you undertake that provide 80% of the value to the business. Now make a stop-doing list of things that don’t add high value. 

Higher quality team. Build and maintain a high-performing team with diverse skills, experiences and strengths to drive collective success. Move on poor performers quickly.  

What business practices to drop

Fixed mindset. Holding a rigid belief that leadership capabilities and acumen are static hinders your adaptability and growth in the face of opportunities. 

Loss-making products and services. Continuing to invest resources in products or services that consistently generate financial losses rather than re-evaluating or pivoting strategies.  

Strategic planning with no implementation. Engaging in thorough strategic planning activities without a corresponding commitment to effective execution leads to unrealised goals and wasted effort.  

Searching for unicorn team members. Endlessly trying to assemble the ‘perfect’ team can end up being the enemy of a ‘good’ team with strong values and growth potential, thus hindering long-
term success. 

Toxic team members. Tolerating individuals who bring negativity, conflict, or detrimental behaviour into the team environment, impacting overall morale and performance of the
wider group. 

Poor work-life balance. Neglecting the importance of a healthy equilibrium between professional and personal life, potentially leading to burnout and decreased productivity. 

Living on social media. Overemphasising online networking and posting content at the expense of real-world relationships and genuine interactions within quality professional circles.   

Echo chambers. Surrounding yourself with individuals or sources of information that only validate rather than challenge your ideas, limiting exposure to diverse perspectives and hindering innovation.  

Emotional intelligence blind spots. Overlooking or neglecting the importance of building greater emotional intelligence, potentially resulting in challenges in interpersonal relationships and leadership effectiveness.  

Poor quality customers. Accepting customers who may be a poor fit for the product or service, leading to dissatisfaction, increased support demands, and potential damage to the brand 

Worrying about the things you can’t change. Focusing excessive energy and attention on factors beyond your control, leads to unnecessary stress and distraction from actionable priorities.  

If you would like to find out more about the suggested activities to adopt or abandon, please get in touch with a member of our Business Advisory team or email businessadvisoryteam@krestonreeves.com. 

The content of this article is for general information only. You should not rely on this information to make, or refrain from making any decisions. Always obtain independent, professional advice for your own particular situation.