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“Making the most of Q1 will need strategic planning, flexibility and adaptability”

Imagine8’s Norman Thompson highlights some ideas for consideration to make the first quarter of 2024 sing.

As we move through 2024, asks a selection of licensees across key categories how they are looking to make the most of the first quarter of the New Year despite the wider challenges that everyone is facing.

Today: Norman Thompson, md, Imagine8.

“Making the most of the first quarter of 2024 with broader challenges will need strategic planning, flexibility and adaptability.

Some general suggestions for us all to consider include setting clear goals – define specific, measurable, achievable, relevant and time-bound goals for the first quarter and check that these goals align with overall business objectives.

Focus on core competencies and concentrate on what your business does best, plus adapt and be flexible; evaluate the impact of external challenges on your business, economic conditions, industry trends and any ongoing global issues.

Understand customers’ needs and expectations and enhance customer service and engagement, plus ask for feedback and make improvements based on customer input.

Another suggestion is to diversify suppliers and ensure a robust supply chain to mitigate potential disruptions. Consider building strategic stockpiles of critical resources. Explore collaborations with other businesses or industry partners; pooling resources and sharing expertise can lead to mutually beneficial outcomes.

Remember, flexibility and adaptability are key in navigating uncertain times. Regularly review your strategies, stay informed and be prepared to adjust your approach as needed throughout the quarter.”

This feature originally appeared in the spring 2024 edition of Licensing Source Book. To read the full publication, click on this link.

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