Nelly Acarp
Every business experience from the past year will provide insight into how to move forward.
I'm not one to dwell on the past. But at this time of year, I find it helpful to reflect on the successes and lessons learned in business over the past year. After all, every experience, good or bad, can bring insights into how we can move forward in a way that works better for ourselves and those around us.
So, without further ado, here are some words of wisdom I will be taking home with me in 2024. These themes are universal and should apply to your own entrepreneurial journey in the new year.
Business lessons for the new year
1. Growth requires planning and execution
During the pandemic, our revenue increased by over 200%. With that growth came growing pains and put too much strain on our staff and systems. In 2023, we focused on making our services as safe and streamlined as possible. We realized we needed to invest time in finding new talent to manage different aspects of our operations.
As part of our efforts to adapt to growth, we worked to improve our customer experience (CX). For example, we migrated our customer relationship management (CRM) system to Salesforce for greater flexibility and security. We also revamped our website to make it more intuitive and quicker for our clients. We also hired a CX manager to lead our new CX team. Finally, we hired a Chief Technology Officer to oversee everything related to security and infrastructure.
Consider how ready your organization and its employees are for growth in 2024. A surge in revenue will impact nearly every aspect of your business, from customer service to production, fulfillment, and delivery, and all the systems and processes that support those functions. Know up front what you need to do so that you have a plan in place to seamlessly accommodate growth as you cross that bridge.
2. Patience increases productivity (and quality)
Proactive leaders often have an unbridled enthusiasm for making changes that make great things even better. Although you may want to implement initiatives quickly, it's important to show patience and give team members the time to work to the best of their ability – that means giving them the opportunity to address concerns, find gaps, and strive for perfection.
No one gains from rushing or cutting corners. Sure, setting deadlines is part of responsible project management, but having reasonable expectations is also important. That's the key to getting things done right and maintaining team morale.
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3. Actions speak louder than words
You've heard the cliché, “You can't trust empty promises.” This is true in business and in life in general. Unfortunately, last year I had a disappointing experience when someone didn't keep their promises. They had high expectations and then didn't deliver, which led to my trust in them waning.
There are three lessons to learn here.
- Don't believe everything everyone says, believe what they do.
- If you want to be trusted and respected, keep your promises.
- If this isn't possible, be transparent and communicate solutions.
4. Listening is the key to intelligent speaking
In 2023, I have learned how important active listening is in problem-solving and relationship-building. It takes time and self-control to stay quiet and concentrate intently on what people are saying, but it is worth the effort. I feel it helps me express my ideas clearly and respond thoughtfully.
How do you know if you are actively listening? After the other person has finished speaking, you should repeat what they said (either verbatim or paraphrased). This gives the other person a chance to check if you understood what they said so you can give an informed response.
5. A little gratitude goes a long way
Everyone likes to know they are valued. I've always made it a point to communicate and show how much I appreciate my team members and all they do for us, but this past year has made me even more aware of this. From our in-house staff to our remote workers to our contractors, everyone contributes to our success and plays a vital role within our organization. I believe this is one of the reasons why so many of our team members have been with us for so long.
Acknowledgements for a job well done, fun team development activities, the occasional catered lunch, and thoughtful holiday gifts are some of the ways we show our gratitude, but what's most impactful is constantly reminding our team members how much we care through daily interactions and expressions of appreciation for their talents and efforts.
As we enter the new year, be more mindful of how you make your team members feel through your words and actions. A culture of gratitude is the foundation for earning your team's loyalty. Throughout 2024, think about ways to show your employees and contractors that you value them.
About the Author
Nelly Acarp is a passionate entrepreneur, business expert, professional speaker, author, and mother of four children. She Corporateis a trusted resource and service provider for business formation, LLC filings, and corporate compliance services in all 50 states.
