8 Steps to Successfully Close the Fiscal Year

As we stand on the brink of a new year, the role of executive leadership becomes more critical than ever. The challenges of the past year have reshaped business landscapes, and as we step into 2024, we must recalibrate our focus and strategies. In this newsletter, we delve into eight key areas that demand executive attention, providing practical steps to empower you as a leader in steering your teams towards greater success.

8 Check Points to Closing Out Your Fiscal Year

1. Strategic Reflection and Goal Setting

The end of the year is an opportune moment for leaders to reflect on the achievements and setbacks of the past year. What worked well? What could be improved?

As Marq Neasman Consulting, we schedule quarterly Executive Retreats, hosting current clients, helping them to come into new levels of break through with the “5 R’s”, (Rest, Relaxation, Reflection, Relationships, and Revenue). Many organizations do something of the like with their partners or leadership. Below are some practical steps you can apply to prompt strategic goal-setting for the upcoming year.

• Conduct a Year-End Review: Evaluate the performance of key projects, initiatives, and KPIs.

• Define Clear Objectives: Set SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) for the coming year.

• Align with Stakeholders: Ensure that organizational goals align with the expectations of key stakeholders.

2. Talent Development and Succession Planning

The sad reality is that most organizations do not have any form of a leadership tract in place. This often results in setbacks, glass ceilings, and high turnover in human capital. A robust organization relies on the capabilities of its workforce more than anything else. This means talent development and succession planning are crucial aspects of sustained success.

Below we have listed some practical steps business leaders and executives can take to ensure they are on the right track of developing high-performance teams and leaders within the organization.

• Skills Assessment: Identify critical skills and competencies needed for organizational goals. Look into the High-Performance Leadership Assessment if you are not sure where to start.

• Individual Development Plans: Work with employees to create personalized development plans. These plans should be developed based on SOPs and KPIs of current roles. The 360 High-Performance Appraisal is our “go-to” when it comes to assessing talent.

• Succession Planning: Identify and groom potential leaders within the organization. This should be ongoing, and can be accomplished by something as simple as mentorship, and monthly lunches.

3. Technology Integration for Efficiency

Systems is something that should grab an executives attention every day. Applying the Pareto Principle to the operating systems that have achieved full adoption, and doubling down on it is vital to the development of the company.

There is no doubt that the technological landscape is ever-evolving. Leaders must ensure that their organizations leverage the latest tools to enhance efficiency and productivity. Below are some practical steps executives can take to ensure systems are functioning at optimal capacity.

• Technology Audit: Assess existing systems and identify areas for improvement.

• Employee Training: Provide training programs to ensure teams can effectively use new technologies.

• Strategic Partnerships: Explore partnerships with tech companies for innovative solutions.

4. Employee Well-being and Engagement

Synergy is another critical component of the overall health of the organization. Sometimes it goes unnoticed, but the reality is if anyone is going to be highly effective it is because everyone has a clear understanding of the direction of the ship.  

Study after study has revealed that a motivated and healthy workforce is more productive. Leaders need to prioritize employee well-being and foster a culture of engagement. Here are some practical steps to ensure optimal performance.

• Wellness Programs: Implement or enhance wellness initiatives, including mental health support.

• Regular Check-ins: Conduct one-on-one check-ins with team members to understand their concerns.

• Recognition Programs: Acknowledge and reward outstanding contributions.

5. Adaptive Leadership in a Dynamic Environment

The business environment is marked by constant change. Leaders must embrace adaptive leadership to navigate uncertainties. This is why “adaptive” will be the attitude of every high-performance leader within your organization.

Establishing a culture that is comfortable dealing with change is not easy, but it is incredibly important. We have seen time and time again what happens when teams get comfortable in their own inertia. Our Founder, Marq Neasman, often talks about the IMPACT Method, and its importance in the workplace and culture of an organization. The letter A stands for Adaptive Attitude. It is critical that people have the ability to change if they are going to remain effective.

We have provided a list of actionable steps executives and business leaders can take to ensure an IMPACTful culture remains intact.

• Agile Decision-Making: Foster a culture of quick, data-driven decision-making.

• Scenario Planning: Anticipate potential challenges and develop contingency plans.

• Continuous Learning: Encourage a mindset of continuous learning and adaptability.

6. Strengthening External Relationships

There is an old saying, “New relationships are good, but old relationships are better.” It is absolutely true especially when it comes to business expansion. Building and maintaining strong relationships with external stakeholders is crucial for business success.

Every business leader should be heavily invested in retaining clients for as long as possible, and building stronger relationships through better service. Below is a list of simple actions steps you can take as we close out the year.

• Client Feedback: Seek feedback from clients to understand their evolving needs.

• Industry Networking: Engage in industry events and networks to stay informed about trends.

• Community Engagement: Contribute to the community and build a positive external reputation.

7. Effective Communication Strategies

Clear and transparent communication is foundational for successful leadership. Leaders must communicate organizational goals, changes, and expectations effectively. Our Corporate Communications solutions are known for helping High-Performance Leaders demonstrate their executive presence, both internally and externally, by communicating clear, creative, and effective messages that drive causes, win campaigns, grow companies, and establish personal brands.

The list below helps you to lean into practical action steps you can take to ensure the following year is off to the right start.

• Communication Plan: Develop a comprehensive communication plan for the coming year.

• Leadership Visibility: Increase visibility through regular communication with all levels of the organization.

• Listening Mechanisms: Establish channels for feedback to ensure that communication is a two-way process.

8. Financial Health and Risk Management

Insight: Sound financial management is the bedrock of organizational stability. Leaders must assess and manage risks to protect the financial health of the company. We all recognize its importance to the overall wellbeing of an organization, however it should remain in perspective that money is a byproduct of value added. Value will always be found in systems, staff, and synergy. Finances should be the last conversation on the list.

Refer to the list below to determine what factors of finance should be at the top of mind during the closing of the year.

• Financial Review: Conduct a comprehensive review of the financial status and forecasts.

• Risk Assessment: Identify potential risks and develop strategies to mitigate them.

• Investment Strategies: Evaluate opportunities for strategic investments or cost-cutting measures.

Mary Barra Sets the Tone at General Motors

Once upon a time in the challenging landscape of the automotive industry, Mary Barra emerged as a beacon of transformative leadership. As the CEO of General Motors (GM), she faced the daunting task of steering the company through a period of rapid change and uncertainty.

Strategic Reflection and Goal Setting

In the early years of her tenure, Mary Barra initiated a comprehensive review of GM's business strategies. Drawing on insights from the past, she led the company in reflecting on its strengths and weaknesses. Recognizing the need for a shift in focus, she set clear, ambitious, and measurable goals for GM, aligning them with the industry's evolving demands.

Talent Development and Succession Planning

Understanding the significance of a skilled workforce, Barra championed talent development programs. She instituted training initiatives to equip employees with the latest skills, ensuring GM had a pool of experts capable of navigating the technological shifts in the automotive sector. Simultaneously, she spearheaded a robust succession planning framework, identifying and nurturing leaders from within the organization.

Technology Integration for Efficiency

Mary Barra's leadership at GM witnessed a technological revolution. Recognizing the importance of staying ahead, she spearheaded a technology audit, identifying areas for improvement. GM invested in cutting-edge technologies, from electric vehicles to autonomous driving systems, ensuring the company remained at the forefront of innovation.

Employee Well-being and Engagement:

Barra prioritized the well-being of GM's workforce. In a highly demanding industry, she introduced wellness programs, mental health support, and regular check-ins. This fostered a culture of engagement and loyalty, with employees feeling valued and motivated to contribute to GM's success.

Adaptive Leadership in a Dynamic Environment

As the automotive landscape evolved, Mary Barra embraced adaptive leadership. GM, under her guidance, became known for agile decision-making. Barra encouraged a culture where learning from failures was as important as celebrating successes, allowing GM to swiftly adapt to changes and challenges.

Strengthening External Relationships

Recognizing the interconnectedness of the automotive industry, Barra prioritized external relationships. She engaged with clients, sought their feedback, and actively participated in industry events. GM's positive external reputation and strong relationships contributed to its resilience even in challenging market conditions.

Financial Health and Risk Management

In the wake of economic uncertainties, Mary Barra led GM through a thorough financial review. She assessed risks, identified potential challenges, and implemented strategies to mitigate them. Her foresight in financial management ensured GM's stability and growth in a rapidly changing economic landscape.

Effective Communication Strategies

Mary Barra understood the power of effective communication. She developed a comprehensive communication plan, ensuring that GM's goals, changes, and expectations were communicated transparently. Her visible leadership style, coupled with listening mechanisms, created a culture of open communication within the organization.

Mary Barra's leadership at General Motors serves as a testament to the effectiveness of strategic reflection, talent development, technology integration, employee well-being, adaptive leadership, external relationship building, financial health management, and effective communication. Under her guidance, GM not only weathered industry disruptions but also emerged as a leader in innovation, sustainability, and corporate resilience. Mary Barra's legacy showcases the transformative power of visionary leadership in navigating complex business landscapes.

Power Thought

As we approach the end of 2023, executives and business leaders face a unique opportunity to set the course for the coming year. By focusing on strategic reflection, talent development, technology integration, employee well-being, adaptive leadership, external relationships, financial health, and effective communication, leaders can navigate the complexities of the business landscape with confidence. Implementing these practical steps will not only prepare organizations for the challenges ahead but also foster a culture of resilience, innovation, and sustained success.

If you have any questions about how to implement business strategies and operations that get results, we encourage you to schedule a complimentary consultation with an Executive Advisor.