End-of-year planning in Q4 2024 to create a better 2025

Winding down the final quarter of 2024, businesses are working to balance end-of-year goals with forward planning for the next year. Their actions now will determine how next year unfolds — and their workforces lie at the heart of whether they grow or stagnate. 

But as always, there are too many priorities to tackle. Savvy businesses will use Q4 to focus on tech stack consolidation, workforce flexibility, competitive compensation, and planning for global expansion to make the most of the new year.

Consolidate tech stacks for efficiency

As the number of digital tools available explodes — for everything and anything it seems — managing multiple apps and platforms can become overwhelming. A report by Okta found that SMBs generally use fewer applications than larger enterprises, but they are more strategic about how they deploy them​.

This tracks, because smaller businesses can’t afford to be held back by inefficiency and time-intensive tasks, which can often be the case when using too many platforms to manage a project. Plus, they are likely working with smaller budgets, meaning they literally can’t afford excessive subscriptions. 

This is where consolidated tech stacks come into play — fewer subscriptions, fewer platforms, all the features required to get the job done without unnecessary bloat.

Smaller companies are moving toward a consolidated tech stack to streamline processes, reduce costs, and increase efficiency, especially in the age of AI. From workflow tools to security software, it’s all about the all-in-one offering that can combine essential features, or even better — has the option to personalize and cherry-pick tools, customizing the platform to the workforce’s needs.

AI assistants for speed, automation, and reliability

Rapid advancement of AI is also reshaping how SMBs use technology. From automating routine tasks to offering insights from big data, AI-powered tools can boost productivity. This frees up time for teams to put their skills to better use, outside of repetitive admin or statistical tasks, with more intuitive workflow tools.

The last quarter of the year is an ideal time for companies to reassess their tech stacks. Consider consolidating it into fewer, more efficient applications, while exploring new AI-driven solutions that help improve long-term performance.

Prioritize flexibility for workers

Sparking a transformative shift in how people work and live, flexible work environments remain one of the top considerations for candidates considering open roles. Remote’s 2024 Global Workforce Report found that 98% of HR leaders surveyed said flexibility was “very important” to new candidates.

In addition, 65.7% of organizations reported a spike in requests for flexible work arrangements. Businesses that offer flexible schedules and work-from-home options are significantly more attractive to top talent​. CEO and co-founder at Pro5.ai, Wouter Delbaere, also researched this topic with similar results.

“We polled our community of remote workers, receiving responses from individuals in 174 roles, including tech, project management, sales, marketing, customer service, operations, finance, HR, leadership, and more, across 32 countries on six continents, to understand their most valued work flexibility options,” he explains. “Unsurprisingly, 70% prioritized the ability to work from anywhere.”

For SMBs, maintaining flexibility for workers can measurably boost productivity and improve employee longevity. Collaboration tools, real-time document sharing, and video conferencing have made it easier to manage teams spread across different locations. However, this requires the right management approach, culture, and policies, as well as the right tools, to work best as a company grows.

When planning for 2025, think about how to support flexibility at scale. Whether it’s hybrid work arrangements or fully remote teams, offering flexibility options will be the difference in retaining a talented and motivated workforce​.

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Stay competitive with better compensation

Competitive compensation and flexibility universally top the list of must-haves for employees. This is especially true as inflation and cost of living increases push workers to seek better-paying opportunities.

Competitive salaries are typically the leading deciding factor for new candidates or existing employees who are contemplating a move. But health coverage (in regions where national state coverage exists) and professional development benefits, as well as work-life balance,​ are also key. For startups and larger companies offering stock options to employees, equity can be a powerful part of compensation. Companies today can even offer equity to international employees.

In Q4 and entering Q1, businesses should review their compensation packages and get creative to remain competitive within their industries and retain their best workers. This involves more than pay scales. Expanding benefits offerings to include more flexible working conditions, equity, or educational opportunities can also pay dividends.

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Leverage the best global talent

With the rise of remote work and lower barriers to international hiring, even the smallest companies aren’t restricted to hiring within local markets. In 2024, more companies than ever expanded their teams abroad. This allowed them to take advantage of remote work tools to onboard skilled workers from everywhere.​

In Remote’s 2024 Global Workforce Report, 71% of HR leaders across multiple industries said they’d expanded their company’s global workforce within the last year.

Hiring global talent can help businesses gain access to a broader range of skills and outside-the-box approaches to solutions. Doing so can also introduce diverse perspectives that drive innovation and creativity. But managing a global team comes with its own challenges, including navigating legal complexities and time zone differences. This side of things can be simpler, and faster, when partnering with an employer of record (EOR) — it’s their job to handle global compliance with expertise, allowing their customers to focus their time elsewhere.

Moving into Q1, consider the benefits of global hiring. Expanding hiring scopes to include international talent gives companies a competitive edge, enabling them to tap into niche specialisms and skills.​

Plan for 2025 by planning for 2035

Looking ahead to a new year of stiff competition and high growth targets, companies should prioritize long-term strategies to keep pace. Automation and AI will continue to play a central role in reshaping business operations. AI tools that assist with inventory management, customer service, and marketing analytics can drastically improve operational efficiency​ in this sense.

Cybersecurity also remains an important area of focus. As cyber threats become more sophisticated, it’s essential for companies to invest in robust security systems. Many SMBs are turning to managed service providers (MSPs) for help with cybersecurity, allowing them to focus on core business operations without sacrificing security​.

Investing in employee development will be a major influencing factor in both protection against threats and in seizing opportunities. Upskilling and reskilling programs allow teams to be more resilient and more innovative. And good news for businesses — employees are hungry for more professional development opportunities.

End-of-year planning for a prosperous future

Strong companies don’t lose momentum. The best ones close the year strong while setting themselves up for success ahead. By focusing on consolidating tech stacks, embracing workforce flexibility, offering competitive compensation (like global equity), and leveraging global talent, businesses can build a solid foundation for the new year.

Integrating AI and automation tools, while strengthening cybersecurity measures, will be important considerations for maintaining long-term growth. Balancing short-term goals with long-term planning is the strategy, and recruiting and retaining the right people to implement that strategy is the key to making it all work.