Start Preparing For 2025
We are closing in on the dreaded Q4, and with it comes two things for sales and GTM leaders. First, we need to nail sales in Q4 to reach our annual sales budget. Second, we must plan, budget, and prepare for the upcoming year. Here, we offer some help with the latter one.
Preparations for next year cover a multitude of topics. We will explore those in the following blogs and newsletter. Here are some action items you can already take to prepare for the meeting invite, email or Teams message that acts as a starting point for annual budgeting and planning.
Jolt your brain to think ahead with these five points.
1. Assess Market Trends and Competitor Moves
Review the latest developments in your market and assess what your competitors are doing. By understanding market shifts, emerging technologies, or up-and-coming regulations, you can anticipate what is needed to stay competitive and the opportunities ahead.
2. Recap Strategic Goals
What are your goals for the current fiscal year and the (known ones) for the next year? For instance, if you were planning to expand this year into new markets or launch a new product, have you made progress as planned? If not, why and what should be done differently next year? Should something be prioritised, continued as is, or stopped altogether next year? Spend a moment to reflect on the smaller goals alike.
3. Forecast for the Rest of the Year
Forecast sales for the rest of the year so you know your starting position. Plan for both best-case and worst-case scenarios (this is also strongly related to surviving Q4). What are your most win opportunities still in 2024? Remember to check with account managers and the customer success team if they know of any significant churns that might hit your business.
4. Understand Your Sales Pipeline
Very much related to the above. Make sure you understand how your team's sales pipeline behaves. What are your win rates and sales cycles? Without having the latest numbers, you will have a hard time calculating how to reach the sales targets you are given. For example, would hiring an extended SDR team help you?
5. Check the Skillset of Your Team
Consider your team's skillset. Do they have all the skills required to make it next year, considering all things above? You still have one quarter of this year, so you can train your team and hire new people if needed. Somewhat related is to have a look at your sales stack. Are all the tools used to maximum capacity? If not, train your team or terminate those tools to save money.
Jotting down bullet points under each topic should get your brain into planning mode. After this exercise, you can update the list as you go and spot more things.
Oh, and regarding Q4 readiness, now is an excellent time to conduct a round of pipeline reviews. You will most likely find items to add to your list for 2025.
Update on September 15, 2024: We turned this blog into a template to help you prep for the upcoming planning and budgeting.
