As we begin another new year, it’s time for businesses to reflect on 2023 and plan for 2024.

Learning from the past – what worked, what didn’t, and what can be done better – is valuable and should form a pivotal part of any business strategy. However successful an approach or outcome is, there is always room for improvement. Brilliant businesspeople always push the boundaries and never rest on their laurels.

And with such drive and determination comes courage. By striving to further improve, very often high-risk bold decisions are made. This is brave as it can, and does, fail. But it’s also inspiring. As so many have said, the only thing to fear is fear itself!

Richard Branson is a good example of this. As a young man with a relatively modest background, he founded the Virgin Group which is now a multi-billion-pound operation with hundreds of companies under its umbrella. From Virgin Records and Virgin Megastores (I remember them well as a teenager queuing to buy CDs and DVDs), to Virgin Atlantic, Virgin Mobile, Virgin Trains and so much more.

And he didn’t stop there. Instead, he took his huge success to pursue his ultimate dream of travelling into space. Which he achieved in 2021 having formed space travel company Virgin Galactic. Sadly, this passion proved to be financially unviable. But the very fact he dreamed big and made it a reality is to be applauded. No doubt he will continue to push the envelope and announce another innovative idea in 2024!

There are lots of other excellent entrepreneurs who are just as clever and courageous; too many to list here. A big hats off to them all. The moral of the tale, however, is simple and clear – learn from the past, plan for the future, and don’t be afraid to take some risks.

Happy New Year. I hope 2024 brings you much success.