Thriving in uncertainty: How businesses can set themselves up for success in 2024

The global landscape is changing rapidly, and with it, how businesses must operate. In the past, companies could afford to make long-term plans and stick to them. But today, geopolitical change, supply chain disruptions, and economic uncertainty mean change is the only constant.

How can you make sure your business is planning for success in 2024?

Here are three macroeconomic issues that could significantly impact the business environment this year.  Though they present risks for many, they could also transform the fortunes of businesses best placed to capitalize on them.

Geopolitical change

2024 will see 40 national elections worldwide, representing more than 40% of the world’s population and 40% of its GDP. Likely swings in political leadership will impact business in the short and longer terms through potential changes in policy, budgets, and international relations. While possible shifts in political leadership may affect businesses, effective strategic planning can empower them to adapt swiftly to changes in policy, budgets, and international relations.

Supply Chain Disruptions

While China-US relations stabilize, ongoing conflicts in Ukraine and the Middle East continue to impact global supply chains, affecting everything from exports and imports to manufacturing. For example, earlier disruptions in Ukraine severely affected grain exports, with the resulting price volatility causing significant fluctuations in global food prices. Conflicts will continue to shock global commodities from food to oil and energy. However, those with the agility to respond are better placed to maintain profit margins and market share.   

Economic Uncertainty

After a challenging year marked by rising living costs, signs of hope are on the horizon. The Bank of England expects inflation to drop below 5% by the end of 2024, and some major banks have already begun to lower interest rates. This spells good news for businesses, as lower borrowing costs boost investment, innovation, and consumer spending. Singapore has strong optimism for growth, fueled by an easing of the inflation rate alongside GDP growth, driving recovery across industries from food and beverage to manufacturing and trade. 

It could easily seem a daunting time to be in business. But there is a great opportunity for those willing to embrace uncertainty – those able to respond and adapt to external forces most effectively.

Solutions on the market today, such as Anaplan, enable businesses to explore different scenarios simultaneously, and rapidly respond to potential outcomes of ever-changing market conditions. At the same time, they can help break down internal siloes, making planning a more collaborative process – and the resulting plans, more robust. 

How can we help?

Vuealta Consulting helps by providing the right blend of unified planning solutions that turn uncertainty into opportunity. Through improved digital planning, we help companies to rethink the future and prepare for the unexpected. 

Businesses are standing at the crossroads of challenge and opportunity. With Vuealta by your side, you can transform your business’s growth, performance, and potential.  

If you’re looking for ways to give your business a competitive edge in 2024, contact us today to find out how connected planning could help your organization set itself up for success.